Vietnam Launches Pilot Licensing Regime for Crypto Exchanges

• Vietnam starts a 5-year pilot to license crypto exchanges under formal oversight.
• Only licensed firms with VND 10,000 billion charter capital can run crypto platforms.
•  Vietnamese banks and brokers are preparing applications, but no licenses issued yet.

Vietnam has opened applications for a five-year test licensing program for crypto asset exchanges, marking its first formal move to regulate a market that has operated without a defined legal framework for years. The Ministry of Finance confirmed that businesses can now submit applications under Decision No. 96/QD-BTC, which also introduces new procedures governing the issuance, modification, and revocation of licenses for virtual asset service providers.

The pilot framework follows Government Resolution No. 05/2025/NQ-CP, issued in September, which authorized a controlled trial period to test crypto trading activities under government oversight.

Strict Entry Requirements for Crypto Service Providers

Under the trial program, only licensed providers listed in the Ministry of Finance registry will be permitted to operate crypto trading systems. Companies seeking to offer trading services must be incorporated as limited liability or joint stock companies and meet a minimum charter capital requirement of VND 10,000 billion, contributed entirely in Vietnamese dong.

Ownership rules require at least 65% institutional ownership, with at least 35% held by at least two qualifying organizations, such as banks, securities firms, fund managers, insurance companies, or technology firms. Service providers must also maintain approved premises, Level 4 information technology systems evaluated by the Ministry of Public Security, and qualified personnel. Foreign investors are limited to a 49% ownership stake in licensed entities.

Domestic Financial Institutions Prepare Applications

Vietnam’s Ministry of Finance previously stated in October 2025 that no companies had applied to participate in the pilot due to high capital thresholds and strict eligibility criteria. However, local media reports indicate growing interest from domestic financial institutions.

Several securities firms and banks, including SSI Securities, VIX Securities, Military Bank, Techcombank, and VPBank, have announced plans to prepare applications. These institutions have emphasized that they will not launch operations until they receive regulatory approval. As of now, no licenses have been issued, and regulators have not confirmed receiving any completed applications.

Broader Regulatory Framework for Digital Assets

The licensing pilot coincides with broader regulatory developments. The Law on Digital Technology Industry took effect on Jan. 1, 2026, formally placing digital assets under government oversight for the first time.

Vietnam ranks fourth globally and third in Asia-Pacific in the Chainalysis 2025 Global Crypto Adoption Index, highlighting widespread crypto use in remittances, gaming, and savings. Despite this, crypto transactions have remained in a legal gray area, prompting many firms to register overseas.

Related: Vietnam Starts Pilot Crypto Licensing to End Industry Legal Gray Area