Vietnam Moves Ahead With Crypto Pilot
Vietnam has officially launched a five-year crypto pilot program, introducing a stringent regulatory framework for trading and issuance of digital assets. The pilot, which took effect immediately, was confirmed in a resolution signed by Deputy Prime Minister Ho Duc Phoc, according to the Government Electronic Newspaper of Vietnam.
The initiative comes as Vietnam ranks among the world’s top countries for crypto adoption, highlighting both its popularity among citizens and the government’s determination to impose strict controls. Under the resolution, all crypto transactions - from issuance to trading and payments - must be carried out in Vietnamese dong.
Issuers are also restricted to Vietnamese enterprises registered under the Law on Enterprises, meaning only locally established firms can participate in the market.
Ban on Fiat-Backed Crypto Assets
A cornerstone of the pilot is a prohibition on tokens backed by fiat or securities. Instead, assets must be issued against “real underlying assets” to ensure tangible value.
Additionally, crypto assets can only be offered to foreign investors through licensed Crypto Asset Service Providers (CASPs) overseen by the Ministry of Finance. This reflects the government’s cautious approach, prioritizing safety, transparency, and investor protection while still allowing controlled foreign participation.
Strict Capital and Staffing Requirements
Vietnam’s pilot program places heavy emphasis on financial and human capital requirements. CASPs must hold at least 10 trillion dong ($379 million) in capital, contributed by no fewer than two companies drawn from sectors such as commercial banking, securities, insurance, fund management, or technology.
Shareholders are also required to have profitable operations for two consecutive years before applying for a license, ensuring only well-capitalized and stable firms are eligible.
Staffing rules are equally demanding. CEOs must demonstrate at least two years of experience in finance, banking, securities, insurance, or fund management, while CTOs need a minimum of five years in relevant technology fields. On top of that, each CASP must employ at least 10 qualified technology specialists with appropriate academic credentials.
A Cautious and Controlled Rollout
The resolution stresses that the pilot must proceed with caution.
This cautious tone reflects Vietnam’s balancing act: embracing its citizens’ enthusiasm for digital assets while maintaining tight state oversight to prevent misuse. The focus on real-asset backing and capital thresholds is designed to keep speculative and high-risk projects at bay.
Vietnam’s Path Toward Becoming a Digital Hub
The pilot aligns with broader legislative moves, including the Law on Digital Technology Industry, passed in June and scheduled to take effect in January 2026. That law formally recognizes crypto assets and signals Vietnam’s ambition to become a regional digital technology hub.
By combining strong adoption rates with a rigid regulatory experiment, Vietnam is positioning itself to test how digital assets can function within a controlled economic ecosystem. The next five years will determine whether the country can balance innovation and security, ultimately shaping its long-term role in global crypto markets.
