Vietnam advances licensed crypto exchange pilot

TLDR

Vietnam is moving ahead with a tightly controlled pilot for licensed domestic crypto exchanges that could reshape how its very active market trades.

1. The government has approved a multi?year pilot under Resolution 05/2025, with five firms already through an initial licensing screen and launch targeted for this year.
2. Rules are strict: VND?only settlement, huge capital requirements, and foreign ownership capped at 49%, which will favor large, locally controlled platforms.
3. Within six months of the first license, Vietnamese users trading on unlicensed or offshore platforms face penalties, so migration pressure and liquidity shifts will be key to watch.

Deep Dive

1. What Vietnam Has Just Advanced

Vietnam has set up a government?supervised pilot for domestic crypto exchanges under Resolution No. 05/2025/NQ?CP, overseen by the Ministry of Finance and the State Securities Commission. A detailed summary notes that roughly $200 billion in crypto transactions flowed through Vietnam in the 12 months to June, mostly via unregulated offshore venues, prompting the shift to a sandbox modeled on securities regulation. As of March 2026, five companies have passed the initial qualification round for licenses, with local reporting pointing to a first exchange launch targeted for the second quarter of the year.

2. How Strict The Pilot Rules Are

According to the pilot description, all crypto issuance, trading, and settlement under the scheme must be conducted in Vietnamese dong, not in foreign currencies or stablecoins. Licensed exchanges must hold at least VND 10,000 billion in charter capital, with at least 65% from institutional investors and foreign ownership capped at 49%, creating a high bar that only large, well?backed players can meet. The framework aims to mirror traditional securities oversight, consolidating activity into a small number of heavily supervised venues rather than allowing many lightly regulated startups.

3. Impact On Users And Offshore Platforms

The finance ministrys outline says that six months after the first licensed exchange goes live, domestic investors trading outside licensed venues may face administrative or even criminal penalties. Draft rules also anticipate banning Vietnamese nationals from using overseas platforms, which would force a large share of current activity to migrate or exit. For global exchanges, the choices likely narrow to partnering with or investing in licensed local entities, or effectively exiting the Vietnamese retail market.

Conclusion

Vietnam is turning one of the worlds busiest but least regulated crypto markets into a small, highly controlled licensed exchange ecosystem. The pilot combines a clear legalization path with heavy capital, local?currency, and ownership constraints. The key variables now are which firms win licenses, how quickly users are pushed off offshore venues, and whether the new regime can capture volume without choking competition and liquidity.