Vietnam crypto pilot: Government launches 5-year test

Vietnam Crypto Pilot: Huge Entry Cost Sparks Online Chaos

Vietnam launches five-year crypto trading pilot

The government has approved a five-year Vietnam Crypto pilot to test regulated trading of  assets inside the country according to Bloomberg reports. The move aims to bring the large but loosely regulated crypto market into a formal system and to study how cryptocurrency can work under strict rules. 

Source : Bloomberg

Big capital and strong limits for exchanges  

Anyone applying to run an exchange under the pilot must have a minimum paid-in capital of 10 trillion VND (about $379 million) with at least 65% of that coming from institutional investors. The rules also cap foreign ownership of such platforms at 49%, and at least 35% of the charter capital must be contributed by commercial banks, securities companies, fund management companies, insurance companies, and enterprises operating in the field of technology. These high thresholds aim to keep control inside the nation and to ensure only well-funded firms can enter the market.

Tokens backed by real assets only

The pilot says tokens should be issued only when they are backed by “real assets.” The law forbids issuance of assets backed by fiat currencies or by securities. In practice, this means many common types of stablecoins or tokenized stocks would not be allowed under the trial. Officials say this is to reduce systemic risks while they study the market.

Who can invest and who benefits  

Foreign investors may still take part, but only through licensed local service providers and within ownership limits. The policy is meant to protect national economic security while allowing controlled foreign capital and technology to help build Vietnam’s own crypto infrastructure. Traders already active in the country may see clearer rules, but small or foreign start-ups may find it hard to meet the steep capital test.

What experts say and what comes next  

Analysts say the pilot could make Vietnam a more trusted space for digital assets in Southeast Asia if it is run well. Others warn that the high cost of entry could concentrate business among a few big players and limit competition. The government will observe how it will perform over five years, then decide whether to expand, amend or end it.

Final Thoughts

The five-year program is a major policy experiment. It seeks to balance innovation with caution by forcing transactions into the Vietnamese dong, keeping issuance local, and setting strong capital and ownership laws. For now, Vietnam will watch closely to see whether these rules build a safe, stable market or simply raise the cost of doing business.