Vietnam, one of the world’s leading countries in cryptocurrency adoption, has launched a five-year pilot program that could reshape its digital asset market. The program, signed into effect by Deputy Prime Minister Ho Duc Phoc, introduces strict requirements on the issuance, trading, and use of crypto assets. All transactions must now be conducted exclusively in Vietnamese dong, signaling the government’s firm control over the sector.

The resolution mandates that only Vietnamese enterprises registered as limited liability or joint stock companies can issue crypto assets. These assets must be backed by tangible, real-world assets — but not by fiat currencies or securities, effectively banning stablecoin-style tokens. In a further restriction, crypto offerings are limited to foreign investors and can only be conducted through licensed Crypto Asset Service Providers (CASPs) approved by the Ministry of Finance.

The pilot sets a high bar for entry. CASPs are required to maintain a minimum capital of 10 trillion dong ($379 million), sourced from at least two established companies in banking, securities, fund management, insurance, or technology. Shareholders must also demonstrate two consecutive years of profitability before applying for a license.

Personnel requirements are equally strict. CEOs must have a minimum of two years’ experience in finance-related sectors, while chief technology officers need at least five years of relevant background. Additionally, each licensed provider must employ at least 10 qualified staff in its technology department.

This move comes shortly after Vietnam passed the Law on Digital Technology Industry in June, which will take effect in January 2026. Together, these steps underscore Vietnam’s ambition to become a global digital hub — but under tight state oversight, raising questions about how innovation and compliance will coexist in one of the world’s fastest-growing crypto markets.