Vietnam crypto regulation moves to VND settlement on licensed platforms

Vietnam crypto regulation is tightening after Vietnamese regulators discussed a framework for a licensed crypto trading pilot under Government Resolution No. 05/2025/NQ-CP. The key change is VND-only settlement for all domestic crypto trading, including BTC, ETH, and stablecoins USDT and USDC, which is expected to reduce or remove USD-paired trading on licensed venues. In a Hanoi meeting with the State Securities Commission, the State Bank of Vietnam, and the Ministry of Public Security (plus banks, securities firms, and industry groups), officials said trading must route through licensed virtual asset service providers (VASPs). Investors may still hold assets in personal wallets, but trading activity should shift to these licensed platforms. Foreign investors can open accounts; early domestic participation may be limited to people who already hold crypto assets. Officials framed the approach as a “critical phase” for building legal infrastructure and improving investor protections, aiming to attract international capital if rules remain transparent and risk controls—such as AML, cybersecurity, data protection, and counter-terrorism financing—are enforced. From a market perspective, Vietnam crypto regulation could cause short-term liquidity and pricing shifts for BTC/ETH and stablecoin activity due to forced VND settlement, but it may also support longer-term legitimacy through licensing and clearer compliance expectations. Tokenization of real-world assets (RWA) was also highlighted as a longer-run policy focus.