Vietnam is moving towards establishing regulations for cryptocurrency trading by mandating that all domestic transactions—including popular cryptocurrencies such as Bitcoin, Ethereum, and stablecoins like USDT and USDC—be conducted in Vietnamese dong. This policy aims to effectively eliminate dollar-paired trades on authorized platforms.
Focus on Regulatory Licensing
This initiative emerged from a conference held in Hanoi, attended by representatives from the State Securities Commission, the State Bank of Vietnam, and the Ministry of Public Security, alongside various banks, securities firms, and industry representatives. Discussions revolved around Vietnam’s plans for formalizing crypto regulations.
Officials have indicated that all trading activities will ultimately need to go through licensed virtual asset service providers. Nonetheless, investors can maintain their assets in personal wallets. Foreign investors will have the opportunity to open accounts and engage in the market, while domestic traders may initially consist of those who already possess crypto assets.
Bui Hoang Hai, Vice Chairman of the State Securities Commission, remarked that Vietnam is at a pivotal point in establishing a legal framework for digital finance. This includes the launch of a pilot program for cryptocurrency trading platforms, in accordance with Government Resolution No. 05/2025/NQ-CP.
He explained that Vietnam has a significant opportunity to attract international capital, innovate business models, and enhance its standing in the regional fintech sector—provided that the market is developed with transparent regulations, effective risk management, and robust investor protections.
Vietnam’s Booming Crypto Market
Vietnam already has a vibrant crypto environment, ranking seventh globally in terms of cryptocurrency users and fifth for transaction growth. As of June 2025, digital asset transaction values in the Asia-Pacific region reached approximately $2.4 trillion, as noted by Phan Duc Trung, Chairman of the Vietnam Blockchain Association.
Trung highlighted the growing popularity of Bitcoin exchange-traded funds (ETFs) as an indicator that more traditional investors are entering the market. Notably, BlackRock is currently managing around $67 billion in Bitcoin ETF assets.
Tokenization: An Emerging Trend
Chris Chiew, a senior advisor at CAEX, elaborated on the potential of tokenizing real-world assets. This financial innovation could enhance investment accessibility by transforming large-value holdings—such as real estate, infrastructure, and commodities—into smaller, more manageable digital units for trading.
Examples of potential assets for tokenization include:
- Gold
- Industrial facilities
- Data centers
- Energy projects
- Port systems
Industry forecasts suggest that global tokenized asset markets could reach $19 trillion by 2033, with Vietnam’s share estimated to range between $70 billion and $80 billion by 2030, according to figures presented at the conference.
Featured image from Unsplash, chart from TradingView
