Vietnam is moving to turn digital asset trading into a legitimate and transparent market as authorities push to formalize the sector. The government is reviewing up to five pilot licenses for cryptocurrency exchanges, drawing keen interest from financial players. As of late March 2026, five applicants—VIXEX, TCEX, CAEX, LPEX and Sun Group’s digital asset affiliates—have passed the preliminary screening.
Vietnam’s 2026 Digital Technology Industry Law will formally recognize digital assets as assets, marking a shift from a ‘gray zone’ to a regulated framework. Despite progress, the underground market remains large, with Chainalysis’ Global Crypto Adoption Index 2025 ranking Vietnam fourth worldwide in crypto adoption. On-chain volume from July 2024 through June 2025 exceeded US$220 billion, up 55% year over year.
Stablecoins such as USDT and USDC account for roughly 70–80% of trading volume, effectively serving as a shadow dollar. Meme coins and cheap alts attract speculative traders, while NFTs and gaming items are traded for cash. Pi Network, Monero, and Zcash illustrate the variety of activities in the ecosystem.
Officials say licensed exchanges—with robust KYC/AML and direct bank links—could curb illicit activity and improve transparency. Five candidate exchanges must meet capital, security, and asset-backed trading requirements, reflecting a cautious path toward legality. Yet the path remains challenging: if regulation is too tight or fees are too high, investors may still favor overseas platforms, underscoring ongoing competition with international venues.
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