- Vietnam will start a five-year pilot to license digital forex exchanges underneath formal supervision.
- Solely licensed firms with approved capital of VND10 trillion can function crypto platforms.
- Vietnamese banks and securities firms are getting ready functions, however licenses haven’t but been issued.
Vietnam has begun making use of for a five-year check license program for crypto exchanges, marking the primary formal transfer to manage a market that has operated and not using a clear authorized framework for years. The Ministry of Finance has confirmed that firms can now submit functions underneath Choice No. 96/QD-BTC, and has additionally launched new procedures governing the issuance, modification and cancellation of licenses for digital asset service suppliers.
The pilot framework complies with Authorities Decision No. 05/2025/NQ-CP issued in September, which permits for a managed trial interval to check crypto buying and selling actions underneath authorities supervision.
Stringent entry necessities for cryptographic service suppliers
Underneath the trial program, solely approved suppliers listed on the Ministry of Finance’s registry will likely be allowed to function digital forex buying and selling methods. Corporations wishing to offer commerce providers should be established as a restricted legal responsibility firm or joint inventory firm and meet a minimal capital requirement of VND10 trillion, absolutely contributed in VND.
Possession guidelines require that no less than 65% be owned by institutional traders and no less than 35% owned by no less than two eligible entities, comparable to banks, brokerages, fund managers, insurance coverage firms, and know-how firms. Service suppliers should additionally keep authorized amenities, Degree 4 data know-how methods evaluated by the Division of Public Security, and certified personnel. Overseas traders are restricted to 49% possession in licensed firms.
Home monetary establishments are getting ready software kinds
Vietnam’s Ministry of Finance beforehand introduced that no firms utilized to take part within the pilot in October 2025 as a result of excessive capital threshold and strict eligibility standards. Nevertheless, native media experiences say there may be rising curiosity from home monetary establishments.
A number of securities companies and banks have introduced plans to arrange functions, together with SSI Securities, VIX Securities, Navy Financial institution, Techcombank, and VPBank. These businesses have harassed that they won’t start operations till they obtain regulatory approval. No licenses have been issued presently and the regulatory authority has not confirmed receipt of the finished software.
In depth regulatory framework for digital property
The licensing examination coincides with broader regulatory developments. The Digital Expertise Trade Act got here into impact on January 1, 2026, bringing digital property underneath formal authorities oversight for the primary time.
Vietnam ranks fourth on the earth and third within the Asia-Pacific area on Chainalysis’ 2025 World Cryptocurrency Adoption Index, highlighting the widespread use of cryptocurrencies in remittances, gaming, and financial savings. However, cryptocurrency buying and selling stays in a authorized grey space, main many firms to register overseas.
Associated: Vietnam launches experimental crypto license to eradicate authorized grey space in business
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