Vietnam is set to require that all domestic cryptocurrency trading—including popular tokens like Bitcoin, Ethereum, and stablecoins such as USDT and USDC—be conducted using the Vietnamese dong. This policy, announced during a recent conference in Hanoi, intends to eliminate dollar-paired trades on licensed exchanges and bring digital asset trading under tighter national regulation.
The conference gathered officials from the State Securities Commission, the State Bank of Vietnam, and the Ministry of Public Security, alongside representatives from banks, securities firms, and blockchain organizations. The authorities emphasized that all cryptocurrency trading must eventually be channeled through licensed virtual asset service providers. While investors will retain the right to hold assets in personal wallets, the state is positioning licensed platforms as the key nodes for market activity. Foreign investors are expected to be able to participate by opening accounts, although the initial phase will limit local participation mainly to those already owning crypto assets.
The vice chairman of the State Securities Commission, Bui Hoang Hai, described this period as crucial for creating a legal framework around digital finance. Government Resolution No. 05/2025/NQ-CP will pilot regulated crypto-asset trading platforms, reflecting the country’s ambition to attract international capital and foster new fintech business models. Sound regulatory practices, transparent rules, and investor protection measures remain central to this effort.
Vietnam’s crypto market is already significant. According to data shared at the meeting, the country ranks seventh worldwide in the number of crypto users and fifth in terms of transaction growth. In the broader Asia-Pacific region, digital asset transaction volumes reached approximately $2.4 trillion by mid-2025, signaling the rapid expansion of this sector.
The Vietnam Blockchain Association chairman, Phan Duc Trung, highlighted the growing interest from traditional financial players, evidenced by the rise of Bitcoin exchange-traded funds (ETFs). For instance, BlackRock currently manages roughly $67 billion in Bitcoin ETF assets, signaling mainstream investor confidence in digital assets.
Experts at the conference also discussed the potential of tokenizing real-world assets to broaden investment opportunities. Tokenization allows large holdings in assets such as real estate, infrastructure, gold, industrial facilities, energy projects, data centers, and port systems to be divided into smaller, tradable digital units. Chris Chiew, a senior advisor at CAEX, projected that global tokenized asset markets could reach $19 trillion by 2033, with Vietnam potentially capturing $70 billion to $80 billion of that market share by 2030.