Vietnam and Thailand, two leading economies in Southeast Asia, have entered a new phase in developing their cryptocurrency markets. Instead of bans and restrictions, both countries are focusing on creating clear regulatory frameworks to attract institutional investors and pave the way for the legal operation of digital assets. A key milestone was the meeting between the chairpersons of the two countries' state securities commissions in Bangkok on May 28, 2026, where both sides exchanged experiences on managing new financial products.
Vietnam and Thailand Join Forces
During the official visit of Vietnam’s General Secretary and President Tô Lâm to Thailand, a working meeting took place between Chairwoman of the State Securities Commission of Vietnam Vũ Thị Chân Phương and Chairman of the Securities and Exchange Commission (SEC) of Thailand Wisit Wisitsora-At.
The parties discussed a wide range of issues, from developing derivative market mechanisms to managing risks associated with cryptocurrency adoption. Special attention was given to sharing experience in regulating digital asset trading and creating new financial products.
"The SEC is ready to exchange experiences with the Vietnamese regulator on matters of mutual interest in order to facilitate cooperation between the regulatory agencies and capital markets of the two countries," said Wisit Wisitsora-At.
Vũ Thị Chân Phương, in turn, highly appreciated Thailand’s support in strengthening capital market management and oversight capabilities. According to her, Vietnam's regulator is actively exploring the possibility of introducing new financial markets to diversify capital.
The significance of this meeting cannot be overstated. Thailand, which has one of the most developed regulatory regimes for cryptocurrencies in Asia, is sharing its experience with Vietnam, which is just beginning to build its own system. As both sides emphasized, this cooperation benefits not only their national markets but the entire Southeast Asian region.
Different Approaches - Same Goal
Despite similar aspirations, Vietnam and Thailand are taking different paths toward creating a regulated cryptocurrency market.
Thailand - Evolution of an Existing System
Thailand already has a comprehensive regulatory framework based on the Emergency Decree on Digital Asset Businesses (2018). Today, the country is focused on expanding its range of regulated products and attracting institutional investors.
Key Thai Initiatives (January-May 2026):
· Crypto ETFs: Thailand's SEC is developing a regulatory framework for exchange-traded funds that will invest in digital assets. Official guidelines are expected in the coming months. Under the proposed structure, asset management companies will collaborate with licensed exchanges to create ETFs that may be listed on the Stock Exchange of Thailand.
· Crypto Futures: The regulator is working to recognize digital assets as an underlying asset class under the Derivatives Act, allowing crypto futures trading on the Thailand Futures Exchange.
· Regulatory Sandbox: Expanded to test tokenized bonds and other innovative products under regulatory supervision.
· Green Tokens: The government announced the issuance of its first "green" token to support ESG-related projects.
· Investor Limits: The SEC indicated that higher-risk investors may allocate around 4-5% of their portfolios to digital assets.
Economic Factors - The Bank of Thailand has warned of weakening economic competitiveness. Baht appreciation, U.S. trade tariffs, high household debt, and political uncertainty are putting pressure on growth into 2026. Under these conditions, cryptocurrencies are seen as one tool to attract capital and stimulate investment activity.
Vietnam - Building a System from Scratch
Vietnam is taking a historic step by legally recognizing cryptoassets for the first time.
Key Vietnamese Steps (2025-2026):
· Law on Digital Technology Industry (June 2025, effective January 2026). For the first time in Vietnamese legislation, digital and cryptoassets were defined. While recognized as property, they are still not legal tender and cannot be used to pay for goods or services.
· Five-Year Pilot Program. A program to create a regulated cryptocurrency market has been launched. The Ministry of Finance issued Administrative Regulation No. 96, opening the application process for digital asset operator licenses.
· Strict License Requirements. Vietnam's rules are among the toughest in the region. Applicants must be Vietnamese legal entities with charter capital of at least 10 trillion dong (~$380 million). At least 65% of shares must be held by institutional investors, and foreign ownership is capped at 49%.
· Major Business Interest. About 10 large companies and banks have publicly stated their intention to apply for licenses, including SSI Securities, VIX Securities, Military Bank, Techcombank, and VPBank.
What Drives Vietnam? The country consistently ranks among the world's top nations for cryptocurrency adoption by the population, according to Chainalysis. The government aims to channel this massive demand into a legal framework, generate tax revenue, and protect investors.
Significance for the Region and the World
The actions of Vietnam and Thailand reflect a global trend. Governments are no longer debating whether cryptocurrencies should exist, but rather how to regulate them. Both countries are demonstrating a pragmatic approach by choosing controlled legalization.
For investors and businesses, this means new opportunities. In Thailand, access to regulated ETFs and futures. In Vietnam, the chance to obtain a license and operate in one of the world’s most "crypto-active" markets. As one expert noted on LinkedIn:
"Southeast Asia isn’t killing crypto - it’s raising the bar." Regulators are saying: "Build real infrastructure, implement risk management and compliance. The next phase of crypto in the region won’t be about who is cheaper, but about who is reliable, compliant, and built for the long term."
Confirming the region's serious intentions, Southeast Asia Blockchain Week (SEABW) 2026 was held in Bangkok from May 18-24, 2026. The event gathered founders, investors, policymakers, and developers from around the world. The fact that such an event took place in Thailand is symbolic and underscores the country's leadership role in shaping the region's new crypto ecosystem.
One question remains open: Will the pilot projects evolve into permanent, more open regimes? The answer depends on how effectively regulators balance innovation, investor protection, and financial stability. One thing is certain: Vietnam and Thailand have already made their choice in favor of a regulated future for cryptocurrencies.