Vietnam is planning to require that all domestic crypto trading — including transactions in Bitcoin, Ethereum, and stablecoins like USDT and USDC — be settled in Vietnamese dong, a rule that would effectively bar dollar-paired trades on licensed platforms.
All Eyes On Licensing
The requirement came out of a conference held in Hanoi on Friday, where officials from the State Securities Commission, the State Bank of Vietnam, and the Ministry of Public Security gathered alongside banks, securities firms, and blockchain industry groups to discuss the country’s path toward formal crypto regulation.
Officials said all trading would eventually have to go through licensed virtual asset service providers, though investors would still be allowed to keep assets in personal wallets. Foreign investors would be permitted to open accounts and take part in the market, while domestic participation would initially be limited to those already holding crypto assets.
Bui Hoang Hai, vice chairman of the State Securities Commission, said Vietnam is in a critical phase of building a legal framework for digital finance, including a pilot program for crypto-asset trading platforms under Government Resolution No. 05/2025/NQ-CP.
He said the country has a real opportunity to pull in international capital, open up new business models, and strengthen its position in the regional fintech space — but only if the market is built on transparent rules, sound risk management, and strong protections for investors.
A Market Already In Motion
Vietnam is not starting from zero. Data from the conference puts the country at seventh globally in the number of crypto users and fifth in transaction growth. In the Asia-Pacific region, digital asset transaction values climbed to around $2.4 trillion as of June 2025, according to Phan Duc Trung, chairman of the Vietnam Blockchain Association.
He also pointed to the rise of Bitcoin exchange-traded funds as a sign that the market is drawing in more traditional investors — BlackRock alone is currently managing around $67 billion in Bitcoin ETF assets.
Chris Chiew, a senior advisor at CAEX, told the conference that tokenization of real-world assets could widen access to investments by allowing large-value holdings in real estate, infrastructure, and commodities to be divided into smaller digital units and traded more easily.
He said potential assets for tokenization include gold, industrial facilities, data centers, energy projects, and port systems. Global tokenized asset markets could reach $19 trillion by 2033, with Vietnam’s share projected at between $70 billion and $80 billion by 2030, based on industry figures presented at the conference.
Featured image from Unsplash, chart from TradingView
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