Vietnam Approves Five-Year Digital Asset Trading Pilot

Key Highlights

• Vietnam launches a five-year pilot for digital asset trading for local companies.
• Foreign investors can participate, but their stake is limited to 49%.
• Cryptocurrency sandboxes planned to support the future international financial center.

Vietnam Approves Digital Asset Pilot for Local Companies

The Vietnamese government has approved a five-year pilot program for digital asset trading, allowing only Vietnamese companies to participate. According to an official statement, issuers of crypto assets must be registered as LLCs or joint-stock companies, while foreign investors are permitted to issue tokens.

Eligible providers must hold capital of 10 trillion dong (approximately $379 million), with at least 65% contributed by institutional investors. The share of foreign participation in the company is capped at 49%.

After the first license is issued, a six-month transition window will allow companies to adjust. Following that period, trading on unlicensed platforms will be illegal for Vietnamese citizens. Specific sanctions for non-compliance have not yet been disclosed.

Plans Include Foreign Investment Limits and Future Cryptocurrency Sandboxes

South Korean company Dunamu, operator of Upbit, has signed a memorandum with the Military Bank of Vietnam to provide technical support for launching an exchange based on Upbit’s platform.

Bloomberg reports that Vietnam will officially recognize cryptocurrencies as an asset class starting January 2026. Previously, the local Central Bank repeatedly warned of digital asset risks, but blockchain and cryptocurrencies are now included in the government’s list of 11 key technologies slated for development.

The government does not plan to recognize Bitcoin or other cryptocurrencies as legal tender, but authorities are considering cryptocurrency sandboxes in Da Nang and Ho Chi Minh City to support the launch of an international financial center.