Vietnam Opens Crypto Floodgates With $14T Tokenization Gamble

Framework and Foreign Access

Vietnam is opening a new channel for capital raising and strengthening investor safeguards through a pilot framework for crypto assets, aligning with global trends as international markets tighten digital asset regulations.

Under a government resolution issued in September 2025, Vietnam laid the groundwork for its national crypto asset pilot. The framework mandates that crypto assets issued in the country must be backed by real-world assets—excluding securities and fiat currencies—and initially limits offerings exclusively to foreign investors.

The development follows earlier moves by Vietnamese officials to consider banning citizens from trading on foreign cryptocurrency platforms. Regulators argued that restricting foreign access would bring digital asset activity under state oversight while retaining capital flows and transaction fees within the country.

According to a local report that cites industry experts, the measure allows domestic businesses to tokenize tangible assets and tap into global investor pools. Tran Quy, director of the Vietnam Institute for Digital Economy Development, said the model bridges digital technology with the real economy while curbing speculative, unbacked tokens by standardizing asset valuation and disclosure requirements.

The initiative positions Vietnam to enter a rapidly expanding global market. According to estimates by Boston Consulting Group, the global tokenized real-world asset market could exceed $14 trillion by 2030.

Nguyen Thi Ngoc Quynh, Vietnam market director at Republic and a member of the GOE Alliance, noted that Vietnam’s cautious strategy mirrors regulatory tightening in major digital asset markets such as the United States, Japan and South Korea. However, she emphasized that further regulatory clarity and research into foreign investor preferences will be essential for sustained adoption.

Exchange Licensing Requirements

Speaking at the Vietnam RWA Summit 2026, To Tran Hoa, deputy standing head of the Digital Asset Trading Market Board under the State Securities Commission, said five companies have passed the initial assessment to establish exchanges. However, to secure final authorization, applicants must meet Level 4 information-system security standards and maintain a minimum chartered capital of about $383 million (10 trillion Vietnamese dong).

In tandem with market development, Vietnam is tightening compliance oversight. On July 16, the government issued a decree outlining administrative penalties for crypto asset market violations, including fines ranging from about $1,150 to $1,918 for domestic investors trading on unlicensed platforms.

Clarifying concerns surrounding the enforcement of the decree—which takes effect Sept. 1—Quy noted that domestic investors will not face immediate fines. Under Resolution 05, the requirement to trade exclusively through licensed entities becomes mandatory six months after the Ministry of Finance issues the first exchange license.

Market analysts view the incoming regulatory oversight as a crucial step for local market maturity. Nguyen The Minh, director of the Investment Banking Division at An Binh Securities Company, said licensed exchanges will offer Vietnamese investors a transparent, official and secure trading environment while helping eliminate fraudulent platforms.