Vietnam has only a maximum of 3 crypto-asset exchanges with sufficient operating capacity during the pilot phase.

VBA Chairman: In the pilot phase of the Vietnamese market, there will only be a maximum of 3 crypto asset exchanges with sufficient operating capacity.

On September 9, 2025, the Government issued Resolution No. 05/2025/NQ-CP on piloting the crypto asset market. This is an important step after the Law on Digital Technology Industry was passed in June 2025, marking a new milestone in the process of shaping the legal framework for the blockchain and digital asset sector in Vietnam.

According to Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association (VBA) and Chairman of 1Matrix JSC, this resolution will create an important foundation to prevent financial fraud and build a more transparent market. He emphasized that from now on, "closed groups" promising high profits will no longer have a place to exist, instead, investors will participate through public and legal Capital calling channels.

Maximum of 3 exchanges are eligible to operate

An important highlight in Resolution 05 is the regulation of a minimum charter Capital of VND 10,000 billion for businesses wishing to operate a crypto-asset exchange. This is a very high figure compared to the international average, where many countries focus on technology standards, insurance and cybersecurity rather than Capital scale.

Mr. Trung commented: “In the pilot phase, there will be no more than 3 floors qualified to operate. Even with a license, operating effectively and sustainably is still a big challenge.”

In addition to charter Capital , exchanges must also meet level 4 information security standards, ensuring a technology system strong enough to protect data and transactions. At the same time, the regulation requiring investors to open domestic accounts instead of trading abroad is expected to help the domestic market become more professional and easier to manage in terms of taxes.

The market is young but full of promise.

Mr. Trung said that the next 3-5 years will be an important period for Vietnam to “mature” in the digital asset sector, based on more than a decade of experience in the global market. However, the policy is also cautious, with regulations that crypto assets can only be offered to foreign investors. This helps protect the foreign exchange market but may reduce the initial attractiveness.

Source: Cafebiz