Vietnam is moving to put its fast-growing crypto trade on a tighter leash, with Prime Minister Pham Minh Chinh telling agencies to license pilot digital asset exchanges before Jan. 15 under a sandbox designed to test the market.
The timeline landed at a national online conference on Jan. 6 that reviewed the finance sector’s 2025 performance and set priorities for 2026, with the pilot exchange approvals listed as one of eight task groups for the year ahead, according to the Vietnam Investment Review.
Officials have tracked rising interest in digital and crypto assets from both domestic and foreign investors, a shift that has gathered pace after the government launched a formal pilot framework in Sept. 2025.
Sandbox Launch Keeps Initial Crypto Market Tightly Controlled
Vietnam also starts 2026 with a broader legal base for the digital economy, after the Law on Digital Technology Industry took effect on Jan. 1 and explicitly covers digital assets alongside areas such as semiconductors and artificial intelligence.
The initial sandbox will stay deliberately small. A representative of the Cryptoasset Trading Market Management Board under the State Securities Commission said five companies will be selected for the first phase.
Entry hurdles aim to keep the early participants heavily institutional. Applicants must post minimum charter capital of about $400M, while institutions must hold at least 65% of charter capital, including more than 35% contributed by at least two organisations such as banks, securities firms, fund managers, insurers or technology companies.
Cross Agency Monitoring Backs Vietnam’s Crypto Sandbox
The rulebook also leans on clean financial history and hardened systems. Institutional shareholders must show profits for the prior two years with audited statements receiving unqualified opinions, and service providers must meet level 4 IT safety standards on a five-level scale.
Vietnam is also building a multi-agency enforcement model, with the Ministry of Finance overseeing operations, the State Bank of Vietnam monitoring capital flows to curb money laundering, and the Ministry of Public Security tasked with tackling high tech crime.
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