Vietnam To Pilot 5 Licensed Digital Asset Exchanges
Context And Source
Vietnam’s blockchain and digital asset landscape is entering a new phase. According to Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association (VBA), speaking at the training session titled “Khung pháp lý và nhận diện nguy cơ lừa đảo tài sản mã hóa” on August 8 (co-organized by VBA and 1Matrix), around five digital asset exchanges are expected to receive pilot licenses. These platforms aim not only to serve domestic investors but also to connect directly with international exchanges to strengthen liquidity and competitiveness.
Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association (VBA)
(image: Minh Sơn/Vietnam+)
Market Demand And Policy Objectives
Vietnam is estimated to have about 17 million accounts engaging in digital asset trading, reflecting rapid user growth. However, the absence of a consistent legal framework has elevated risks of fraud and misconduct. The pilot of licensed exchanges is expected to bring transparency, enhance investor protection, and establish a clearer policy foundation for capital formation and compliant token issuance—supporting a healthier, more sustainable local blockchain ecosystem.
How The Pilot Is Expected To Operate
During the pilot period, exchanges will handle custody and management of real-world backing (where applicable) to safeguard the value of digital assets such as Bitcoin and Ethereum. They will also be required to submit periodic reports to the Ministry of Finance covering issuance and trading activities to maintain risk oversight. Data interoperability and cross-border connectivity with global markets are anticipated to improve liquidity and narrow price gaps between Vietnam and the rest of the world.
Regulatory Timeline
At the Government press briefing on August 7, Deputy Minister of Finance Nguyen Duc Chi said the Ministry is expediting a draft Decree for piloting digital asset trading, drawing on international experiences and aligning with directives from the Politburo and the Government. If progress stays on track, the Decree could be signed within August, paving the way to select and license exchanges for the pilot. He also emphasized there will not be just one exchange in the initial phase, and private-sector participation is encouraged—consistent with Resolution 68’s vision of private enterprise as a key growth driver.
What’s Still Pending
The list of candidate exchanges has not yet been disclosed, fueling speculation within the tech and investor communities. Once the Decree is officially issued, criteria for selection, asset scope, and compliance requirements will be key details to watch closely.