Vietnam to Introduce State Control Over Crypto Trading
Date: 2025-09-10 Author: Oliver Abernathy Categories: IN WORLD
The Vietnamese government has approved new rules that allow only domestic companies to launch crypto platforms and issue tokens. All digital asset transactions — issuance, trading, and settlements — must be conducted in dong, the country's national currency. At the same time, tokens can only be issued for sale to foreign investors. The use of cryptocurrencies as a means of payment is still prohibited.
The minimum capital for opening a crypto platform is set at 10 trillion dong (approximately $379 million). At least 65% of this amount must be provided by corporate investors. Among them, the participation of at least two financial institutions, such as banks, brokerage companies, or management companies, which must own more than 35% of the platform, is mandatory. Both foreign citizens and Vietnamese who already own cryptocurrency will be able to register on the platform.
The launch of the pilot project is intended to help the authorities analyze the dynamics of the digital asset market and develop an effective regulatory model. It is expected that this model will allow the integration of cryptocurrencies into the official financial system of the country.
Earlier, the Vietnamese government announced the creation of a national blockchain platform NDAChain. It is designed for the digital government ecosystem, ensuring the verification of records and transactions. This step highlights the country's desire for stricter control over technological and financial innovations, while opening up opportunities for official participation of local businesses in the crypto market.
Analysts note that Vietnam's initiative may become an example of how countries with a cautious position on cryptocurrencies are looking for a balance between control and the implementation of new technologies. The state approach with limited access for foreign capital and mandatory participation of local financial institutions creates conditions for the safe and transparent development of digital assets in the country.
The pilot program will also allow us to assess the reaction of investors and users, and its results can become the basis for further legalization and simplification of the rules for the operation of crypto platforms. The authorities emphasize that all changes are aimed at minimizing risks for the financial system and protecting the interests of citizens, while stimulating the development of the innovative sector of the economy. Thus, Vietnam is taking a step towards the introduction of crypto technologies through state control, limiting risks and ensuring transparency of operations, while creating opportunities for the legal participation of local businesses in the new industry.
