Vietnam Tests Crypto Asset Market Under New Regulatory Framework

Vietnam is piloting a crypto asset market under a cautious regulatory framework that opens financing channels while strengthening investor protection. According to Odaily, the government’s Resolution No. 05, issued in September 2025, says crypto assets must be backed by real-world assets, exclude securities and fiat currencies, and be issued initially only to foreign investors. Five companies have already passed preliminary assessments through crypto exchanges and must meet Level 4 security requirements and contribute at least 10 trillion Vietnamese dong, or about $383 million. Vietnam’s Decree No. 284, issued in July, will penalize trading on unlicensed platforms starting September 1, while domestic investors may only trade through licensed service providers six months after the first institution receives a license from the Ministry of Finance.