Vietnam’s Crypto Regulations: From Ambiguity to Restrictive Framework in 2026
Starting January 2026, Vietnam is rolling out what might be the world’s most restrictive cryptocurrency licensing regime. Philip Ziter, a fintech lawyer specializing in blockchain across Asia-Pacific, breaks down the groundbreaking regulations with host Ajay Shamsani, and the numbers are staggering.
Exchanges must maintain minimum charter capital of approximately 400 million US dollars. That’s not a typo. Sixty-five percent must come from domestic institutional ownership, with foreign ownership capped at forty-nine percent. The pilot program limits licensing to just five exchanges over five years, and all transactions must settle in Vietnamese dong.
This represents Vietnam’s dramatic shift from regulatory gray zone to comprehensive legal framework. Previously, the country operated with only two restrictions: no crypto as payment and banks couldn’t facilitate transactions. The new Law on Digital Technology Industry, passed in June, formally recognizes digital and virtual assets (marking a significant milestone for the market).
Will this institutional approach dampen the organic enthusiasm that’s driven 21 million Vietnamese adults to use crypto? With 70% of crypto owners between 18 and 34, and transaction volumes exceeding 100 billion dollars, Vietnam’s existing retail energy is undeniable. But the new framework deliberately restricts market access to extremely well-capitalized, professionally managed institutions.
Listen to understand how this regulatory transformation could reshape Southeast Asia’s crypto landscape.
Our Guest
Philip Ziter
Prior to joining Russin & Vecchi, Philip worked in Vietnam as an attorney at a top tier regional law firm and later with a commercial firm involved in blockchain.Philip advises on corporate and transactional matters, and on financing arrangements.Philip has been legal advisor to a handful of startup companies. He is knowledgeable in the fintech, blockchain, and e-commerce industries in Vietnam, Hong Kong, Singapore, and the US.Philip has also worked with manufacturers, pharmaceutical companies, and other entities in cross-border transactions.He advises on inbound investments involving corporate finance, manufacturing, technology, intellectual property, and mergers and acquisitions.
Our Host
Ajay Shamdasani
Ajay Shamdasani is a veteran writer, editor and researcher based in Hong Kong. He holds an AB in history and government from Ripon College, JD and MIPCT degrees from the University of New Hampshire Franklin Pierce Law School, and an LLM in financial regulation from the Illinois Institute of Technology’s Chicago-Kent College of Law.
His 15-year long career as a financial and legal journalist began as deputy editor of A Plus magazine – the journal of the Hong Kong Institute of Certified Public Accountants. From there, he assumed the helm of Macau Business magazine as its editor-in-chief, and later, joined Asialaw magazine as its deputy editor.
More recently, he spent close to seven years as a senior correspondent with Thomson Reuters’ subscription-based trade-wire service Regulatory Intelligence/Compliance Complete (previously called Complinet) in Hong Kong. While there, he covered regulatory developments in that city, as well as Singapore, India and South Korea.
