As Vietnam’s legal framework for financial services using digital assets continues to evolve rapidly, FinTech enterprises should closely monitor regulatory updates to ensure compliance. New regulations are expected to be issued by late 2025 or early 2026, including the anticipated Resolution on Pilot Implementation of Crypto Asset Market in Vietnam. This resolution will provide clearer guidance on licensing, operational standards, and compliance obligations for businesses involved in crypto-related services such as exchanges, wallets, etc.
In parallel, regulators are also drafting sanctioning mechanisms to ensure effective enforcement and oversight. These measures aim to establish a robust legal infrastructure that supports innovation while mitigating risks such as fraud, money laundering, and investor protection issues. FinTechs entering this space must be proactive in understanding both the emerging crypto-specific rules and the broader legal obligations under Vietnam’s existing laws, including those related to enterprise operations, taxation, and consumer protection.
Economic conditions
Market size for financial services using crypto currencies and biggest companies in this business area
According to IMARC, in 2024, the market size reached approximately USD 9.97 billion and is projected to grow to over USD 22.38 billion by 2033, with a compound annual growth rate (CAGR) of 9.4%. The country has more than 20 million crypto users, representing over 20% of the population, and annual digital asset transaction volumes are estimated to exceed USD 100 billion.
In addition, according to BitDegree, the biggest companies operating in Vietnam’s crypto financial services sector are primarily international exchanges and local blockchain innovators. Leading global exchanges with significant market share include Binance, Bybit, KuCoin, OKX, Kraken, and KuCoin, all of which offer trading, lending, and payment services to Vietnamese users. On the domestic front, Sky Mavis (creator of Axie Infinity and the Ronin blockchain), TomoChain (now Viction), and Coin98 are prominent, with Coin98 providing a popular multi-chain wallet and DeFi services.
Additional comments regarding the economic situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area
Vietnam has demonstrated a positive stance toward financial services involving digital assets, reflected in the introduction of several new regulatory frameworks. However, more detailed guidance is still forthcoming. These upcoming regulations are expected to outline specific licensing requirements, operational restrictions, and obligations related to customer protection.
FinTech companies should proactively prepare to comply with these new rules to ensure their services are legally provided in Vietnam. This includes staying informed about developments in sanctioning mechanisms and enforcement policies being drafted to support regulatory oversight and market integrity.