Vietnam Launches Regulated Crypto Market with Tokenized Assets

Vietnam is launching a regulated crypto market with tokenized assets as part of its broader ambition for the digital economy to comprise at least 30% of GDP by 2030. The country has launched a structured five-year pilot program that includes licensed exchanges, strict capital requirements, and a phased rollout.

The pilot program requires every tokenized asset to be backed by real-world assets, issued by a Vietnamese entity, and settled in Vietnamese Dong. Foreign investors will have access to the market first, followed by domestic investors six months after the first license is issued.

The five exchanges currently progressing toward approval are 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. Each must meet a minimum charter capital of VND 10 trillion ($383 million) and maintain Level 4 information security certification.

The new framework forces all crypto activity into licensed channels, with penalties for unlicensed trading taking effect on September 1, 2026. The government aims to create a digital asset market that reinforces the domestic currency by requiring VND settlement and excluding fiat currencies from tokenization.