Vietnam is launching a national pilot framework to regulate crypto assets, with a focus on real-world asset tokenization designed to attract foreign investment and support economic growth.
Regulatory Structure and Foreign Investor Access
Under a government resolution issued in September 2025, Vietnam established a pilot framework requiring that crypto assets issued in the country be backed by real-world assets, excluding securities and fiat currencies. Initially, the framework restricts asset offerings exclusively to foreign investors.
According to officials, the approach allows domestic businesses to tokenize tangible assets while tapping into global investor pools. Tran Quy, director of the Vietnam Institute for Digital Economy Development, stated that the model standardizes asset valuation and disclosure requirements to curb speculative, unbacked tokens.
The initiative positions Vietnam to enter a rapidly expanding market. Boston Consulting Group estimates the global tokenized real-world asset market could exceed $14 trillion by 2030.
Exchange Licensing and Compliance
Five companies have passed initial assessment to establish exchanges, according to To Tran Hoa, deputy standing head of the Digital Asset Trading Market Board under the State Securities Commission. Applicants must meet Level 4 information-system security standards and maintain a minimum chartered capital of approximately $383 million to secure final authorization.
On July 16, the government issued a decree outlining administrative penalties for violations, including fines for investors trading on unlicensed platforms. The decree takes effect September 1, though domestic investors will not face immediate fines. Under Resolution 05, the requirement to trade exclusively through licensed entities becomes mandatory six months after the Ministry of Finance issues the first exchange license.
Market analysts view the regulatory framework as supporting market maturity by offering Vietnamese investors a transparent and secure trading environment while helping eliminate fraudulent platforms.
