Vietnam Tests a Regulated Crypto Market With a $383 Million Minimum Capital Threshold

Vietnam is rolling out a pilot program for a cryptocurrency asset market under a cautious regulatory framework aimed at strengthening investor protection while expanding funding channels, according to Odaily Planet Daily. Government Resolution No. 05, issued in September 2025, sets out that cryptocurrency assets must be backed by real-world assets (RWA) and may not be linked to securities or fiat currencies. Initial issuance will be limited to foreign investors. Five companies have already cleared preliminary reviews by crypto exchanges. The firms must meet Level 4 security requirements and contribute at least 10 trillion Vietnamese dong in paid-in capital, equivalent to about $383 million. Separately, Decree No. 284, which took effect in July, will begin penalizing trading conducted on unlicensed platforms from September 1. Domestic investors will only be allowed to trade through licensed service providers starting six months after the first institution receives a license from the Ministry of Finance.