Vietnam has launched a national crypto-asset pilot framework under a government resolution issued in September 2025, requiring domestically issued tokens to be backed by real-world assets, excluding securities and fiat currency, and initially limiting issuance to foreign investors. Boston Consulting Group has projected the global real-world asset tokenization market could exceed $14 trillion by 2030. Vietnam’s State Securities Commission said five companies have passed a preliminary assessment to establish exchanges; final approval still requires Level 4 information-system security standards and about $383 million in registered capital. A separate government decree published July 16 sets fines of roughly $1,150 to $1,918 for crypto-market violations and took effect September 1. Domestic investors will not immediately face penalties for trading on unlicensed platforms; the requirement to use only licensed venues takes effect six months after the Ministry of Finance issues the first exchange license—a step that has not yet occurred.