Axie Infinity, Pendle, and Kyber Network are some crypto developed by Vietnamese developers.
Vietnam has approved Bitcoin and crypto trading in a five-year pilot to evaluate crypto adoption and regulation of crypto assets. The move comes after the government passed a law officially recognizing digital assets recently.
This indicates a broader crypto growth in Asia as demand for Bitcoin, Ethereum, and other altcoins rises from institutional and retail investors.
The Vietnam government has paved the way for a 5-year trial for Bitcoin and crypto trading as authorities test market dynamics and shape future regulations, Bloomberg reported on September 9.
The move indicates a measured approach to digital asset regulation by the Vietnamese government, while the global traditional financial industry looks at use cases of bringing financial instruments on-chain. The country has taken a balanced approach between innovation and consumer protection.
Under the pilot program, only Vietnamese crypto holders and foreign investors are allowed to open accounts on licensed platforms. Moreover, only Vietnam companies are allowed to issue crypto and offer trading services, with all issuances, trading, and crypto payments strictly in Vietnamese dong.
Also, institutional and retail investors are permitted to invest in only one crypto exchange provider. This indicates the government will closely watch trades and ownership of crypto assets, while tracking demand in the country.
Vietnam National Assembly greenlighted the Law on Digital Technology Industry in June this year, as The Coin Republic reported earlier. Notably, digital representations of fiat currencies, securities, or other financial instruments were not included under the “crypto asset” definition in the law.
The government worked towards exiting the Financial Action Task Force (FATF) “gray list,” where it has been placed since 2023.
The stringent monitoring and oversight of the digital asset market is a key component for meeting the FATF’s conditions for removal.
Vietnam also launched the national blockchain NDAChain to power digital IDs, smart contracts, and government records with hybrid decentralization.
Vietnam ranked fourth after India, the U.S., and Pakistan in the Bitcoin and crypto adoption globally, according to Chainalysis’ 2025 Global Crypto Adoption Index. Also, the report revealed that Asia-Pacific countries accounted for 69% year-over-year growth in on-chain crypto transactions.
Vietnam pushed for crypto regulation after Prime Minister Pham Minh Chinh announced earlier this year that the country would pass crypto regulation and allow foreign crypto exchanges to apply for licenses.
In August, South Korea’s Upbit operator Dunamu partnered with Vietnam’s MB Bank to launch Vietnam’s first domestic crypto exchange.
Besides, developers in Vietnam contribute immensely to many crypto projects and platforms. In fact, the popular blockchain game Axie Infinity was developed by Vietnamese studio Sky Mavis.
Kyber Network and Pendle are the other crypto platforms developed by developers in Vietnam.
Meanwhile, AXS price jumped nearly 2% in the last 24 hours, with the price trading at $2.51 at the time of writing. The 24-hour low and high were $2.47 and $2.57, respectively. Trading volume saw a massive 158% rise in the last 24 hours.
PENDLE Price was trading at $4.85, down 1% in the last 24 hours. The 24-hour low and high were $4.74 and $4.99, respectively.
Meanwhile, the KNC price was trading at $0.379, up more than 1.50% over the past 24 hours. Trading volume has increased by 50%, indicating a rise in interest among traders.
Read more on The Coin Republic
