According to a resolution published on the government’s website, the framework restricts operations to domestically registered companies. All issuance, trading, and settlement of digital assets must be conducted in Vietnamese dong. Crypto can only be issued by Vietnamese entities, and those offerings will be directed toward foreign investors rather than locals.

The rules also set strict entry requirements. Any company wishing to launch an exchange will need at least 10 trillion dong ($379 million) in capital, with a minimum of 65% coming from institutional investors. Foreign ownership in any licensed trading platform is capped at 49%.

The move is notable in a country that until recently had no legal provisions for crypto despite a thriving underground market. Vietnam ranked fifth in global digital asset adoption last year, with around 17 million citizens reportedly holding over $100 billion worth of crypto, according to local investment reviews.

Vietnamese citizens already holding crypto and foreign investors will be permitted to open accounts under the pilot scheme. Once the first licenses are granted, investors will have a six-month grace period to transition to authorized platforms. After that deadline, trading on unlicensed exchanges will be outlawed, though penalties have not yet been detailed.

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Earlier this year, lawmakers passed legislation to formally recognize digital assets starting in January 2026, marking a shift from years of official caution and central bank warnings about crypto risks. Blockchain and crypto now appear on the government’s list of eleven priority technologies as it targets ambitious growth over the coming decade.

Vietnam is also opening the door to international partnerships. Last month, Military Bank signed an agreement with South Korean firm Dunamu, the operator of Upbit, to develop a local exchange. Under the deal, Upbit will provide its expertise and transfer its technology to support Vietnam’s market entry.

Despite the new framework, Bitcoin and other cryptocurrencies will remain outside the scope of legal tender. Authorities are instead considering “sandbox” environments and special financial zones in Danang and Ho Chi Minh City as potential hubs for broader fintech development.

Source: Bloomberg

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