- The SSC started this course of after the Ministry of Finance issued Choice No. 96.
- Banks and securities corporations, together with SSI, VIX, and main monetary establishments, are making ready to use.
- The foundations embrace a capital of VND10 trillion, an institutional investor ratio of 65%, and a cap on overseas possession of 49%.
Vietnam has moved nearer to working a formally regulated cryptocurrency market after beginning purposes for licenses to function digital asset buying and selling platforms.
The transfer places the nation’s long-planned pilot program into motion and prepares authorized exchanges to function underneath direct regulatory oversight.
Vietnam’s State Securities Fee (SSC) introduced that the licensing window has opened on Tuesday following the introduction of latest administrative procedures based mostly on the Ministry of Finance’s Choice No. 96.
The choice implements a decision on piloting a regulated crypto asset market that Vietnam has been growing for a few years.
Though the licensing course of has now begun, the market remains to be in its early phases.
No platforms have been authorized but, and regulators haven’t introduced any approvals for the reason that utility window opened.
SSC opens licensing interval with new procedures
The SSC has confirmed that purposes based mostly on the brand new administrative process will likely be accepted from January 20, 2026.
Vietnam’s Ministry of Finance has issued Choice No. 96 as a part of the implementation of the nation’s decision to pilot a regulated crypto asset market.
The SSC positioned this transfer as a step in direction of bringing digital currencies underneath formal regulatory supervision.
The opening of the licensing window additionally coincides with vital authorized adjustments. Vietnam’s Digital Know-how Business Regulation got here into impact on January 1, legally defining digital property and crypto property for the primary time.
Underneath the legislation, Vietnam acknowledges crypto property as property. Nonetheless, it’s expressly excluded from authorized tender standing.
The nation additionally maintains restrictions on the usage of cryptocurrencies as a way of fee, and experiments proceed to deal with regulated market actions slightly than client transactions.
Home banks and securities corporations put together utility varieties
Though the licensing window reveals progress, Vietnam’s regulated cryptocurrency market remains to be awaiting precise approval.
That mentioned, there seems to be early curiosity from home monetary establishments.
Vietnam Information reported on Wednesday that about 10 securities corporations and banks have introduced plans and preparations to take part within the crypto asset market after approval.
The report emphasised that these establishments should not already working authorized platforms, however are making ready purposes.
Among the many corporations named was SSI Securities, which established SSI Digital in 2022.
The opposite firm is VIX Securities, which has invested within the VIXEX digital asset change sector.
A number of main banks had been additionally listed, together with Navy Financial institution, Techcombank, and VPBank.
Each businesses have indicated plans to start operations solely after receiving regulatory approval.
There are not any licensed crypto exchanges because the pilot enters the operational stage
Though Vietnam has opened the licensing window, the pilot framework stays primarily on the beginning line.
That context is vital as a result of a contemporary utility course of would not mechanically imply a fast platform launch.
Vietnam’s regulatory authorities haven’t introduced the receipt or approval of purposes for the reason that licensing window opened, so the variety of candidates and the progress of purposes stay unclear.
For buyers and market contributors, this means that Vietnam is shifting in a managed and gradual method, with formal procedures underway earlier than exchanges can legally function underneath a pilot regime.
Vietnam’s strict licensing framework shapes market entry
Vietnam’s cryptocurrency licensing framework is among the most restrictive within the area, reflecting the federal government’s cautious strategy to market growth.
Candidates should be Vietnamese authorized entities with a minimal capital of VND10 trillion or roughly $380 million.
Not less than 65% of the capital should be held by institutional buyers, making a excessive barrier in favor of home incumbents.
International possession is restricted to 49%, limiting overseas participation and tightening Vietnam’s management over licensed operators.
Taken collectively, these conditions point out that Vietnam prioritizes massive institutional-led platforms with sturdy capital bases.
The main target seems to be on controlling systemic danger and making certain compliance requirements from the outset, slightly than enabling speedy and unbounded progress throughout the crypto sector.