Vietnam is moving forward with a pilot crypto-asset market built around a cautious regulatory framework. The government wants to open new funding channels for companies while tightening protections for investors. Resolution No. 05, issued in September 2025, lays out the basic rules: crypto assets must be underpinned by RWA, they must not be classified as securities or fiat currency, and the initial offering phase is reserved for foreign investors only.
According to the announcement, five companies have already passed preliminary evaluations to operate crypto exchanges. These firms are required to meet Level 4 security standards and provide a minimum capital commitment of 10 trillion Vietnamese dong, or approximately $383 million. On top of that, Decree No. 284, introduced in July, will start imposing penalties on transactions executed through unlicensed platforms as of September 1. Domestic investors will have to wait until the first institution licensed by the Ministry of Finance has held its license for six months before they can trade through regulated service providers.
Vietnam is testing a crypto-asset market under a prudential regulatory framework. The aim is twofold: protect investors and open new funding channels. Under Resolution No. 05, released by the government in September 2025, crypto assets must be backed by RWA. Securities and fiat currencies are left out. And the first round of sales is restricted to foreign investors.
Five companies cleared the first assessments to operate crypto exchanges. But there are strings attached: Level 4 security requirements and a minimum capital contribution of 10 trillion Vietnamese dong, or about $383 million. Decree No. 284, issued in July, sets fines for transactions on unlicensed platforms starting September 1. Domestic investors, for their part, have to wait. They can begin trading only through licensed service providers, and only six months after the first institution receives a license from the Ministry of Finance.
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