Vietnam has begun accepting applications for licenses to operate digital asset trading platforms, marking the operational launch of its long-planned pilot program for a regulated crypto market. However, regulators have yet to confirm receiving or approving any exchange applications.
The State Securities Commission of Vietnam (SSC) officially opened the licensing window on Tuesday following the issuance of new administrative procedures under Decision No. 96 by the Ministry of Finance. The decision implements a government resolution establishing a pilot framework for crypto asset trading under formal regulatory oversight.
“Applications for the aforementioned administrative procedures will be accepted beginning January 20, 2026,” the SSC said, describing the move as part of broader efforts to bring crypto activities into a regulated environment.
The licensing process follows the entry into force of Vietnam’s Law on the Digital Technology Industry on Jan. 1, which for the first time defines digital and crypto assets in statutory law. While the law recognizes crypto assets as property, it explicitly excludes them from legal tender status and continues to prohibit their use as a means of payment.
Despite the opening of the licensing window, Vietnam’s Ministry of Finance confirmed on Oct. 6, 2025, that no companies had applied to participate in the country’s five-year crypto pilot at that time, citing high capital requirements and strict eligibility criteria.
Interest from domestic financial institutions now appears to be emerging. According to a report published Wednesday by Vietnam News, around 10 securities firms and banks have publicly stated their intention and readiness to participate in the crypto asset market once licensing approvals are granted.
The report noted that these institutions are preparing applications, not operating licensed platforms.
Among the firms signaling interest are SSI Securities, which launched its digital asset subsidiary SSI Digital in 2022; VIX Securities, which has invested in its digital exchange unit VIXEX; and several major banks, including Military Bank, Techcombank, and VPBank. All indicated they would begin operations only after receiving regulatory approval.
As of now, no crypto exchange has been licensed under the pilot regime. Vietnamese regulators have not announced the receipt or approval of any applications since the licensing window opened.
Vietnam’s licensing regime is widely considered one of the most restrictive in Southeast Asia. The country formally launched its five-year crypto market pilot on Sept. 9, 2025, introducing stringent requirements for market participants.
Notably, the framework prohibits the issuance of crypto assets backed by fiat currencies or securities, effectively banning stablecoins and tokenized securities under the pilot.
Applicants must also meet strict ownership and capital thresholds. Licensed entities must be Vietnamese-incorporated companies with a minimum paid-in capital of 10 trillion Vietnamese dong (approximately $380 million). At least 65% of the capital must be held by institutional shareholders, while foreign ownership is capped at 49%.
While the opening of the licensing window represents a procedural milestone, the absence of approved applications underscores the cautious pace of Vietnam’s approach to crypto regulation as it balances market innovation with financial stability and risk control.
The State Securities Commission of Vietnam (SSC) officially opened the licensing window on Tuesday following the issuance of new administrative procedures under Decision No. 96 by the Ministry of Finance. The decision implements a government resolution establishing a pilot framework for crypto asset trading under formal regulatory oversight.
“Applications for the aforementioned administrative procedures will be accepted beginning January 20, 2026,” the SSC said, describing the move as part of broader efforts to bring crypto activities into a regulated environment.
The licensing process follows the entry into force of Vietnam’s Law on the Digital Technology Industry on Jan. 1, which for the first time defines digital and crypto assets in statutory law. While the law recognizes crypto assets as property, it explicitly excludes them from legal tender status and continues to prohibit their use as a means of payment.
Banks and Securities Firms Signal Interest
Despite the opening of the licensing window, Vietnam’s Ministry of Finance confirmed on Oct. 6, 2025, that no companies had applied to participate in the country’s five-year crypto pilot at that time, citing high capital requirements and strict eligibility criteria.
Interest from domestic financial institutions now appears to be emerging. According to a report published Wednesday by Vietnam News, around 10 securities firms and banks have publicly stated their intention and readiness to participate in the crypto asset market once licensing approvals are granted.
The report noted that these institutions are preparing applications, not operating licensed platforms.
Among the firms signaling interest are SSI Securities, which launched its digital asset subsidiary SSI Digital in 2022; VIX Securities, which has invested in its digital exchange unit VIXEX; and several major banks, including Military Bank, Techcombank, and VPBank. All indicated they would begin operations only after receiving regulatory approval.
As of now, no crypto exchange has been licensed under the pilot regime. Vietnamese regulators have not announced the receipt or approval of any applications since the licensing window opened.
One of the Region’s Most Restrictive Crypto Frameworks
Vietnam’s licensing regime is widely considered one of the most restrictive in Southeast Asia. The country formally launched its five-year crypto market pilot on Sept. 9, 2025, introducing stringent requirements for market participants.
Notably, the framework prohibits the issuance of crypto assets backed by fiat currencies or securities, effectively banning stablecoins and tokenized securities under the pilot.
Applicants must also meet strict ownership and capital thresholds. Licensed entities must be Vietnamese-incorporated companies with a minimum paid-in capital of 10 trillion Vietnamese dong (approximately $380 million). At least 65% of the capital must be held by institutional shareholders, while foreign ownership is capped at 49%.
While the opening of the licensing window represents a procedural milestone, the absence of approved applications underscores the cautious pace of Vietnam’s approach to crypto regulation as it balances market innovation with financial stability and risk control.
Suggest to you