Vietnam starts 5-year crypto market pilot

Vietnam has launched a five-year crypto pilot, banning fiat-backed tokens and enforcing strict rules for issuance and trading of digital assets.

Vietnam strengthens crypto market regulations

Vietnam, one of the leading countries in cryptocurrency adoption, has rolled out a five-year pilot program to regulate its crypto market. The framework was signed by Deputy Prime Minister Ho Duc Phoc, according to the Government Electronic Newspaper of Vietnam.

The pilot takes immediate effect. All crypto transactions — from issuance to trading and payments — must be conducted in Vietnamese dong.

Issuers must be Vietnamese companies registered either as limited liability companies or joint stock companies under the country’s Law on Enterprises.

Ban on fiat-backed crypto assets

The resolution introduces a strict ban on issuing crypto assets backed by fiat currencies or securities. Only tokens backed by real, tangible assets will be allowed.

Additionally, crypto assets can only be offered to foreign investors through licensed Crypto Asset Service Providers (CASPs) regulated by the Ministry of Finance.

The government emphasized that the pilot will be carried out cautiously, focusing on transparency, security, efficiency, and protection of investors’ rights. Officials see this program as a controlled path to developing the country’s crypto economy while minimizing risks.