Vietnam is piloting a crypto asset market under a prudential regulatory framework aimed at strengthening investor protection and expanding financing channels. Government Resolution No. 05, issued in September 2025, states that crypto assets must be backed by RWAs, exclude securities and fiat currency, and may initially be issued only to foreign investors. Five companies have passed the exchange’s preliminary assessment and must meet Level 4 security requirements and contribute at least VND 10 trillion, or about $383 million. Decree No. 284, issued in July, will begin penalizing trading on unlicensed platforms from September 1, while domestic investors will be allowed to trade through licensed service providers six months after the first company receives a license from the Ministry of Finance.