CaliToday (18/9/2025): In a landmark move poised to reshape its digital economy, the Vietnamese government officially announced on Monday its decision to launch a pilot program for a regulated market for "coded assets," or crypto-assets. This highly anticipated directive paves the way for the legal establishment of domestic digital asset exchanges and permits Vietnamese enterprises to issue their own digital tokens under a supervised framework.
The announcement marks Vietnam's most significant and concrete step yet toward embracing the burgeoning global digital asset industry. For years, the country has been recognized as a world leader in grassroots cryptocurrency adoption, yet the sector has operated in a legal grey area without a formal regulatory structure. This new pilot program signals a major policy shift from ambiguity to active regulation and development.
The core of the pilot program focuses on two foundational pillars:
Establishment of Licensed Digital Asset Exchanges: For the first time, companies will be able to apply for licenses to operate regulated trading platforms within Vietnam. This is expected to provide Vietnamese investors with a secure and legally recognized alternative to the international exchanges they have predominantly used. These domestic exchanges will likely be required to adhere to strict Anti-Money Laundering (AML) and Know-Your-Customer (KYC) standards, enhancing transparency and investor protection.
Permitting Digital Asset Issuance: The program will allow Vietnamese businesses, particularly in the technology sector, to legally raise capital through the issuance of digital assets or tokens. This opens up new avenues for funding for local blockchain startups and innovative projects, potentially fueling a wave of domestic Web3 development.
This strategic move is widely interpreted as an effort by the government to formalize and manage an already thriving market. By bringing digital asset activities under a regulatory umbrella, authorities aim to mitigate risks such as scams and illicit financial flows while harnessing the economic potential of blockchain technology.
Industry experts believe the pilot program could unlock significant economic benefits, including attracting substantial foreign investment into Vietnam's tech sector, creating high-skilled jobs, and positioning the nation as a competitive hub for digital innovation in Southeast Asia.
While the announcement has been met with widespread enthusiasm from the local tech community and investors, the "pilot" nature of the program indicates a cautious, phased approach. The government is expected to use this trial period to gather data, assess risks, and build a comprehensive legal framework covering critical areas such as taxation, cybersecurity standards, and clear rules for investor protection.
The success of this pilot will be closely watched by the international community. As Vietnam moves to build its regulated digital asset ecosystem, it is setting a clear course toward becoming a key player in the future of the global digital economy.
