Vietnam will test a digital asset trading market for a five-year period during which cryptocurrencies will be allowed to be issued.
Only Vietnamese companies will be allowed to operate the platforms, and all issuances, trading and payment of crypto assets must be conducted in the dong, according to a government resolution that took effect Tuesday.
To qualify, issuers must have capital of VND10 trillion (US$380 million), with at least 65% contributed by institutional investors.
The share of foreign participation is capped at 49%.
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An illustration of Bitcoin. Photo by Unsplash/Michael Fortsch |
Shareholders and capital contributors must have earned profits for at least two consecutive years prior to applying for a license.
The Vietnam Blockchain Association, citing data from analytics firm Chainalysis, said blockchain capital flows into Vietnam exceeded $105 billion in 2023–24.
A 2024 report by crypto payment gateway Triple-A showed that more than 20% of Vietnam’s population owned cryptocurrencies.
Vietnam also ranks among the top three countries for crypto adoption, with a penetration rate three to four times the global average, according to Chainalysis.
