Vietnam plans to require all domestic cryptocurrency trading, including transactions in Bitcoin, Ethereum, and stablecoins such as… USDT and USDC – It is settled in Vietnamese dongs, a rule that would effectively prevent dollar-paired trades on licensed platforms.
All eyes on licensing
This condition came from a conference held in Hanoi on Friday, in which officials from the State Securities Commission participated State Bank of VietnamThe Ministry of Public Security met together with banks, securities companies, and blockchain industry groups to discuss the situation in the country The path towards formal crypto regulation.
All trading must ultimately be done through licensed virtual asset service providers, although investors will still be allowed to hold assets in their personal wallets, officials said. Foreign investors will be allowed to open accounts and participate in the market, while local participation will initially be limited to those who already own crypto assets.
Bui Hoang Hai, deputy chairman of the State Securities Commission, said Vietnam is at a critical stage in building a legal framework for digital finance, including a pilot program for crypto asset trading platforms under Government Decision No. 05/2025/NQ-CP.
He said the country has a real opportunity to attract international capital, open new business models, and strengthen its position in the regional fintech space – but only if the market is built on transparent rules, sound risk management, and strong investor protection.
Market is already moving
Vietnam is not starting from scratch. The conference data places the country seventh in the world in terms of the number of cryptocurrency users and fifth in transaction growth. In the Asia-Pacific region, digital asset transaction values have risen to about $2.4 trillion as of June 2025, according to Phan Duc Truong, Chairman of the Digital Assets Group. Vietnam Blockchain Association.
He also pointed to the rise Bitcoin Exchange Traded Funds As a sign that the market is attracting more traditional investors – BlackRock alone currently manages about $67 billion in Bitcoin ETF assets.
Chris Chiu, a senior advisor at CAEX, told the conference that tokenizing real-world assets could expand access to investments by allowing significant value holdings in real estate, infrastructure and commodities to be broken down into smaller digital units and traded more easily.
He said potential tokenized assets include gold, industrial facilities, data centers, energy projects and port systems. Global token asset markets could reach $19 trillion by 2033, and Vietnam’s share is expected to be between $70 billion and $80 billion by 2030, based on industry figures presented at the conference.
Featured image from Unsplash, chart from TradingView
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