On September 9, 2025, the Vietnamese government issued Resolution No. 05/2025/NQ-CP, officially launching a five-year pilot program for the cryptocurrency market. This marks a significant milestone, as it is the first time Vietnam has established a legal framework to regulate the activities of issuers, service providers, and domestic and foreign investors in this space.
The resolution paves the way for the establishment of domestic digital currency exchanges and encourages the development of blockchain projects originating from Vietnam. Previously, due to the lack of a legal framework, investors often had to participate in international exchanges. However, several Vietnamese-founded projects have already made their mark on the global blockchain map.
1. TomoChain (2016) – Viction (2023)
Founded in 2016 by Dr. Wang Quang Long and his associates, TomoChain aimed to address Ethereum’s scalability issues. Its mainnet launched in December 2018 with the TOMO token, which once ranked among the top 100 tokens by market capitalization.
Dr. Wang Quang Long.
Facing fierce competition from Solana, Avalanche, and various Layer-2 solutions, TomoChain rebranded to Viction in late 2023, with the token changing from TOMO to VIC at a 1:1 ratio. Viction is now strongly supported by Ninety Eight, the parent company of Coin98. The VIC token currently trades at $0.23, a significant drop from its peak of $3.4 in March 2021.
2. Kyber Network (2017)
Launched in 2017, Kyber Network is a DeFi project co-founded by Luu The Loi, Victor Tran, and Yaron Velner. Its mainnet went live on Ethereum in February 2018, operating as a decentralized liquidity hub that aggregates resources to provide optimal exchange rates.
The KNC token reached its peak at $5.6 in April 2022 but has since plummeted to $0.38, a 93% decline. Despite being a pioneer in the field, Kyber Network faces intense competition from newer DeFi protocols.
3. Axie Infinity (2018)
Axie Infinity, launched in 2018 by Sky Mavis, a Ho Chi Minh City-based tech studio, quickly became a global phenomenon. Its founders include Nguyen Thanh Trung (born in 1992), Aleksander Leonard Larsen, Tu Doan, Jeffrey Zirlin, and Andy Ho.
Sky Mavis CEO Nguyen Thanh Trung.
The project pioneered the Play-to-Earn (P2E) model, allowing players to earn money through Axie NFTs. The AXS governance token peaked at over $150 in October 2021, while the SLP reward token reached $0.33. However, both tokens have since lost over 99% of their value.
Following the $620 million Ronin Network hack in March 2022, Sky Mavis restructured, adopting a Play & Earn (P&E) model and establishing the Axie Infinity Foundation and Community Treasury to ensure sustainability.
4. KardiaChain (2018)
Founded in 2018 by Tri Pham (CEO) and Huy Nguyen (CTO), KardiaChain was completed in December 2020. The project focuses on interoperability and blockchain solutions for businesses and governments in Vietnam and Southeast Asia.
KardiaChain CEO Tri Pham (left) and CTO Huy Nguyen (right).
The KAI token peaked at $0.16 in April 2021 but has since fallen to $0.001. In July 2025, KardiaChain rebranded to KaiChain, repositioning itself as an “AI-programmed economic layer.” However, delistings from several exchanges have raised concerns about liquidity and sustainability.
5. Coin98 (2021)
Launched in 2021 by Le Thanh and Nguyen The Vinh, Coin98 introduced its C98 token on Binance in July 2021. The project aims to build a comprehensive DeFi ecosystem, including the Coin98 Super Wallet and Coin98 Exchange, with the goal of becoming a “Web3 super app.”
Ninety Eight CEO Nguyen The Vinh (right) and co-founder Le Thanh.
The C98 token peaked at $5.3 in August 2021 but currently trades at $0.05. Despite continued expansion with Genesis Launch and AI integration, Coin98 announced the suspension of services for Vietnamese citizens and the discontinuation of Vietnamese-language community channels shortly after Vietnam’s cryptocurrency market pilot resolution.
6. AntEx (2021)
Launched in September 2021, AntEx (ANTEX token) gained attention by securing $2.5 million in funding from Shark Nguyen Hoa Binh (NextTech) through the Next100Blockchain fund. AntEx was introduced as a comprehensive DeFi ecosystem, developing the VNDT stablecoin pegged to the Vietnamese Dong, with Shark Binh serving as a strategic advisor.
However, the ANTEX token quickly lost 99% of its value. The project’s website and social media presence disappeared, and Shark Binh stopped mentioning it by late 2021. In March 2023, the project rebranded to Rabbit (RAB) at a ratio of 1,000 ANTEX = 1 RAB, but RAB also dropped 95% from its peak, rendering its converted value nearly zero.
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Empowering the Government in Regulating Conditional Business Sectors and Professions
The Ministry of Finance has proposed amending the Investment Law by empowering the Government to issue the List of Conditional Business Sectors and Trades, rather than redefining it within the existing legal framework.
President Lương Cường Meets with Leaders of Major U.S. Economic Corporations
On the morning of September 21st, local time (evening of the same day, Hanoi time), President Lương Cường and his spouse, along with the High-Level Vietnamese Delegation, arrived in Seattle, Washington, to engage in a series of bilateral activities.
Breaking: Another Securities Firm Invests in Establishing a Crypto Asset Trading Platform
CAEX is a registered entity specializing in providing services related to cryptocurrency and digital assets.
