Vietnam launches a pilot framework for cryptocurrency assets, with the global tokenized asset market expected to exceed $14 trillion by 2030

On September 2025, the Vietnamese government issued a resolution to launch a national pilot framework for cryptocurrency assets. The framework requires that cryptocurrency assets issued domestically be backed by real-world assets, excluding securities and fiat currencies, and initially targets only foreign investors. Boston Consulting Group estimates that the global market for tokenized real-world assets could exceed $14 trillion by 2030.The Vietnam Securities Commission stated that five companies have passed the preliminary assessment for establishing exchanges, and final approval must meet a four-tier information system security standard and maintain a registered capital of approximately $383 million. On July 16, the Vietnamese government issued a decree imposing fines of approximately $1,150 to $1,918 for violations in the cryptocurrency asset market, which will take effect today. Domestic investors will not be penalized immediately for trading on unlicensed platforms; the requirement to trade only through licensed institutions will take effect six months after the Ministry of Finance issues the first exchange license.