State Bank of Vietnam Crypto Policy and Stance in 2026: What You Need to Know

For years, Vietnam’s central bank banned cryptocurrency use outright. No banks could process crypto payments. No exchanges could operate legally. But in 2025, everything changed. The State Bank of Vietnam didn’t just loosen its grip-it rebuilt the entire system from the ground up. By June 2025, Bitcoin and Ethereum became legal virtual assets under Vietnam’s new Law on Digital Technology Industry. This wasn’t a green light for free trading. It was a controlled experiment-one with strict rules, massive capital barriers, and no room for error.

What’s Actually Allowed Now?

You can own Bitcoin. You can trade it. You can inherit it. But you can’t use it to buy coffee, pay rent, or settle bills. The State Bank of Vietnam still bans cryptocurrencies as payment methods. That hasn’t changed. What’s new is that digital assets are now recognized as legal property. That means you can hold them, transfer them, and protect them under civil law. It’s a big step forward-but only if you play by the bank’s rules.

The real shift happened in September 2025 with Resolution No. 05/2025/NQ-CP. This document created Vietnam’s first-ever licensing system for crypto exchanges. Only five companies will ever get a license. And the cost to even apply is staggering: 10 trillion Vietnamese dong-roughly $379 million. That’s more than most regional banks have in reserves. Only Vietnamese-owned firms qualify. Foreign exchanges like Binance or Kraken can’t apply. They’re locked out unless they partner with a local entity that meets every single requirement.

Who Can Run a Crypto Exchange in Vietnam?

To even start the application process, a company needs two key things: deep pockets and clean history. The owners must have been profitable for two straight years. Their capital must come from approved sectors-commercial banks, securities firms, insurance companies, fund managers, or tech enterprises. No individual investors. No startups. No crypto-native firms without banking ties. The goal isn’t to encourage innovation. It’s to tie crypto to Vietnam’s existing financial infrastructure.

And here’s the kicker: every trade must be in Vietnamese dong. No USDT, no BTC/USD pairs, no stablecoin trading. If you want to buy Bitcoin, you deposit VND. If you sell, you get VND. That’s intentional. The State Bank wants to control the flow of money. It doesn’t want foreign currencies or private digital dollars flooding the system. Even the blockchain they built-NDAChain-is permissioned. Only government-approved entities can use it. It’s not public. It’s not decentralized. It’s a national tool for tokenizing bonds, carbon credits, and other assets under strict oversight.

Why Are No Exchanges Licensed Yet?

As of October 2025, not a single company had submitted a license application. That’s not a glitch. It’s a signal. The capital requirement is too high. The compliance burden is too heavy. The ownership rules are too narrow. Even major Vietnamese financial institutions are hesitating. Why risk billions on a five-year pilot with no guarantee of return? The penalties for violations are severe-fines, revocation, criminal charges. Most firms are waiting to see who blinks first.

Meanwhile, retail traders are doing just fine. Vietnam ranks fourth in the world for crypto adoption, according to Chainalysis. Over 20% of tech-savvy Vietnamese own digital assets. They’re not using licensed exchanges. They’re using Binance P2P, local Telegram groups, and peer-to-peer networks. Stablecoins like USDT are traded freely in cash deals. The government knows this. But they’re not shutting it down. They’re letting it exist-outside the system-while they build their own controlled version.

How Does This Compare to Neighbors?

Singapore lets stablecoins operate under clear rules. The Philippines lets licensed firms offer crypto savings accounts. Thailand allows crypto ETFs. Vietnam? No stablecoins. No foreign platforms. No retail access to international markets. It’s the most restrictive approach in Southeast Asia. But here’s the twist: Vietnam’s population is younger, more tech-savvy, and more eager for financial alternatives than any of its neighbors. The central bank is trying to harness that energy without losing control.

Their goal isn’t to make Vietnam the next crypto hub. It’s to make crypto a tool for economic growth-on their terms. Deputy Governor Pham Thanh Ha has said they expect 20% credit growth in 2025 tied to digital asset adoption. They want pension funds and insurance companies to start holding Bitcoin. They want tax revenue from crypto trades. They want to reduce reliance on foreign capital by keeping transactions in VND. It’s not about freedom. It’s about integration.

What’s Next for Vietnam’s Crypto Market?

The five-year pilot program ends in 2030. That’s when the real test begins. Will the licensed exchanges survive? Will they attract enough users to justify the cost? Will the government lower the capital requirement? Will they allow foreign participation? Right now, the answer to all those questions is: we don’t know.

What we do know is that Vietnam’s approach is unique. It’s not a ban. It’s not a free-for-all. It’s a tightly controlled sandbox. The central bank is treating crypto like a nuclear reactor-useful if contained, dangerous if unregulated. They’re building the walls first, then deciding whether to turn on the power.

For investors, this means one thing: patience. If you’re waiting for a licensed exchange to launch, you might be waiting for years. If you’re looking for legal clarity on ownership, you’ve got it. If you’re hoping to trade Bitcoin without restrictions-you won’t find it here. The State Bank of Vietnam isn’t here to serve traders. It’s here to serve the economy. And right now, that means control over chaos.

What This Means for You

If you’re a Vietnamese citizen: You can legally own crypto. You can trade it on P2P platforms. You can’t use it to pay bills. You can’t access licensed exchanges yet-because none exist. Keep your records. Know your tax obligations. And don’t assume the rules won’t change. The pilot is still in its early days.

If you’re a foreign investor: Forget direct access. You can’t open an account on a Vietnamese exchange. Your only legal route is through Ministry of Finance-approved Crypto Asset Service Providers (CASPs). Those don’t exist yet either. So unless you’re a bank or a fund with $379 million to spare, you’re not getting in.

If you’re a developer or entrepreneur: NDAChain is your only real opportunity. It’s a government-run blockchain. It’s not open. But if you can build something that helps tokenize real estate, bonds, or carbon credits under its rules, you might get a seat at the table.

Vietnam didn’t become a crypto leader by accident. It happened because millions of people chose to use it-even when the government said no. Now that the government says yes-but only on its terms-the real battle begins. Will the system work? Will people adapt? Or will the underground market outgrow the official one?

One thing’s certain: Vietnam isn’t trying to catch up to the West. It’s trying to build its own version of crypto-slower, safer, and strictly controlled. Whether that’s smart or stifling depends on who you ask. But if you’re watching the future of crypto in Asia, you can’t look away from Hanoi.