Vietnam establishes a regulated crypto asset market
Vietnam is moving toward a more structured digital asset market through a national pilot framework designed to regulate crypto assets, establish licensed trading infrastructure and create new channels for investment.
The foundation for the initiative was established through Resolution No. 05/2025/NQ-CP, issued by the Vietnamese government on Sept. 9, 2025. The resolution created a five-year pilot for the crypto asset market and covers the issuance, offering, trading and provision of crypto asset services in Vietnam. The official Vietnam Government Resolution No. 05/2025/NQ-CP confirms that the pilot took effect on Sept. 9, 2025.
The framework takes a controlled approach to market development. Vietnam's rules define crypto assets separately from securities, fiat-based digital representations and certain other financial assets. The government says the pilot should prioritize safety, transparency, efficiency and protection of participants while remaining subject to anti-money-laundering, cybersecurity and data-protection requirements.
Real-world assets are at the center of the strategy
One of the most important features of Vietnam's framework is its focus on real-world asset tokenization.
Under the pilot rules, crypto assets issued by Vietnamese companies must be based on underlying real assets. Securities and fiat currencies are excluded from the eligible underlying assets. The framework also states that these tokenized assets may initially be offered only to foreign investors and traded between foreign investors through licensed crypto asset service providers.
This structure gives Vietnamese businesses a potential way to represent tangible assets digitally and connect them with international investors while keeping the activity inside a regulated framework. The approach also reflects Vietnam's attempt to distinguish asset-backed digital instruments from speculative tokens that do not have an identifiable underlying asset.
The opportunity is significant because the global market for tokenized real-world assets is expected to expand rapidly. Boston Consulting Group estimates that tokenized real-world assets could reach approximately $14 trillion by 2030, excluding stablecoins and tokenized money. BCG's analysis also projects the market could reach $55 trillion by 2035 under its middle scenario. The Boston Consulting Group tokenization report provides the underlying market estimates.
Vietnam sets a high bar for crypto exchanges
Vietnam is also building strict requirements for companies seeking to operate crypto asset trading platforms.
Under Resolution 05, an applicant must be a Vietnamese company and have at least 10 trillion Vietnamese dong in contributed charter capital, equivalent to roughly $383 million based on the figure cited in the source material. Applicants must also satisfy technology, personnel, risk-management, custody, trading, disclosure and anti-money-laundering requirements.
The rules additionally require crypto asset service providers to meet Level 4 information-system security standards before beginning operations. The framework sets requirements for management, cybersecurity personnel, securities-market professionals, internal controls, transaction monitoring and customer complaint procedures. Foreign ownership in a crypto asset service provider is capped at 49% under the pilot framework.
According to remarks cited in the source material from Vietnam's 2026 RWA Summit, five companies had passed an initial assessment to establish exchanges. Final authorization, however, depends on meeting the applicable regulatory, capital and cybersecurity requirements.
Domestic trading faces stricter oversight
Vietnam's strategy is not limited to attracting foreign capital. The government is also establishing rules for how domestic participants interact with the regulated crypto market.
Resolution 05 states that domestic investors who already hold crypto assets and foreign investors may open accounts with licensed crypto asset service providers. It also provides that, six months after the first crypto asset service provider receives a license, domestic investors who trade outside licensed providers may face administrative or criminal enforcement depending on the nature and severity of the violation.
The government subsequently introduced Decree No. 284/2026/NĐ-CP, which establishes administrative penalties for violations involving crypto assets and the crypto asset market. The decree was issued on July 16, 2026, and is scheduled to take effect on Sept. 1, 2026. The official Vietnamese Government decree confirms both the issuance date and effective date.
The State Securities Commission has also published information confirming that Decree 284 covers administrative sanctions for violations involving crypto assets and the crypto asset market. Its official announcement from Vietnam's State Securities Commission states that the decree remains effective until the expiration of the Resolution 05 pilot framework.
A controlled route to foreign investment
Vietnam's approach combines access to international capital with restrictions designed to keep the market under government supervision.
For asset issuance, Vietnamese companies must meet the requirements of the pilot framework, while the resulting tokenized assets can initially be offered to foreign investors. Trading must take place through service providers licensed by the Ministry of Finance. The framework also requires issuers to publish relevant offering information, including a prospectus, before conducting an offering.
This structure could make tokenization an important component of Vietnam's broader digital-finance strategy. Instead of attempting to open the entire cryptocurrency market without restrictions, policymakers are creating a narrower route for asset-backed digital instruments and regulated market infrastructure.
What the $14 trillion opportunity means
The $14 trillion figure should be viewed as a global market projection, rather than an estimate of how much tokenized assets Vietnam will attract.
BCG's forecast covers a broad range of potential tokenized real-world assets, including government and corporate bonds, securitized debt, money-market instruments, commodities, listed equities and other securities. Its estimate excludes real estate and tokenized money or stablecoins.
For Vietnam, the opportunity is therefore about establishing the infrastructure and legal framework needed to participate in this expanding market. If licensed exchanges, issuers and service providers can meet the country's capital, cybersecurity and compliance requirements, tokenization could provide another mechanism for connecting Vietnamese businesses with international investors.
Vietnam's crypto experiment enters a new phase
Vietnam's five-year pilot represents a significant shift toward formal regulation of crypto assets. The government has created rules covering issuance, trading, custody, exchange services, disclosure and compliance while maintaining strict requirements for companies operating the market.
The next phase will depend on how quickly licensed market infrastructure develops and whether businesses can successfully use tokenization to connect real-world assets with foreign capital. With the regulatory framework already in place and new enforcement rules taking effect on Sept. 1, 2026, Vietnam's experiment is moving from policy design toward practical implementation.
