Around 17 million Vietnamese are currently engaged in cryptocurrency trading, with an estimated annual transaction value exceeding USD 100 billion. However, all activity is conducted via foreign exchanges. Experts say it's time to shift to a regulated domestic market that can be taxed and integrated into the national financial system.

Legalizing to manage

The government has just issued Resolution 05, authorizing a five-year pilot program for the digital asset market. According to Michael Kokalari, Chief Economist and Head of Macroeconomic Research at VinaCapital, this move signals the government’s openness to cryptocurrency assets after prolonged deliberation, especially as they become increasingly familiar to the public.

VinaCapital estimates that 17 million Vietnamese have engaged in crypto transactions, with annual trading volume exceeding USD 100 billion. Nearly all of this takes place on international platforms such as Binance, Bybit, and exchanges in Singapore, South Korea, and Hong Kong.

Kokalari said the government’s goal is to transition the large-scale, unofficial crypto activity that currently relies on foreign platforms into a regulated domestic market that can be taxed and integrated with the local financial system.

In July, the National Assembly passed the Digital Technology Industry Law, officially recognizing digital assets and requiring crypto exchanges to obtain domestic licenses and offer trading in Vietnamese dong starting January 1, 2026. Also in July, the government launched NDAChain, Vietnam’s national blockchain platform, to enable secure financial transactions and online shopping.

“In general, the government is focused on three key goals: legalizing and taxing digital asset transactions, integrating digital assets into the domestic financial system, and enhancing investor protection and market oversight,” said Kokalari.

A promising market

VinaCapital experts believe this emerging sector requires learning from other nations' experiences in integrating digital assets into their financial ecosystems to help shape Vietnam's future roadmap.

For example, since 2021, South Korea has implemented real-name bank account linkages, strict risk controls, and severe penalties for abuse and market manipulation. As a result, trading has been consolidated onto five licensed exchanges that are now subject to various taxation measures.

Meanwhile, other regional countries have faced setbacks from initial open policies followed by stricter controls. In June 2025, Singapore ordered all unlicensed digital asset exchanges to cease operations, while Thailand moved to block major foreign platforms. These actions show that even the region’s most open markets are prepared to tighten oversight when risks escalate.

“To get ahead, Vietnam is fast-tracking pilot platforms to create a regulatory framework ahead of official rollout. Under Resolution 05, exchanges must obtain domestic licenses, enable crypto trading in VND, and meet a minimum charter capital of VND 10 trillion (approx. USD 410 million). While transaction fees are not yet fixed, they will initially match stock market rates at around 0.15%,” Kokalari added.

Beyond pilot programs and regulatory shifts, Vietnam’s private sector is also entering the digital asset space. MB Bank is collaborating with South Korea’s Dunamu, the operator of Upbit, to build one of Vietnam’s first regulated platforms adhering to international safety standards.

Tether has entered discussions on piloting USDT transaction limits in Da Nang, while Chainalysis has proposed blockchain monitoring tools to support Vietnam’s new compliance infrastructure.

“Three key factors support Vietnam’s digital asset growth outlook: a promising market with active retail investor participation, one of Asia’s fastest-growing economies, and a government committed to bringing cryptocurrency into a formal framework,” said Kokalari.

Tien Phong