Vietnam to Pilot Local Crypto Exchanges, but Requirements Are Heavy

Vietnam passed a resolution last Tuesday to allow local companies to operate cryptocurrency trading platforms. The initiative is under a five-year trial, during which cryptocurrencies can be issued, but under strict conditions.

Vietnam’s Local Approach Towards Crypto

Cryptocurrency issuance, trading, and transactions on the platforms must be conducted using the dong, the Vietnamese fiat currency.

As reported by the local media, only Vietnamese companies will be permitted to operate the trading platforms. Foreign participation is strictly limited to 49 per cent, which will ensure local market control.

The government also kept the entry barrier high. Issuers must meet a capital requirement of VND 10 trillion (about US$380 million) to participate in the cryptocurrency market. Furthermore, a mandatory 65 per cent of the stake must come from institutional investors.

Another condition is that the shareholders and capital contributors must have been profitable for at least two consecutive years before applying for the Vietnamese licence.

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Crypto Adoption in Vietnam Is High

Cryptocurrencies are very popular in Vietnam – more than 20 per cent of the country’s population owns digital assets, according to a report by crypto payment gateway Triple-A. This figure even places the country among the top in terms of crypto adoption.

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Chainalysis also ranked Vietnam fifth globally in 2024 in overall cryptocurrency adoption, only behind India, Nigeria, and the United States. The Southeast Asian country topped the list for two consecutive years in 2021 and 2022.

Several large international brands, including Binance and Bybit, have also captured the local Vietnamese crypto market. However, their services are focused on crypto and fiat on-ramps. It remains to be seen whether any true local crypto trading platform can challenge the dominance of these global players.

FinanceMagnates.com earlier this year reported that the Vietnamese government officially took steps to recognise digital assets, classifying them into two categories: virtual assets and crypto assets. The legislation already passed to recognise crypto assets will become effective on 1 January 2026.