Vietnam Rushes to Regulate Cryptocurrency Market Amid Global Watchdog Pressure

As pressure mounts from global watchdogs, Vietnam is racing to establish a regulated cryptocurrency market. The country's digital asset market has grown significantly, with over $200 billion in transactions in the past year, according to Chainalysis data.

Hanoi has been on the Financial Action Task Force (FATF) grey list since June 2023 due to strategic deficiencies in combating money laundering and terrorist financing. The country needs to address gaps across 10 areas, including virtual asset regulation and suspicious-transaction reporting.

The government issued a revised plan at the end of June, but has completed only three of its 17 actions. Vietnam's regulators are required to prove that their legal reforms are being enforced in practice.

The country is now piloting a regulated market with five companies cleared to proceed under approved framework. The first licensed exchanges could launch as early as the third quarter of 2026, with paid-in capital of at least $381.8 million and Level 4 security standards for information systems.