Vietnam Is Set To Generate Digital Assets Growth At Home

Vietnam’s digital asset market ranks among the world’s most active at the retail level despite its modest GDP per capita. The government has responded by establishing a licensing framework for exchanges, with five entities—including VIXEX and SCEX—clearing initial screening. The process, governed by Decision No. 96 from the Ministry of Finance, involves multiple stages, including document submission, review, and a potential 12-month compliance period before final approval. The pilot program, originally slated for Q2 2026, signals a shift toward regulated onshore operations, replacing the previous grey-zone status where oversight was minimal.

The remittance sector, which saw Vietnam receive $16 billion in 2024, highlights the practical need for regulated digital asset infrastructure. Stablecoins and on-chain solutions are increasingly competitive for cross-border payments due to cost and speed advantages. While stablecoin payments lack legislative momentum today, the scale of remittance flows suggests future regulatory consideration. The government’s incentives, including sandbox plans and international financial center designations in Da Nang and Ho Chi Minh City, aim to attract Web3 firms and retain economic activity domestically.

Vietnam’s blockchain ecosystem is supported by a deep talent pool, with startups like Sky Mavis (Axie Infinity) and Kyber Network originating from the country. At least ten Vietnamese blockchain startups have surpassed $100 million in valuation, benefiting from lower operational costs compared to regional hubs like Singapore. Local exchanges are now anchored by established financial institutions such as Techcombank and VPBank Securities, reflecting growing institutional engagement with the regulatory transition.

The licensing regime prioritizes custody as the first operational requirement, mandating compliance with cybersecurity, key management, and data localization standards. Fireblocks, which supports over 2,400 institutions globally, plans to provide custody technology to licensed Vietnamese entities. The company’s infrastructure aligns with the pilot’s rules, including onshore key management to meet data-residency expectations. With the foundations in place and the first applicants progressing, Vietnam’s digital asset market is positioned for scalable growth under regulated conditions.