Vietnam Crypto Regulation 2025: State Bank of Vietnam Policy Explained

Vietnam’s approach to digital money took a dramatic turn in 2025. After years of outright bans, the State Bank of Vietnam (SBV) finally rolled out a legal framework that lets citizens trade Bitcoin and Ethereum, but keeps a tight grip on stablecoins and anything that looks like a security. If you’re trying to figure out whether you can set up a crypto exchange, invest in a token, or simply understand how the new rules will affect everyday traders, this guide walks you through every piece of the puzzle.

What the State Bank of Vietnam Actually Said

State Bank of Vietnam is Vietnam’s central bank and the chief regulator of all monetary activities, including the brand‑new digital‑asset rules introduced in 2025. The core document is Resolution No. 05/2025/NQ-CP, issued on September 9, 2025. It does three things:

• Defines “virtual assets” and draws a line between crypto and traditional securities.
• Creates a five‑year pilot licensing regime for crypto exchanges.
• Mandates that every transaction be settled in Vietnamese dong (VND).

The resolution marks the first time Vietnam officially recognized cryptocurrencies as legal property that can be owned, transferred, inherited, and protected under law.

Key Features of the New Framework

Here’s a quick rundown of the most important points that affect anyone dealing with digital assets in Vietnam:

1. Legal status: Bitcoin (BTC) and Ethereum (ETH) are now classified as “virtual assets.” They can be bought, sold, and held, but they cannot be used for direct payments.
2. Stablecoin ban: Any stablecoin pegged to fiat currency is prohibited from operating on licensed platforms.
3. Licensing threshold: Prospective exchange operators need at least 10 trillion VND in capital (about $379 million) and must partner with two entities from the banking, securities, insurance, fund‑management, or tech sectors.
4. Domestic issuance only: Only Vietnamese companies may issue virtual assets, and each token must be backed by tangible assets-not fiat or securities.
5. Foreign access: International investors can only access the market through Ministry‑of‑Finance‑approved Crypto Asset Service Providers (CASPs).
6. Pilot duration: The program runs for five years, with a cap of five licensed exchanges during the trial phase.

How the Rules Compare Regionally

Vietnam’s stance sits somewhere between the open‑door policies of Singapore and the more cautious approach of the Philippines. Below is a snapshot that highlights the biggest differences.

Why the State Bank Took This Path

Deputy Governor Pham Thanh Ha has repeatedly linked crypto adoption to broader economic goals. The central bank projects a 20 % credit‑growth boost for 2025 if the regulated market works as expected. The logic is simple: a legal, tax‑paying market draws capital, creates jobs, and gives the government better data for monetary policy.

SBV also launched NDAChain in July 2025. This permissioned blockchain is meant for tokenizing bonds, carbon credits, and other government‑backed assets. By keeping the network under state control, regulators can experiment with blockchain tech without surrendering oversight.

What This Means for Crypto Companies

If you’re a fintech startup thinking about Vietnam, the headline numbers are a reality check:

• Capital barrier: Raising $379 million in VND is a massive hurdle, especially for foreign firms.
• Partner requirement: You need two domestic entities with two years of profit history. That usually means teaming up with a bank or a seasoned securities house.
• Product limitation: Only VND‑denominated pairs are allowed. No US‑DC or EUR‑DC trading pairs on licensed exchanges.
• Investor access: Retail investors can trade directly, but institutional players must go through Ministry‑approved CASPs.

So far, no company has filed for a license-perhaps the stringent criteria are still too steep. Some insiders say the SBV might lower the capital floor after the pilot, but nothing is official yet.

Impact on Retail Traders and Everyday Users

Even with the heavy licensing regime, the market that matters to most Vietnamese users is still the peer‑to‑peer (P2P) scene. Platforms like Binance P2P continue to thrive because they bypass the licensing requirement and let users trade directly in VND. The legal framework does not criminalize holding BTC or ETH, so a wallet on your phone is still a safe place, as long as you’re not using it for payments.

Regulation also brings a silver lining: assets are now recognized as property. That means you can inherit crypto, use it as collateral in a Vietnamese bank (once the banks accept it), and enjoy legal protection if you’re scammed-something that was impossible under the old blanket ban.

Potential Pitfalls and Challenges Ahead

The pilot is ambitious, but several red flags could slow progress:

• Compliance cost: Beyond capital, ongoing reporting, AML/KYC, and audit requirements will add millions to operating expenses.
• Enforcement severity: Penalties for violations are steep, deterring smaller innovators who fear accidental non‑compliance.
• Market fragmentation: With only five licensed exchanges, liquidity could stay thin, driving traders back to unregulated P2P channels.
• International perception: Global crypto firms may view Vietnam as a high‑risk jurisdiction, preferring Singapore’s lighter touch.

Watch for a possible policy tweak around 2027 when the pilot’s first performance review is due. If the central bank sees enough economic benefit, it could relax the capital rule or open more trading pairs.

Quick Checklist for Anyone Eyeing Vietnam’s Crypto Space

• Ensure your business model fits the Vietnam crypto regulation framework.
• Secure a domestic partner with at least two years of profit.
• Raise or arrange 10 trillion VND in qualified capital.
• Plan for VND‑only trading pairs and full AML/KYC compliance.
• Stay updated on pilot‑phase reports released by the State Bank.

Frequently Asked Questions

Vietnam’s crypto journey is still in its infancy, but the State Bank’s new framework gives a clear, if cautious, roadmap. Whether you’re a trader, a startup founder, or just curious about how Southeast Asia’s fourth‑largest crypto market will evolve, keep an eye on the pilot’s quarterly reports and be ready to adapt. The country’s high adoption rate tells us one thing: demand is there. The question now is whether the regulatory “gate” will open wide enough to let that demand turn into a thriving, compliant ecosystem.