Vietnam launches regulated tokenized-asset market with five-year pilot and mandatory VND settlement
Vietnam has enacted Government Resolution No. 05/2025/NQ-CP establishing a five-year pilot program for tokenized assets starting as early as Q3 2026. The framework mandates VND settlement, real-world asset backing, a VND 10 trillion minimum capital requirement for exchanges, and enforcement of unlicensed trading penalties beginning September 1, 2026.
Vietnam has formalized a regulated crypto market through Government Resolution No. 05/2025/NQ-CP, signed September 9, 2025, establishing a five-year pilot program for tokenized assets that could begin operations as early as Q3 2026, per Crypto Briefing's reporting. The framework targets Vietnam's estimated 17 million crypto holders and converts an unregulated user base into a government-licensed market.
The pilot runs through 2030 and mandates that every tokenized asset be backed by real-world assets and issued by a Vietnamese entity. All settlements must occur in Vietnamese Dong. Securities and fiat currencies are explicitly excluded from the eligible asset categories, narrowing the scope to real assets only. Each licensed exchange must maintain a minimum charter capital of VND 10 trillion, roughly $383 million, and achieve Level 4 information security certification. Foreign ownership is capped at 49 percent, reserving majority control for domestic entities.
Five exchanges are currently progressing toward approval: VIX Crypto Assets Exchange JSC, Loc Phat Vietnam Crypto Assets Exchange (LPEX/SCEX), Vietnam Prosperity Crypto Assets Exchange (CAEX), Techcom Crypto Assets Exchange (TCEX), and Vietnam Digital Assets JSC. Foreign investors can enter immediately upon the first license issuance. Domestic investors face a delayed timeline, required to use licensed providers six months after the first official license is issued.
Enforcement arrives on September 1, 2026, when Decree No. 284, implemented in July 2026, imposes penalties for unlicensed trading. This deadline creates a hard cutoff: after that date, unregulated crypto activity becomes subject to government sanction.
Vietnam's legal foundation for the market rests on its Law on Digital Technology Industry, which recognizes digital assets as property, making Vietnam the 46th country globally to grant digital assets legal status. The framework's emphasis on VND settlement and the prohibition of foreign-currency and securities tokenization reflects the government's goal to channel digital-asset activity through the domestic financial system rather than around it.
Vietnam's Government Resolution No. 05/2025/NQ-CP (signed September 9, 2025) establishes a tokenized-asset pilot through 2030 with mandatory VND settlement, real-world backing, VND 10 trillion (~$383 million) minimum capital per exchange, and five exchanges currently moving toward approval.
Watch whether the five exchanges receive their licenses on schedule and whether operations begin in Q3 2026 as signaled. The critical test arrives on September 1, 2026, when unlicensed trading penalties take effect: if enforcement is vigorous, Vietnam's unregulated user base will face pressure to migrate to licensed platforms. If enforcement lapses, the pilot's ability to consolidate the market weakens. The VND-only settlement and 49 percent foreign ownership cap will determine whether the framework actually restricts capital flight or simply redirects it elsewhere.
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