Vietnam Mandates Vietnamese Dong Settlement for All Crypto Trades, Bans Dollar Pairs

According to the State Securities Commission, officials gathered at a conference in Hanoi on Friday announced that Vietnam will require all domestic crypto trading—including Bitcoin, Ethereum, and stablecoins like USDT and USDC—to be settled in Vietnamese dong, effectively barring dollar-paired trades on licensed platforms.

All trading would eventually route through licensed virtual asset service providers, though investors may retain assets in personal wallets. Foreign investors will be permitted to participate, while domestic participation will initially be limited to those already holding crypto assets. Vice Chairman Bui Hoang Hai stated the requirement is part of Government Resolution No. 05/2025/NQ-CP, aimed at building a transparent regulatory framework for digital finance.