Vietnam plans to launch regulated crypto market with tokenized assets

Vietnam just became one of the more interesting stories in global crypto regulation. The country has launched a structured five-year pilot program for tokenized assets, complete with licensed exchanges, strict capital requirements, and a phased rollout that starts with foreign investors before opening the doors to domestic participants.

Government Resolution No. 05/2025/NQ-CP, signed on September 9, 2025, sets the framework for what could become Southeast Asia’s most tightly controlled digital asset market. The pilot runs through 2030, which conveniently aligns with Vietnam’s broader ambition for the digital economy to comprise at least 30% of GDP by that year.

How the pilot actually works

The program’s core requirement is straightforward: every tokenized asset must be backed by real-world assets. Each asset must be issued by a Vietnamese entity.

Foreign investors get first access. All settlements must be conducted in Vietnamese Dong, and securities and fiat currencies are explicitly excluded from the tokenized asset categories. Domestic investors enter the picture on a delayed timeline, required to use licensed providers six months after the first license is officially issued.

Operations could begin as early as Q3 2026 for the five exchanges currently progressing toward approval.

Those five entities are VIX Crypto Assets Exchange JSC, Loc Phat Vietnam Crypto Assets Exchange (LPEX/SCEX), Vietnam Prosperity Crypto Assets Exchange (CAEX), Techcom Crypto Assets Exchange (TCEX), and Vietnam Digital Assets JSC. Each must meet a minimum charter capital of VND 10 trillion, which translates to roughly $383 million.

Platforms must also maintain Level 4 information security certification and cap foreign ownership at 49%.

Penalties and enforcement

Decree No. 284, implemented in July 2026, introduces penalties for unlicensed trading that take effect on September 1, 2026. Anyone operating outside the licensed framework after that date faces enforcement action.

The country currently ranks among the top seven globally in crypto adoption, with an estimated 17 million holders. That’s a massive user base operating largely outside any formal regulatory structure. The new framework forces all that activity into licensed channels, or it becomes illegal.

The bigger picture

Vietnam’s Law on Digital Technology Industry recently recognized digital assets as property. Without property recognition, tokenized assets exist in a legal gray zone. With it, they can be bought, sold, taxed, and litigated over just like any other asset class.

Vietnam becomes the 46th country globally to grant digital assets this legal status. The move is part of a broader push by the government toward double-digit economic growth, with digital transformation as a core pillar of that strategy.

By requiring VND settlement and excluding fiat currencies from tokenization, the government creates a digital asset market that reinforces rather than undermines the domestic currency. Foreign investors who want to participate must convert into Dong, creating demand for the local currency rather than bypassing it.

The 49% foreign ownership cap on exchanges reinforces this logic. Vietnam wants the capital inflow without ceding control of the financial infrastructure.

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