$220 billion market to be "incorporated"? Vietnam takes action to reshape crypto rules

Vietnam plans to launch a 5-year crypto asset pilot in Q2 2026, with a clear core goal:
Gradually guide the original offshore-dominated, relatively unregulated trading system toward a compliant domestic market.
Current data already illustrates the issue:
Vietnam's annual trading volume is about $220-230 billion, with a daily average of over $600 million, making it an underestimated high-activity market.
The key points of the new regulations are threefold:

Only local-registered, strictly capitalized and compliant institutions can participate

Limit trading targets, prioritize projects with real asset backing

Complete guarantees and settlements through the domestic system

Structurally, this is not just simple regulation but a "market reconstruction":
Funds, liquidity, and participation thresholds will all be redefined.
In the short term, it may suppress some free trading activity;
But in the long term, it will help improve market trust and fund quality.
In the crypto world, every tightening of regulation is essentially a reshuffle.
Those who remain are not necessarily the most aggressive, but the ones best able to adapt to the rules. The real opportunities are often hidden after the order is rebuilt.