The government of Vietnam has approved the launch of a five-year experimental program for trading digital assets, restricting participation to Vietnamese companies only. The decision includes the establishment of national cryptocurrency exchanges and sets forth a number of strict requirements for market participants.
This is reported by Finway
Requirements for Participants and Implementation Stages
According to government data, only enterprises registered in Vietnam as limited liability companies or joint-stock companies are allowed to participate in the pilot program. A key condition is a minimum capital of 10 trillion dong (approximately 379 million USD), of which at least 65% must come from institutional investors. The share of foreign capital for participating companies is limited to 49%.
The issuance of tokens is permitted exclusively for foreign investors. Following the issuance of the first license, a six-month transition period will be implemented. After this period, trading cryptocurrencies on platforms without the appropriate license will become illegal for Vietnamese citizens. Meanwhile, the list of sanctions for violations of these requirements has not yet been disclosed.
Initial Steps in the Market and the Future of Cryptocurrency in Vietnam
The South Korean company Dunamu, which operates the Upbit exchange, has already signed a memorandum with the Military Bank of Vietnam. Under this agreement, Dunamu will provide technological support for the launch of a cryptocurrency exchange based on the Upbit platform.
“The country will officially recognize cryptocurrencies as an asset class starting January 2026,” the statement reads.
At the same time, the authorities do not plan to change the status of Bitcoin and other cryptocurrencies, which will still not be recognized as legal tender in the country. The government is also considering the possibility of creating special cryptocurrency “sandboxes” in the cities of Da Nang and Ho Chi Minh City to develop an international financial center.
It is also noted that blockchain technologies and cryptocurrencies are included in the list of 11 key technological areas that will be prioritized for development in the coming years. In the past, the local central bank has repeatedly emphasized the risks of digital assets, but now the approach to the innovative sector is becoming more open.
Previously, the head of the National Bank of Ukraine, Andriy Pyshny, emphasized the impossibility of using crypto assets as a means of payment in Ukraine.