According to CoinMeta, Vietnam's new crypto regulations will come into effect on September 1st. Domestic investors who use unlicensed trading platforms will be fined between 30 million and 50 million Vietnamese dong (approximately $11.4 million to $19 million). This marks the first time that specific penalties have been imposed under the five-year regulatory pilot program that began in September 2025. Five companies have passed the preliminary licensing assessment, but none of them are native crypto enterprises. According to a report by Wu Blockchain, three of these companies are related to banks, one is a securities company, and another is a large enterprise. To progress from a preliminary license to a full operational license, each company must meet two additional requirements set by Vietnam's Ministry of Finance: to establish a framework based on tokenized real assets. The pilot program stipulates that all tokenized assets traded on licensed platforms must be issued by Vietnamese entities and backed by real assets. Foreign investors will have priority access to the market, while domestic investors will not be required to trade through licensed platforms for six months after the Ministry of Finance issues the first exchange license. Vietnam currently ranks among the top seven countries in global crypto adoption, with an estimated 17 million holders, most of whom trade through platforms that have not officially obtained domestic licenses.