Vietnam plans to launch regulated crypto market with tokenized assets

Vietnam just became one of the more interesting stories in global crypto regulation. The country has launched a structured five-year pilot program for tokenized assets, complete with licensed exchanges, strict capital requirements, and a phased rollout that starts with foreign investors before opening the doors to domestic participants. Government Resolution No. 05/2025/NQ-CP, signed on September 9, 2025, sets the framework for what could become Southeast Asia’s most tightly controlled digital asset market. The pilot runs through 2030, which conveniently aligns with Vietnam’s broader ambition for the digital economy to comprise at least 30% of GDP by that year. How the pilot actually works The program’s core requirement is straightforward: every tokenized asset must be backed by real-world assets. Each asset must be issued by a Vietnamese entity. Foreign investors get first access. All settlements must be conducted in Vietnamese Dong, and securities and fiat currencies are explicitly excluded from the tokenized asset categories. Domestic investors enter the picture on a delayed timeline, required to use licensed providers six months after the first license is officially issued. Ope...