Vietnam Kicks Off Ambitious 5-Year Pilot For a Regulated Crypto Market

Hanoi, Vietnam, has announced a five-year pilot program to establish a fully regulated cryptocurrency market. This is a significant step toward integrating digital assets into its expanding economy. This move brings an end to years of unclear regulations, making the Southeast Asian country a forward-thinking hub for innovation and financial inclusivity.

The initiative, which was by Reanswer 05/NQ-CP and builds on the new Law on Digital Technology Industry, formally acknowledges cryptocurrencies as tangible digital assets.

It begins on January 1, 2026, and establishes a structured framework to encourage innovation while mitigating risks such as money laundering and illicit funding. These are the issues that led Vietnam to be placed on the Financial Action Task Force’s (FATF) grey list in 2023.

Core Framework: Blockchain Backbone and Licensed Platforms

The State Bank of Vietnam (SBV) is responsible for a strict licensing system that is at the heart of the pilot. platforms and brokers that offer cryptocurrency services must obtain permission from the government and maintain a minimum charter capital of at least VND 10,000 billion (approximately $400 million). To protect national security and control, foreign ownership in these companies is limited to 49%.

One of the best aspects of it is that it utilizes NDAChain, Vietnam’s national blockchain platform, as the secure infrastructure for all transactions. NDAChain makes it simple to tokenize traditional assets, such as bonds and carbon credits. It also allows you to send money around the clock at a low cost using regulated . 

It also features a single identity verification system and shared data repositories, which simplify processes such as issuing, paying, and transferring ownership. This system not only makes it easier for businesses to pay bills and settle invoices, but it also ensures that all transactions are conducted in Vietnamese dong, thereby reducing the risk of currency fluctuations.

To facilitate the first rollout, only overseas investors are allowed to trade, allowing the system to grow without overloading domestic markets. Licensed operators will gradually add custody, payment processing, and lending services to their offerings, thereby building a robust ecosystem for digital finance.

Goals for the future: Taming a $100 Billion Wild West

crypto market has been operating in a shady US$100 billion market for more than ten years, with significant activity occurring on unregulated international platforms. The pilot’s goal is to recover this volume by enforcing and counter-terrorism financing (CTF) requirements. This directly addresses FATF concerns and could speed up Vietnam’s removal from the grey list.

Experts say the move will revolutionize the game. “platforms and brokers that got their licenses ahead could take in trading volume, fees, and useful market data that are now going to overseas platforms,” said Michael Kokalari, director of macroeconomic analysis at VinaCapital.

The program aims to attract billions of dollars in foreign direct investment, create jobs in fintech, and connect Vietnam to the global economy by establishing a legal framework for investments.

A Plan for Digital Wealth in the Future

During the five-year experiment, Vietnam’s authorities will monitor key indicators, including transaction volumes, compliance rates, and economic contributions, to refine the model. If this works, it could lead to similar changes in other ASEAN countries, where people are increasingly using cryptocurrency, despite the government’s hesitation to regulate it.

This ambitious project demonstrates how Vietnam is transitioning from a manufacturing powerhouse to a digital leader. The country is not only regulating cryptocurrency but also rethinking its financial future by striking a balance between innovation and oversight.