Vietnam to Issue First Crypto Exchange License Before 2026

Vietnam is expected to issue its first crypto exchange licenses before 2026, with participation limited to five operators under strict regulatory frameworks.

Vietnam is preparing to regulate its crypto market by limiting the pilot exchange program. Deputy Finance Minister Nguyen Duc Chi confirmed the government will license only five operators. The first license will be granted by 2026, with the Digital Technology Industry Law passed in June 2025. The law is a significant step towards the formal regulation of digital assets in the country.

Vietnam Prepares Detailed Plan for Pilot Crypto Exchanges

The framework is being developed in coordination by the Ministry of Finance, the Ministry of Public Security, and the State Bank of Vietnam. It will include taxation, operational regulations, and compliance requirements for licensed crypto exchanges. In addition, the law will also take effect in January 2026, which will put Vietnam among the first jurisdictions adopting the digital assets regulation law. Hence, businesses need to plan well to comply with every regulation.

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Despite the high interest expected, Mr. Chi said that only five businesses can be licensed at most. As of October 5, there were no proposals from interested enterprises submitted to the Ministry of Finance. Moreover, the government hopes that applications will be received soon after licensing procedures are made clear. This narrow perspective is necessary to ensure the right level of control and operational standards in the pilot phase.

After the Resolution of September 9, 2025, the Ministry of Finance had worked out a comprehensive plan for the pilot implementation. The regime contains tax rules, transaction fees and accounting standards for crypto assets. At the same time, the ministry is working with other agencies to complete licensing. As a result, businesses that are eligible can start their operations as soon as all the approvals are given.

In addition, the ministry pays attention to gathering feedback from relevant stakeholders. Cooperation between the Ministry of Finance and other departments is important for smooth implementation. Mr. Chi stressed the importance of both government and business preparation. Once such a license is obtained, the crypto asset transactions can be carried out by a licensed operator in Vietnam.

Limited Licenses Could Drive Market Consolidation in Vietnam

Experts suspect that this pilot program will help boost trust and transparency in Vietnam’s crypto industry. Through limited licensing, regulators can effectively oversee operations and prevent digital asset misuse. In addition, the framework provides a basis for taxation, accounting, and compliance requirements. This regulatory framework is also likely to promote foreign and domestic investment in Vietnam’s crypto ecosystem.

In addition, the pilot program may have an impact on market consolidation over the next few years. Only those skilled operators will likely survive the process, and that will result in greater efficiency and stability. In turn, this could increase institutional investors who prefer regulatory certainty. The law further creates a clear direction for the broader use of crypto assets in Vietnam.

Vietnam’s approach is in line with a global trend towards regulated crypto markets. By enforcing strict licensing and operations standards, authorities seek to strike a balance between innovation and risk management. Ultimately, the pilot program will help to test the preparedness of local businesses and the effectiveness of new regulation. Its success can shape the future of digital assets in Vietnam before 2026.