State Bank of Vietnam Crypto Policy and Stance in 2026

When you hear about Vietnam and cryptocurrency, you might think of a country where people trade Bitcoin in cafes or use Ethereum to pay for food. That’s true - but there’s a lot more happening behind the scenes. Since June 2025, Vietnam has officially recognized Bitcoin and Ethereum as virtual assets, not currency. That change didn’t come from pressure or global trends. It came from a deliberate, step-by-step plan by the State Bank of Vietnam to control, not ban, digital money.

From Ban to License: How Vietnam Changed Its Mind

Just a year ago, the State Bank of Vietnam made it clear: no banks could process crypto transactions. No exchanges could operate legally. No one could use Bitcoin to buy a phone or pay rent. That changed with the Law on Digital Technology Industry passed in June 2025. Suddenly, owning, trading, and inheriting crypto became legal. But here’s the twist - you still can’t use it to pay for coffee.

The bank didn’t open the floodgates. It built a locked gate with a very specific key. Only Vietnamese companies can issue virtual assets. And those assets? They can’t be backed by US dollars, euros, or even Vietnamese dong. They must be tied to real things - like gold, real estate, or carbon credits. This isn’t about freedom. It’s about control.

The Five-Year Experiment: What’s Really Happening

In September 2025, the State Bank launched a five-year pilot program. It’s not a law. It’s a test. Five companies will get licenses to run crypto exchanges. That’s it. No more. No less. And to even apply, a company needs at least 10 trillion Vietnamese dong in capital - around $379 million. That’s more than most banks in Southeast Asia have in reserves.

To qualify, shareholders must come from established industries: commercial banks, insurance firms, securities companies, or tech giants. They also need two full years of profits under their belt. No startups. No foreign investors. No hedge funds. This isn’t designed to attract Coinbase or Binance. It’s designed to keep crypto trading inside Vietnam’s financial bubble.

And here’s the real kicker: starting in 2026, every trade on these licensed exchanges must happen in Vietnamese dong. No BTC/USDT pairs. No ETH/EUR. Just BTC/VND. That means every buyer and seller is forced to convert their crypto into local currency - giving the State Bank full visibility into every transaction.

Why No One Has Applied Yet

As of October 2025, not a single company had submitted a license application. Not one. Why? The requirements are so strict, even Vietnam’s biggest financial players are hesitating. The capital needed is enormous. The compliance burden is heavy. And if you mess up? Fines can reach up to 5% of annual revenue.

Meanwhile, informal trading is booming. Binance P2P is one of the most active markets in Southeast Asia. People are still buying Bitcoin with cash, bank transfers, and even mobile wallets. The government knows this. That’s why they didn’t shut it down. They’re letting it run - while they build a legal version that’s slower, safer, and fully monitored.

NDAChain: Vietnam’s Secret Blockchain

While the world watches crypto exchanges, Vietnam quietly launched NDAChain in July 2025. It’s not a public blockchain like Ethereum. It’s a permissioned system - controlled entirely by the government. Think of it as a digital ledger for bonds, carbon credits, and land titles. Every transaction is recorded, every asset tokenized, and every change tracked.

This isn’t about decentralization. It’s about control. NDAChain lets the State Bank see what’s happening in the digital economy without letting anyone else run it. It’s their way of saying: we’ll use blockchain - but only if we’re the ones holding the keys.

Why Vietnam Is Still a Crypto Leader

Despite all the restrictions, Vietnam ranked fourth in the 2025 Chainalysis Global Crypto Adoption Index. Over 20% of tech-savvy Vietnamese own digital assets. That’s higher than Japan, Canada, or Australia. How? Because people don’t wait for permission. They find ways.

The government knows this. That’s why their policy isn’t about stopping crypto. It’s about redirecting it. They want to capture the tax revenue. They want to keep money flowing through Vietnamese banks. They want to prevent capital flight. And they want to make sure that when Bitcoin rises, Vietnam’s economy rises with it.

How This Compares to Neighbors

Compare this to Singapore. There, stablecoins are legal. You can trade BTC/USD. You can get licensed in weeks. Foreign firms are setting up offices. Vietnam? Not even close. Singapore is building a global crypto hub. Vietnam is building a national experiment.

The Philippines allows crypto payments through licensed platforms. Thailand lets banks offer crypto services. Vietnam? No payments. No foreign exchanges. No stablecoins. It’s the most restrictive legal framework in Southeast Asia - even though adoption is among the highest.

What This Means for You

If you’re a Vietnamese citizen: you can now legally own Bitcoin. You can trade it on a licensed exchange - if one ever launches. You can’t use it to pay bills, but you can sell it for dong and buy a house.

If you’re a foreign investor: you can’t trade directly. You must go through a Ministry of Finance-approved Crypto Asset Service Provider (CASP). That’s rare. That’s slow. And right now, there aren’t any.

If you’re a business: don’t expect to open a crypto exchange in Vietnam anytime soon. The capital is too high. The rules are too tight. The market is too controlled.

The Bigger Picture

The State Bank of Vietnam isn’t against crypto. It’s against chaos. It’s against losing control of money. It’s against unregulated flows that could destabilize the economy. Their policy isn’t about stopping innovation. It’s about making sure innovation serves the state - not the other way around.

The five-year pilot will end in 2030. What happens then? No one knows. But if the pilot works - if tax revenue grows, if capital stays in Vietnam, if fraud stays low - expect broader access. If it fails? Expect tighter rules.

Right now, Vietnam is walking a tightrope. High adoption. Low access. Strict rules. Real demand. It’s not the most exciting crypto story. But it might be the most honest one.