5 Asset Classes Likely to Launch Initially on Vietnamese Crypto Exchanges
Vietnam’s cryptocurrency exchanges will initially list five major asset classes, covering commodities, cash flows, real estate, and green products.
At the Ho Chi Minh City Tech Festival—”Belief 2026,” Mr. To Tran Hoa, Deputy Director of the Standing Committee of the Crypto Trading Market Management Committee under the State Securities Commission of Vietnam, stated that in the early stages of the issuance market, only Vietnamese enterprises will be allowed to issue crypto assets based on physical assets to foreign investors, and only foreign investors will be permitted to buy and sell. Furthermore, no trading pairs will be established; crypto assets will trade exclusively against the Vietnamese Dong (VNĐ), similar to models used in South Korea and Thailand.
According to Mr. Hoa, during the initial phase for the primary market, domestic crypto exchanges will consider issuing five types of products, including:
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NFT-like items: However, not all NFTs require exchange trading. Event tickets issued as NFTs, for instance, do not need to be traded on licensed domestic exchanges.
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Codifiable commodities: Agricultural products like cashews and black pepper can be tokenized and recorded on the blockchain.
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Cash flows: Revenue streams (such as those from property rentals and building operations) can be tokenized and listed for trading on exchanges.
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Real estate: Real estate assets are being tokenized. However, Mr. Hoa noted that not all real estate is suitable for tokenization and exchange listing. If issues arise regarding usage rights, the specific asset type must be thoroughly evaluated prior to token issuance.
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Green products: Renewable energy projects, such as solar energy installations.
Regarding on-chain (transactions executed directly on the blockchain) and off-chain (transactions occurring outside the blockchain) activity, a representative from the State Securities Commission noted that the initial stage will prioritize off-chain services. On-chain services will only be required when crypto assets need to be transferred between different institutions, or when Vietnamese or foreign investors transfer crypto assets back to their home countries.
How Unlisted Assets Will Be Handled
A major concern for many domestic investors is how assets not listed on domestic exchanges will be processed. According to Mr. To Tran Hoa, with millions of different cryptocurrencies worldwide and exceptionally high costs for operations, account opening, and wallet management, service providers cannot offer trading services for everything. To address investor concerns regarding unlisted assets, regulators will allow individuals to conduct transactions outside domestic service provider systems, provided they register the transaction information through a designated service provider.
Regarding penalties, Mr. Hoa stated that Decree No. 284/2026 will officially take effect on September 1. However, if no licensed crypto exchange has been established in Vietnam by that time, investors will not face penalties. Penalty regulations will only be triggered once Vietnam has operational crypto exchanges.
On the topic of liquidity, domestic exchanges will need to collaborate with market makers while adhering to technical standards, transparency guidelines, information disclosure requirements, FATF Recommendation 16 (the Travel Rule), and Anti-Money Laundering (AML) regulations.