Vietnam finally puts rules on the table. The government has approved a five -year -old crypto trading pilot, loving what 17 million Vietnamese have already done behind the scenes.
According to a statement on the government’s website, this is a large -scale push and supported by the government in the regulated cryptography trade after years of operation in the dark.
Each exchange under this trial must be belonging to Vietnamese. No foreign company is authorized to execute platforms. The issuance, trade and payment of the crypto must all occur in Dong Vietnamese.
Only Vietnamese societies can issue cryptographic assets, and even then they can only offer them to foreign investors. Residents can exchange, but they cannot emit.
The government establishes capital rules and foreign property limits
There is a massive barrier at the entrance. Anyone looking to start an exchange in Vietnam must bring a minimum capital of 10 billions of Dong, or about $ 379 million.
As a result, at least 65% must come from institutional investors. Even with so much online money, foreign investors cannot take control. They are capped at 49% ownership of any cryptography negotiation company.
The government knows exactly what it is entering. Last year, Vietnam ranked fifth in the world in the adoption of cryptography, based on data from the analysis chain. People do not wait for permission. The market already contains more than $ 100 billion in digital assets, according to Vietnam Investment Review. The state is only catching up.
To make things happen, the holders of cryptomians and foreign investors will be allowed To open new accounts in the legal framework. But there is a deadline to come.
Six months after obtaining the first license, all the trades made by Vietnamese users on unauthorized scholarships will be considered illegal. The government has not said what type of penalties it will take advantage of rules of rules. But this clock will check.
In June, the Vietnam Parliament adopted a new law officially recognizing digital assets from January 2026. This law marks a proper rupture of previous policy, when the Central Bank and other state agencies continued to warn people to stay away from the crypto.
The turnaround is clear. Officials now consider blockchain, crypto and digital infrastructure as one of the eleven technological zones that could help push the country to two -digit economic growth.
An agreement is already in motion. Dunamu, the company behind Upbit, signed a memorandum of understanding with the military bank of Vietnam last month. The agreement will allow the bank to build an crypto exchange in Vietnam, using Upbit technology. This transfer is already underway.
However, everything is not on the table. Bitcoin and other “virtual currencies” are not legal courses in Vietnam, and the government has not intended to change this. But those responsible are considering a bypass solution.
The idea is to build sandbox mechanisms; Special zones with more loose regulations. These sandboxes are part of larger plans to create international financial centers in Danang and Ho Chi Minh Ville. This means that crypto could play a key role in Vietnam’s financial sector from the field.
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