Vietnam has officially launched its first licensed crypto exchange pilot program, a tightly regulated initiative that could transform the country into a leading blockchain hub in Asia. The five-year trial, announced in September 2025 under Resolution 05/2025, introduces one of the strictest frameworks in the region, a bold move positioning Vietnam alongside Singapore and Hong Kong in the race for crypto dominance.
Vietnam’s Licensed Crypto Exchange
Unlike its regional rivals, Vietnam’s approach is built on tight restrictions and strong institutional oversight. Only Vietnamese companies can run exchanges, with foreign ownership capped at 49%. Operators must meet a minimum capital requirement of VND 10 trillion (around $379 million), ensuring only well-capitalised institutions can participate.
At least 35% of ownership in any licensed exchange must come from banks, securities firms, or major tech companies, locking traditional finance directly into the system. All trades must settle in the Vietnamese dong, and only asset-backed tokens are permitted; no unbacked stablecoins or speculative tokens.
Several of Vietnam’s largest financial players are already preparing to move. SSI Securities and Techcom Securities have formed digital finance arms, while Military Bank (MB Bank) has partnered with South Korea’s Dunamu (parent of Upbit) to launch what could be Vietnam’s first fully regulated crypto exchange under the pilot.
Vietnam’s Bid for Blockchain Leadership
The pilot program is just one part of Vietnam’s national blockchain development strategy, which aims to make the country Southeast Asia’s leading digital asset hub by 2030. Recent milestones include:
- Launch of NDAChain, a government-backed Layer 1 blockchain for public data and services.
- Global venture capital firms like a16z and Binance Labs are investing heavily in local projects, from DeFi to gaming giants like Sky Mavis’s Axie Infinity.
- A partnership between KuCoin and the Vietnam Blockchain and Digital Assets Association to support payment rails, identity systems, and blockchain infrastructure.
The government’s goals are ambitious: create at least 20 globally recognised blockchain brands, establish three national testing centres, and finalise a comprehensive legal framework by the end of the decade.
Singapore, Hong Kong, and Now Vietnam
Asia’s crypto landscape is defined by competition between financial hubs. Singapore currently leads with 13 licenses issued in 2024 and global heavyweights like OKX and Upbit operating under its regime. Hong Kong has been slower, allowing only Bitcoin and Ethereum trading under its new licensing framework.
Now, Vietnam is entering the race with a model that blends local protectionism with institutional rigour. Analysts note the program shifts the country’s crypto industry away from grassroots, retail-led adoption Vietnam is home to one of the world’s highest crypto ownership rates and toward a system designed for large-scale, institution-led markets.
Why It Matters
Vietnam’s move could mark a turning point for the global crypto industry. By setting high barriers to entry and demanding local, institutional participation, the country is signalling that the future of digital assets lies in compliance, stability, and scale rather than the freewheeling early days of crypto.
If successful, Vietnam will not only solidify itself as a Southeast Asian blockchain powerhouse but could also reshape how emerging markets approach crypto regulation. In the coming years, its progress will be closely watched not just by investors and traders, but by policymakers in Asia and beyond.
