Vietnam to Open Pilot Crypto Market to Foreigners, Restricts Local Access

HANOI – Vietnam will allow foreign investors to participate freely in its pilot digital asset market while restricting domestic access to individuals who already own crypto assets, according to officials from the State Securities Commission of Vietnam (SSC). The strategy is designed to mitigate risks during the market's initial phase while simultaneously attracting international capital.

An 'Open but Controlled' Approach

Tô Trần Hòa, deputy head of the Standing Board for the Crypto Asset Market Supervision Department at the SSC, stated that the guiding principle for the new market would be 'open but controlled'.

“This is a new field with many potential risks, so implementation must be gradual, cautious and accompanied by continuous policy improvements during the operational process,” Hòa said. He noted that Vietnam has established a series of significant legal documents for the sector since September 2025.

The current legal framework is built upon Resolution No. 05/2025/NQ-CP on the pilot digital asset market, the Law on Digital Technology Industry, the Investment Law, and three Ministry of Finance circulars that regulate accounting, auditing, and taxation for market participants.

Hòa highlighted that the Law on Digital Technology Industry is a landmark piece of legislation, marking the first time that digital assets, crypto assets, and virtual assets have been formally defined in Vietnam's legal system and recognized as assets under the Civil Code.

He described this as a critical legal foundation for protecting the legitimate ownership rights of individuals and businesses and for creating the basis for an appropriate regulatory framework for the new asset class.

Current policies are pursuing four primary objectives: establishing a legal framework for digital assets, attracting international investment, strengthening anti-money laundering measures, and complying with international standards set by bodies such as the Financial Action Task Force (FATF), the Financial Stability Board (FSB), and the International Organisation of Securities Commissions (IOSCO).

Strict Licensing and Issuance Rules

One of the most scrutinized aspects of the pilot program involves the licensing requirements for virtual asset service providers (VASPs). Under the new regulations, operators must be Vietnamese enterprises with a minimum charter capital of VNĐ10 trillion (US$380 million).

Their shareholder structures are required to include reputable financial institutions, such as commercial banks and securities companies, or technology firms with sufficient capabilities. Furthermore, these entities must locate their servers within Vietnam, adhere to Level-4 information security standards, and employ personnel who hold professional information technology and security practice certificates.

Regarding issuance activities, the regulations stipulate that underlying assets must be real assets that have been audited and valued. Securities and fiat currencies are explicitly excluded from the list of eligible underlying assets. Depending on the nature of the underlying asset—be it real estate, commodities, or infrastructure projects—issuers must first obtain opinions from the relevant sector regulators.

Hòa confirmed that Vietnamese companies established under the Enterprise Law are permitted to issue crypto assets to facilitate capital mobilisation from overseas investors into Vietnam.

Market Structure and Trading

A key feature of the pilot program is the differential access for investors. Foreign investors will be permitted to participate in domestic crypto asset issuances, whereas domestic investors are currently limited to those who already possess crypto assets. All secondary market transactions must be conducted through licensed VASPs.

Crucially, all listing and trading activities must be denominated in Vietnamese đồng (VND). Hòa clarified that even globally traded digital assets like Bitcoin, Ethereum, and foreign currency-pegged stablecoins such as USDT and USDC will be listed and traded in VND. This measure is intended to ensure effective supervision, tax management, and compliance with anti-money laundering protocols.

According to the implementation roadmap, domestic investors will be permitted to conduct transactions through licensed platforms in Vietnam six months after the first licensed digital asset service provider commences operations. However, these investors will not be required to transfer their existing crypto assets to the platforms. Assets can remain in personal wallets, but all buying and selling activities must be executed through licensed operators.

To date, the SSC has received eight applications for pilot crypto exchanges. After an assessment process, five companies have been notified that they meet the necessary conditions to proceed with capital contributions and infrastructure preparations.

Bùi Hoàng Hải, vice chairman of the SSC, said these companies are actively investing in technology infrastructure, enhancing their governance systems, and seeking experienced international partners. He cautioned, however, that the official launch schedule for the exchanges will depend on their ability to fully satisfy all technical, financial, and system safety requirements.

Risk Management and Outlook

Regulators have established seven guiding principles for the market's development: phased implementation, compliance with Vietnamese laws and international commitments, ensuring financial system security, strengthening anti-money laundering efforts, maintaining transparency, requiring transactions in Vietnamese đồng, and protecting the legitimate rights and interests of investors.

Market experts suggest that the development of a digital asset market is aimed not only at creating a new investment channel but also at promoting the digital economy, modernising the capital market, and enhancing Vietnam's capacity to attract international capital flows. If the pilot program is executed effectively, Vietnam could gradually establish a transparent and secure digital asset market with stronger regional competitiveness in the coming years.