Vietnam: Value creation through cryptocurrency exchanges
From July 1, 2025 to June 30, 2026, Vietnam recorded a cryptocurrency trading value of US$122.2 billion, ranking fourth in the CSAO region.
According to the “2026 Geography of Crypto Report,” published on September 30, 2026, by Chainalysis (a US-based blockchain analytics and digital asset data company), Vietnam recorded a cryptocurrency volume of US$122.2 billion between July 1, 2025, and June 30, 2026, ranking fourth in the CSAO region (Central and South Asia, Southeast Asia, and Oceania). However, the revenue from mining these resources does not yet reflect their economic value.
Several technology platforms are participating in the pilot program.
While many local cryptocurrency investors keep their assets in wallets, do not exchange them and wait for Vietnamese exchanges to begin operating, Da Nang’s multi-site cryptocurrency trading pilot program (test phase until August 26, 2028) opens up new opportunities.
The Basal Pay platform has been approved for pilot trials at Da Nang International Airport, in Hoi An’s Old Town, in the Ba Na Hills , on golf courses, and in coastal areas. Furthermore, two software parks, the Da Nang Innovation and Startup Support Center, and several commercial and service districts are participating in cryptocurrency transactions. This is the result of the City of Da Nang licensing the Basal Pay application for controlled testing (sandbox) starting in August 2025.
To use Basal Pay, users must deposit cryptocurrency into their in-app wallet, verify their identity (eKYC), and then scan a QR code at participating retail outlets. The cryptocurrency is then automatically converted into Vietnamese dong for transactions via VietQR code or money transfers through the NAPAS system. After one year of operation, the application boasts 10,000 registered accounts and over 15,000 transactions. The total transaction volume in the three pilot regions exceeded US$100,000.
FANOS, a platform from a Vietnamese blockchain company, directly connects fans (fandoms), artists, idols, and content creators in Vietnam. (Photo: TAN BA)
According to the Da Nang Science and Technology Bureau, Basal Pay is the city’s first licensed cryptocurrency-to-fiat exchange model. Following a testing phase, 100% of transactions on the platform comply with anti-money laundering and counter-terrorist financing regulations and international standards. Currently, several other platforms, such as PayD, UmiPay, and X-Border, are also licensed by Da Nang to test the conversion of digital assets into fiat currency.
The stock exchanges should be put into operation as quickly as possible.
To implement Government Decree No. 05/2025/NQ-CP on piloting the cryptocurrency market in Vietnam, the Ministry of Finance, in coordination with the Ministry of Public Security and the State Bank of Vietnam, has selected organizations to provide cryptocurrency services. Currently, five organizations nationwide are registered and are finalizing their applications to provide cryptocurrency trading services in Vietnam.Tìm hiểu lịch sử
These domestic exchanges must have a registered capital of up to VND 10 trillion and be closely linked to the banking system and securities firms to ensure transparency, segregation of client funds, and the fight against money laundering. However, as of the end of October 2026, no digital asset exchange was operational.
According to Mr. Tran Xuan Tien, Secretary General of the Ho Chi Minh City Blockchain Association, the decisive factor in the current context is not the ranking of cryptocurrency adoption, but rather the economic added value that Vietnam generates through the development of the cryptocurrency market. In addition to exchanges, a roadmap is needed for developing digital asset applications that create genuine added value for the economy. In particular, the tokenization of real-world assets, corporate capital raising, and cross-border value transfer solutions are areas that need to be explored and tested under controlled conditions.
“If we focus solely on millions of people buying and selling cryptocurrencies on platforms, Vietnam will continue to primarily play the role of a consumer market. Therefore, we need more important goals, such as generating real revenue for the economy, as evidenced by the level of international investment attracted and the number of emerging technology companies,” said Mr. Tran Xuan Tien.Tìm hiểu lịch sử
Regarding domestic cryptocurrency exchanges, Mr. To Tran Hoa, Vice Chairman of the Standing Committee of the State Securities Commission’s Cryptocurrency Trading Regulatory Authority, stated that five companies have received approval in principle to prepare for the establishment of their exchanges. However, the start of operations is not yet certain, as the companies still need to meet requirements regarding capital, technology, processes, and documentation.
“The legal framework for market operation is basically complete, with strict admission requirements; the point in time when the ‘button’ is pressed for the stock exchange depends solely on the speed of completion by the companies themselves,” Mr. To Tran Hoa stated.
The Ministry of Finance has issued Circular No. 165/2026/TT-BTC, which contains some content on reporting and disclosure requirements in the cryptocurrency market and will come into effect on December 18, 2026.
According to the circular, reports and disclosures of information must ensure accuracy, truthfulness, timeliness, and completeness, and must avoid misunderstandings. In the event of changes to previously reported or disclosed information, the company is obligated to promptly and fully update the amended content and the reasons for the changes.
Organizations that offer crypto services and issue crypto assets must disclose information simultaneously in Vietnamese and English.（Vietnam Crypto Exchange）