Vietnam tests its first cryptocurrency exchange: experts recommend investing in Bitcoin and Ethereum

Vietnam is launching its first cryptocurrency exchange in a pilot phase. Experts suggest starting with Bitcoin and Ethereum for their liquidity, security, and capitalization, while strengthening financial education and the regulatory framework.

The Vietnamese government has officially launched the pilot phase of its first cryptocurrency exchange, a state-run platform that seeks to provide a secure and regulated environment for trading digital assets. The initiative, led by the Ministry of Finance and supported by Prime Minister Pham Minh Chinh, marks a strategic step toward formalizing the country's crypto sector.

Deputy Minister Nguyen Duc Chi confirmed that the project is being managed by entities authorized by the State, with the aim of protect the rights of participants and encourage financial innovationThis platform will allow Vietnamese companies to issue digital assets, mobilize capital, and align with global trends in economic digitalization.

Vietnam, which already has one of the highest crypto adoption rates in the world, with more than 21% of the population owns digital assets, now seeks to consolidate its position through a legal framework that regulates the issuance, custody, and taxation of these assets.

Vietnam's regulatory progress in the cryptocurrency market

As Bit2Me News reported in March, the Vietnamese government has begun preparing to launch a national cryptocurrency exchange as part of a pilot program that will be implemented in phases. Initially, it will be limited to a small group of participants and assets, with the intention of gradually expanding as data is collected and regulations are adjusted.

The main objective of this national platform is Offer an infrastructure that allows cryptocurrency trading in a legitimate, transparent, and secure manner.Therefore, the platform will be subject to state oversight, which represents a significant advance in a country where, until now, cryptocurrencies have had no legal recognition or legal protection.

This effort is complemented by the throwing of NDAChain, Vietnam's first national blockchain, officially announced on July 25. NDAChain is reportedly a permissioned layer 1 blockchain, designed to boost the verification of digital identity (NDA DID), smart contract signing and government record traceability. Its hybrid architecture combines public and private nodes operated by state agencies and companies, and uses a Proof of Authority (PoA) consensus protocol reinforced with zero-knowledge (ZK) proofs to ensure security and privacy.

In addition, the Central Bank of Vietnam has officially recognized the use of XRP as an asset for cross-border payments, a measure that will come into effect in January 2026. This decision aligns with previous initiatives such as the collaboration between SBI Remit and Ripple to facilitate remittances between Vietnam, the Philippines, and Indonesia.

All of these developments are part of a broader strategy to remove Vietnam from the Financial Action Task Force (FATF) gray list, which it was placed on in 2023 for deficiencies in its anti-money laundering and countering terrorist financing measures. In June of this year, the National Assembly approved the Digital Technology Industry Law, which will come into force in January 2026. This law establishes a comprehensive regulatory framework for digital assets, including identity verification requirements, transaction monitoring, and reporting obligations, aligning with international FATF standards.

Bitcoin and Ethereum: the favorites to start the pilot

Regarding the national exchange, experts in the financial and technological sector have recommended that Vietnam begin its tests with Bitcoin (BTC) and Ethereum (ETH) the two most capitalized cryptocurrencies on the marketBoth offer high liquidity, a robust infrastructure, and a proven track record of security, making them ideal options for a regulated testing environment.

Bitcoin, with a market capitalization of over $2,28 trillion, is considered the most stable and decentralized digital asset in the global market. Ethereum, meanwhile, with a market capitalization of over $443.000 billion, stands out for its versatility and for being the basis for most decentralized applications (dApps) and smart contracts in the industry.

But in addition to their technical strength, these cryptocurrencies boast large trading volumes and an active global community, which facilitates monitoring and risk analysis. Experts have also stressed the importance of implementing security measures such as verification. KYC (Know Your Customer) and policies AML (Anti-Money Laundering) since the start of the pilot.

All of these recommendations aim to prevent the exchange from becoming a conduit for illicit activities and ensure that users operate in a transparent environment that complies with international standards.

Financial education: key to the success of the crypto pilot

One of the most significant challenges facing Vietnam at this stage is the lack of financial education among new investors. Although the country has seen high cryptocurrency adoption, many users lack basic knowledge about risk management, secure storage, and digital project evaluation.

Therefore, experts suggest that the implementation of the national exchange must be accompanied by educational campaigns that explain how cryptocurrencies work, the associated risks, and best practices for operating responsibly. Initiatives such as free courses, community workshops, and collaborations with universities could be key to preparing the population.

It has also been suggested that the government collaborate with associations such as the Vietnam Blockchain Association to develop accessible content adapted to the local context. Financial literacy will not only protect investors but also strengthen confidence in the system and facilitate the adoption of new technologies.

An emerging crypto hub in Southeast Asia

The launch of the crypto exchange in its pilot phase represents an opportunity for Vietnam to position itself as a regional hub for financial innovation. With a young population, high digital penetration, and growing interest in the blockchain industry, the country has the potential to attract foreign investment, foster startup development, and generate jobs in the technology sector.

If this pilot program is successful, the government is expected to expand access to more digital assets and allow international companies to participate. This could include issuing local tokens, integrating stablecoins, and creating alternative financing mechanisms for emerging projects.

The key will be to maintain a balance between regulation and flexibility, allowing the ecosystem to grow without compromising security or transparency. Now, Vietnam has taken a firm first step, and the challenge will be how it can strengthen its position in the competitive global cryptocurrency and digital asset market.