Overview

• The Ministry of Finance confirmed that no companies have submitted proposals to join the newly launched five-year digital asset program.
• The five-year program will license at most five domestic exchanges to onshore trading from an estimated 17 million users currently active mostly on foreign platforms.
• Entry requirements include a minimum 10 trillion dong (about $379 million) in capital and prohibitions on stablecoins and tokenized securities.
• All trading must occur in Vietnamese dong, only Vietnamese companies may issue assets, and foreign investors can participate only through locally licensed CASPs.
• Regulators are drafting tax, fee, accounting, and AML rules in coordination with the State Bank and security agencies, with a goal of launching the first licensed operator before 2026.