Vietnam Limits Crypto Pilot to Five Licensed Exchanges During Test Phase

Vietnam has taken a cautious step into cryptocurrency regulation, officially limiting its new digital asset exchange pilot to just five licensed platforms. The move, announced under Resolution 05/2025/NQ-CP signed by Deputy Prime Minister Hồ Đức Phớc on September 9, 2025, sets the stage for a tightly controlled five-year experiment in crypto oversight.

Strict Licensing and Oversight

Only five exchanges will receive licenses to operate, all under the direct supervision of the Ministry of Finance, the State Bank, and national security agencies. These bodies will oversee compliance, consumer protection, and financial reporting.

To qualify, each applicant must meet rigorous financial and ownership conditions:

• Maintain at least VND 10,000 billion (about USD 379 million) in registered capital.
• Ensure that 65% of capital comes from institutional investors such as banks, insurers, fund managers, or tech firms.
• Cap foreign ownership at 49% to keep majority control in local hands.

Additionally, all crypto activities within the pilot—issuance, trading, settlement, and payments—must occur in Vietnamese dong (VND). Tokens must be backed by tangible assets, excluding fiat-backed or security tokens. Eligible issuers must be Vietnam-based companies structured as limited liability or joint-stock firms.

Domestic crypto users will be permitted to transfer their holdings to these licensed platforms. Six months after the first license is issued, using unlicensed exchanges could trigger penalties for Vietnamese users.

Industry Pushback and Concerns

While the government frames the move as a step toward transparency and investor protection, industry critics see it differently. Many argue the high entry bar and license cap favor established financial giants over innovative fintech startups. One observer likened the framework to “a closed compound rather than a sandbox,” warning it could push liquidity and innovation offshore.

Vietnam’s approach reflects a desire to maintain control over a booming but largely unregulated market. As of 2024, roughly 17 million Vietnamese owned cryptocurrency, with annual trading volumes surpassing USD 100 billion—most through offshore exchanges.

The pilot will serve as a testing ground for Vietnam’s long-term crypto strategy. Over the next five years, regulators will assess whether to expand licensing, ease restrictions, or move toward broader market liberalization.

By capping the number of approved exchanges, Vietnam aims to balance investor protection with gradual innovation. The question remains whether such caution will inspire trust—or drive crypto growth to friendlier jurisdictions.