All Cryptocurrency Transactions Must Be Conducted in Vietnamese Dong
The Vietnamese government has authorized cryptocurrency trading through a pilot project on virtual asset transactions that will be implemented over the next five years.
According to Bloomberg and other sources on September 9 (local time), Vietnamese authorities announced that a resolution establishing regulations for cryptocurrency asset trading and issuance, signed by Deputy Prime Minister Ho Duc Phoc, took effect immediately the previous day. As a result, Vietnamese companies will now be able to build cryptocurrency trading platforms and issue cryptocurrencies to supply to foreign investors, provided they obtain approval from the Ministry of Finance.
Companies operating trading platforms are required to have a minimum capital of 10 trillion dong (approximately 526 billion won), with at least 65% of this capital contributed by institutional investors. In addition, the foreign ownership stake in operating companies is capped at 49%. All cryptocurrency issuance, trading, and settlement must be conducted exclusively in Vietnamese dong, and cryptocurrencies backed by legal tender or securities as collateral are not permitted to be issued.
Until now, cryptocurrency trading in Vietnam has been rapidly expanding in the absence of clear regulations. According to the state-run media outlet "Vietnam Investment Review" under the Ministry of Finance, there are an estimated 17 million cryptocurrency holders in Vietnam, and the market value of the cryptocurrencies they hold is estimated to exceed 100 billion dollars. In response, the government has decided to allow both Vietnamese nationals and foreign investors who already hold cryptocurrencies to open accounts at officially approved cryptocurrency exchanges.
Previously, in June of last year, the Vietnamese National Assembly passed a bill recognizing digital assets, which will take effect in early 2026. The Vietnamese government has also included cryptocurrencies and blockchain infrastructure among the country's 11 key technology sectors.
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