Hanoi, Vietnam — The Vietnamese government has officially launched a five-year pilot program for digital asset trading, opening the door for regulated crypto activity — but with strict limitations on foreign involvement.
Under the new framework, only locally registered companies — specifically LLCs or joint-stock firms — will be allowed to operate digital asset platforms. Foreign investors can hold a stake, but their ownership will be capped at 49%.
To qualify, companies must meet high capital requirements: at least 10 trillion dong (around $379 million) in funding, with 65% of that capital coming from institutional investors.
The first license is expected to be issued soon, triggering a six-month transition period during which firms can bring operations into compliance. After that, trading on unlicensed platforms will be prohibited for Vietnamese citizens. Details on enforcement or penalties for violations have not yet been released.
Vietnam Plans Crypto Sandboxes in Key Cities
As part of a broader strategy to foster fintech innovation, Vietnamese authorities are also preparing to launch cryptocurrency sandboxes in Ho Chi Minh City and Da Nang. These controlled environments will serve as testing grounds for blockchain projects and crypto-related services.
The sandboxes are linked to the government’s plan to establish an international financial center, with crypto technology considered a core pillar.
Upbit Signs Deal to Support Vietnam’s Exchange Infrastructure
In a notable development, South Korean fintech firm Dunamu, the operator of crypto exchange Upbit, has signed a memorandum of understanding with the Military Bank of Vietnam. The deal includes technical support to help Vietnam build a local exchange based on Upbit’s infrastructure.
Crypto Recognized as an Asset Class from 2026
Starting January 2026, Vietnam will formally recognize cryptocurrencies as an asset class, according to a Bloombergreport. While the government still does not recognize crypto as legal tender, this marks a significant policy shift. Until recently, the State Bank of Vietnam had issued repeated warnings about the risks of digital assets.
Now, blockchain and crypto technologies are part of Vietnam’s list of 11 strategic technologies prioritized for national development.
Conclusion
Vietnam’s five-year crypto trading pilot signals a major step toward regulated digital asset markets in Southeast Asia. While the program is currently limited to domestic companies and includes strict controls on foreign ownership, the government’s willingness to support crypto sandboxes and institutional investment reflects a shift toward long-term integration of blockchain into its financial ecosystem.
Featured image from: cryptobriefing.com