Vietnam is taking significant strides in integrating cryptocurrencies into its digital economy by mandating that all domestic crypto trading, including transactions in Bitcoin, Ethereum, and stablecoins like USDT and USDC, must be settled in Vietnamese dong. This new rule effectively prohibits dollar-paired trades on licensed platforms, marking a pivotal step for the nation’s approach to cryptocurrency.
All Eyes On Licensing
This requirement was announced during a recent conference in Hanoi, attended by officials from the State Securities Commission, the State Bank of Vietnam, and the Ministry of Public Security, alongside banks, securities firms, and blockchain industry representatives. The gathering focused on Vietnam’s roadmap toward formal crypto regulation.
Regulators indicated that all trading activities would need to be conducted through licensed virtual asset service providers. However, investors will still be permitted to retain their assets in personal wallets. Foreign investors will have the opportunity to open accounts and engage in the market, while initial participation for domestic investors will be limited to those already in possession of crypto assets.
Bui Hoang Hai, Vice Chairman of the State Securities Commission, emphasized the importance of this regulatory phase in constructing a robust legal framework for digital finance. He highlighted a pilot program for crypto-asset trading platforms under Government Resolution No. 05/2025/NQ-CP, which aims to create a transparent and secure environment for crypto investments.
Hai noted that Vietnam is uniquely positioned to attract international capital, develop new business models, and enhance its regional fintech standing, contingent on establishing a market built on clear regulations, effective risk management, and strong investor protections.
A Market Already In Motion
Vietnam is not starting from scratch in the realm of cryptocurrencies. Data presented at the conference reveals that the country ranks seventh globally in the number of crypto users and fifth in transaction growth. In the Asia-Pacific region, the total transaction value of digital assets surged to approximately $2.4 trillion as of June 2025, according to Phan Duc Trung, Chairman of the Vietnam Blockchain Association.
Trung also pointed out the rising popularity of Bitcoin exchange-traded funds (ETFs), which indicate increasing interest from traditional investors; notably, BlackRock is managing around $67 billion in Bitcoin ETF assets.
Chris Chiew, a senior advisor at CAEX, addressed the potential of tokenizing real-world assets, suggesting that it could broaden access to investments by allowing fractional ownership in high-value assets such as real estate, infrastructure, and commodities. He foresees a robust global market for tokenized assets, projected to reach $19 trillion by 2033, with Vietnam’s share estimated between $70 billion and $80 billion by 2030, based on industry analyses.
Featured image from Unsplash, chart from TradingView
