Vietnam is planning to require that each one home crypto buying and selling — together with transactions in Bitcoin, Ethereum, and stablecoins like USDT and USDC — be settled in Vietnamese dong, a rule that might successfully bar dollar-paired trades on licensed platforms.
All Eyes On Licensing
The requirement got here out of a convention held in Hanoi on Friday, the place officers from the State Securities Fee, the State Financial institution of Vietnam, and the Ministry of Public Safety gathered alongside banks, securities companies, and blockchain business teams to debate the nation’s path towards formal crypto regulation.
Officers mentioned all buying and selling would ultimately should undergo licensed digital asset service suppliers, although buyers would nonetheless be allowed to maintain belongings in private wallets. Overseas buyers can be permitted to open accounts and participate available in the market, whereas home participation would initially be restricted to these already holding crypto belongings.
Bui Hoang Hai, vice chairman of the State Securities Fee, mentioned Vietnam is in a crucial part of constructing a authorized framework for digital finance, together with a pilot program for crypto-asset buying and selling platforms underneath Authorities Decision No. 05/2025/NQ-CP.
He mentioned the nation has an actual alternative to tug in worldwide capital, open up new enterprise fashions, and strengthen its place within the regional fintech area — however provided that the market is constructed on clear guidelines, sound threat administration, and powerful protections for buyers.
A Market Already In Movement
Vietnam will not be ranging from zero. Information from the convention places the nation at seventh globally within the variety of crypto customers and fifth in transaction progress. Within the Asia-Pacific area, digital asset transaction values climbed to round $2.4 trillion as of June 2025, based on Phan Duc Trung, chairman of the Vietnam Blockchain Affiliation.
He additionally pointed to the rise of Bitcoin exchange-traded funds as an indication that the market is drawing in additional conventional buyers — BlackRock alone is at present managing round $67 billion in Bitcoin ETF belongings.
Chris Chiew, a senior advisor at CAEX, informed the convention that tokenization of real-world belongings may widen entry to investments by permitting large-value holdings in actual property, infrastructure, and commodities to be divided into smaller digital items and traded extra simply.
He mentioned potential belongings for tokenization embody gold, industrial services, knowledge facilities, vitality initiatives, and port methods. World tokenized asset markets may attain $19 trillion by 2033, with Vietnam’s share projected at between $70 billion and $80 billion by 2030, primarily based on business figures offered on the convention.
Featured picture from Unsplash, chart from TradingView
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