HÀ NỘI — Vietnamese investors and businesses are looking to a locally licensed digital asset exchange to provide a legal, secure and transparent platform for trading as new rules governing crypto assets are set to take effect.
Việt Nam is preparing to pilot licensing for digital asset service providers, with the Ministry of Finance taking the lead in coordination with the Ministry of Public Security and the State Bank of Vietnam.
Resolution No 05/2025/NQ-CP established a pilot framework for the digital asset market, covering the offering and issuance of digital assets, the organisation of trading markets and the provision of digital asset services.
Five organisations have passed the initial review of their applications: VIX, Lộc Phát Vietnam, Vietnam Prosperity, Techcom and Vietnam Digital Assets.
Tô Trần Hòa, deputy standing head of the Digital Asset Trading Market Management Board under the State Securities Commission, said the regulatory framework for the market has largely been completed, with strict business conditions in place.
The five companies have received in-principle approval and are completing requirements including Level 4 information security, operational procedures and a capital contribution obligation of VNĐ10 trillion (US$384 million) before taking part in the pilot.
The launch date of the first licensed digital asset exchange will depend on the companies’ preparation, Hoa said.
Penalties for trading outside licensed organisations will only take effect after Việt Nam launches its first licensed digital asset exchange.
After that point, domestic investors will have six months to gradually move their trading activities to a licensed platform in Việt Nam, according to the roadmap.
Investors will not be required to transfer all of their existing digital assets to a domestic exchange and may continue to hold them in personal wallets.
However, transactions involving the purchase or sale of assets covered by the regulations must be conducted through a licensed service provider once the enforcement mechanism takes effect.
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| The SCEX Simulator app, a cryptocurrency trading simulation platform, has been developed by Sacom Cryptocurrency Exchange Joint Stock Company (SCEX). Photo mekongasean.vn |
Businesses seek clarity
Sacom Cryptocurrency Exchange JSC (SCEX) chief executive Nguyễn Minh Hương said investors are waiting for a licensed domestic exchange with strict listing standards and Level 4 information security.
SCEX has built and tested its infrastructure and is undergoing inspection, Hương said. The company is also expanding cooperation with financial institutions and international partners to prepare services related to tokenisation.
Investor caution is also increasing. A HCM City-based investor who wished to remain anonymous said he regularly trades Bitcoin and Ethereum, but had paused some transactions on international exchanges while waiting for clearer guidance.
The key issues for investors are when a legal domestic exchange will begin operating and how the transition will work once the first exchange is licensed, he said.
Nguyễn Thế Vinh, co-founder and chief executive of Ninety Eight, said the designation of blockchain as a national strategic technology and the introduction of a pilot framework for digital assets were positive signals.
Years of operating in a market without a clear legal framework had created uncertainty for businesses developing products, raising capital and working with partners, Vinh said.
A transparent legal framework would help companies reduce risks and give domestic and international institutions greater confidence to deploy blockchain technology and digital asset applications in Việt Nam, he said.
Vice Chairman of the Ho Chi Minh City Association of Communications and Electronics Phan Vũ Tuấn said the formal recognition of digital assets as a type of property is an important step forward.
The market still needs greater clarity on asset classification, tax obligations, licensing requirements, operating standards and dispute resolution mechanisms, he said.
Data cited from blockchain analytics firm Chainalysis estimates that the value of digital asset transactions linked to Việt Nam between July 2024 and June 2025 was around $225 billion, equivalent to more than $600 million a day.
With a large number of participants and substantial transaction flows, the gap between the emerging legal framework and formal trading infrastructure needs to be narrowed, market participants said.
For investors, the priority is not simply a new exchange, but a legal and secure venue with clear mechanisms for protecting users.
For businesses, an early launch of the pilot market would provide a basis for mobilising capital, developing products and bringing blockchain technology into real-world economic activities.
A functioning domestic market could also help Việt Nam’s digital asset sector develop on a more sustainable footing and reduce its reliance on cross-border trading platforms. VNS
