Vietnam plans to pilot more than one crypto exchange

The pilot proposal has been submitted to the government and reported to the Politburo for consideration. The plan includes a clear roadmap and well-defined criteria to guide implementation and oversight. If the Politburo delivers its conclusion promptly, a government resolution may be issued as early as August; otherwise, a September rollout is anticipated.

Deputy Minister of Finance Nguyen Duc Chi said the draft had been largely completed. “It sets out eligibility conditions for participating organisations, technical and operational requirements, and the financial and professional standards expected of service providers,” said Chi.

The ministry has engaged in extensive consultation during the scheme’s development, drawing from international experience and domestic market dynamics. The initiative is informed by research into global regulatory models and Vietnam’s own context, where crypto-related activities by Vietnamese individuals have grown despite the absence of an official trading framework.

To ensure feasibility, MoF has worked closely with legal and technology experts, hosting a series of workshops and stakeholder meetings to address legal, regulatory, and technological considerations. These efforts aim to mitigate risks associated with the crypto asset market, which remains largely unregulated in many jurisdictions.

Once the detailed criteria are finalised, including IT infrastructure, operational processes, and provider capability, these will be publicly announced to ensure transparency and fairness in the selection of participating exchanges.

“In the pilot phase, more than one trading platform will be permitted to operate in order to promote fair competition,” Deputy Minister Chi emphasised. “However, the number will be kept within a manageable range to facilitate effective supervision and performance evaluation.”

The MoF is also proposing to encourage participation from private sector entities in delivering services within the crypto asset market. This aligns with the spirit of Resolution No.68-NQ/TW, which advocates for the development of a dynamic and innovative private economy. This approach is intended to create space for capable domestic enterprises to explore opportunities in a fast-evolving fintech sector.

Vietnam legalised digital and cryptoassets in the Law on Digital Technology Industry passed by the National Assembly on June 14.

Under the new Law on Digital Technology Industry, to come into effect in 2026, digital assets are officially recognised, encompassing both virtual assets and cryptoassets, while excluding securities, digital fiat currencies, and other financial instruments.

South Korea’s largest digital asset trading platform Upbit, operated by Dunamu Inc., is setting its sights on the Vietnamese market, signalling growing interest from global players in the country’s emerging digital economy.