On September 9, 2025, the Vietnamese government established its first licensing framework for cryptocurrency exchanges. The approval of Resolution 05/2025/NQ-CP provides a gateway to a market with over 17 million crypto users.
The latest legislation follows the passage of the Law on Digital Technology Industry in June 2025, which, for the first time, provided legal recognition of digital assets. Both laws move Vietnam from prohibition and grey markets toward a regulated digital-asset ecosystem.
Digital Assets Recognised as Property Under New Framework
The new resolution is seen as an acceptance by the Vietnamese government that it’s better to manage rather than stop the country’s fast-expanding digital economy. The country ranks 4th in Chainanalysis’ 2025 Global Crypto Adoption Index, behind only the United States, India, and Pakistan.
By recognising crypto assets as property, Vietnam ended years of legal ambiguity and ensured that citizens who own digital assets are now protected under the country’s civil code.
“For crypto startups and developers, the impact is immediate,” explains Dr Jeff Nijsse, a senior lecturer at RMIT University in Vietnam. “By creating a regulated environment, the law gives local developers legal protection and allows for greater investor confidence, while offering existing exchanges a clear pathway to expand into the Vietnamese market.”
The pilot framework also comes at a time when the country is trying to come off the Financial Action Task Force (FATF) grey list by improving its anti-money laundering efforts.
Tighter Oversight for Exchanges Under Pilot Program
While the Vietnamese government is enthusiastic to bring its over $100 billion crypto trade onshore, it has chosen a more cautious approach. The new legislation sets a high bar for entry.
One of the toughest requirements is for exchange providers to hold over 10 trillion dong, about A$580 million, in capital.
So far, the government hasn’t received any proposals from businesses interested in participating in the 5-year pilot program. Deputy Finance Minister Nguyen Duc Chi said that they are still waiting on the first formal applications but added that interest is growing.
“The Ministry of Finance is expediting the process so that the first eligible enterprises can be licensed and begin operations in the Vietnamese market as soon as possible,” he added.
Mr Chi also announced that the government has capped the number of licensed exchanges at a maximum of five during the pilot phase. Once the first fully licensed platform is available, investors will have six months to switch from foreign-operated exchanges or risk legal trouble.
Ministry of Finance Drafts Detailed Regulations
Once the legislation was passed, the Ministry of Finance began drafting rules on taxation, fees, and accounting standards for crypto businesses. The ministry will provide overall oversight as the lead authority and will work in coordination with the State Securities Commission, the Ministry of Public Security, and the State Bank of Vietnam to finalise licensing requirements.
Over the next year, regulators will issue licensing guidelines for crypto-asset service providers (CASPs), provide taxation guidance, and monitor how the new local exchanges absorb the estimated $100 billion offshore volume.
Compliance and Business Requirements
While the final detailed regulations are still in the works, Resolution 5 outlines many of the new requirements.
Capital requirements
Applicants must show capital reserves of over VND 10,000 billion (A$580,000). The government hopes that this high number will ensure that only firms with long-term interest and institutional backing can apply.
Ownership structure
The new legislation caps foreign ownership at 49 per cent. The rest of the shares will be owned by Vietnamese private and institutional investors.
To get licensed, exchanges must also ensure that at least 65 per cent of the assets are held by institutional investors like banks and investment firms.
Level 4 Security Certification
Cryptocurrency platforms are vulnerable to cyber attacks, and the new legislation aims at minimising the risks. The law requires trading platforms to obtain Level 4 certification, which is the highest standard for information system security in Vietnam.
Additionally, CASPs are required to show the capability to conduct regular vulnerability tests. The role of ensuring that exchanges are compliant falls to the Ministry of Public Security under Luong Tam Quang. In addition to providing oversight, the ministry will also work with CASPs to ensure exchanges can guarantee the safety of customer assets.
Qualified Personnel
The legislation also requires crypto firms to ensure their employees have professional qualifications in finance and IT.
The aim is to ensure that exchanges have the necessary financial and technical know-how to operate safely and reliably.
Exclusive Use of the Vietnamese Dong
The law requires all crypto businesses to conduct transactions in Vietnamese Dong. That includes all issuances, payments, and offerings.
What Does This Mean for Foreign Investors?
Foreign investors and service providers can still participate in the Vietnam cryptocurrency market, but only through joint ventures with local companies. The cap on foreign ownership will likely reduce investment, and the world will be watching to see whether a localised, tightly controlled model can deliver growth, innovation and investor protection.
Still, Vietnam’s cautious approach is far from the comprehensive restrictions in neighbouring China and offers plenty of opportunities to investors. Its approach is much closer to Singapore and Thailand, which began with tight guardrails before opening up the ecosystem.
That said, the Vietnamese government has reserved the right to suspend its pilot programme in case of any major risks. This leaves foreign investors wondering what would happen to their investments if that occurs.
