9-9-2025 – Vietnam has initiated a five-year pilot program introducing stringent regulations for cryptocurrency issuance, trading, and payments, as announced by Deputy Prime Minister Ho Duc Phoc. The framework, first reported by the Government Electronic Newspaper of Vietnam, mandates that all crypto transactions be conducted in Vietnamese dong and restricts issuance to Vietnamese enterprises registered as limited liability or joint stock companies.
Crypto assets must be backed by real assets, explicitly excluding fiat currencies and securities. Only licensed crypto asset service providers (CASPs) under the Ministry of Finance may offer these assets to foreign investors. The pilot emphasizes caution, transparency, and investor protection, aligning with Vietnam’s high cryptocurrency adoption rate, ranked among the top globally by Chainalysis.
This move reflects Vietnam’s cautious embrace of digital assets amid growing global scrutiny of crypto markets. By requiring real asset backing and limiting issuance to domestic firms, the government aims to mitigate risks while fostering innovation. However, the ban on fiat-backed assets may limit stablecoin development, potentially impacting Vietnam’s integration with global DeFi ecosystems.
