Vietnam’s Initiative for Regulating Cryptocurrency Exchanges
Vietnam is taking significant strides in the world of digital finance by initiating a groundbreaking pilot program to license cryptocurrency exchanges. This initiative is a crucial step towards integrating the rapidly expanding crypto market into a structured and legally recognized framework, overcoming years of regulatory ambiguity.
Vietnam’s Crypto Licensing Pilot Takes Off
In a landmark move on Tuesday, Vietnam commenced its pilot licensing program, marking the first official regulatory effort to oversee cryptocurrency trading platforms within the nation. This initiative aims to transition the sector from its previous unregulated state into a framework that is closely monitored by local financial authorities, ensuring greater transparency and security.
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According to local sources, the Ministry of Finance released Decision No. 96/QD-BTC on January 20. This decision outlines the procedures necessary for the execution of Government Resolution No. 05/2025/NQ-CP. The three outlined administrative procedures include the issuance, modification, and revocation of licenses for entities managing crypto asset trading platforms. The Ministry has started accepting applications from businesses keen to offer crypto trading services.
Previously, Vietnam’s cryptocurrency market operated largely in a regulatory “gray area” without a clear legal framework. However, the National Assembly took a decisive step last year by passing the “Law on Digital Technology Industry,” effective from January 1, 2026, to lay the groundwork for appropriate management policies. In September, Deputy Prime Minister Ho Duc Phoc signed Resolution No. 05/2025/NQ-CP, initiating a five-year pilot program for the licensing and trading of crypto assets.
As outlined in Resolution No. 05, organizations aiming to provide services for crypto trading must register with financial authorities and adhere to strict regulations, including a minimum charter capital of VND10 trillion (approximately $380.66 million). Institutional investors must hold at least 65% of this capital, with the remainder contributed by at least two institutions such as banks, securities companies, or technology enterprises.
The general director of such firms must possess a minimum of two years of financial experience, while the Chief Technology Officer needs at least five years in information technology. Additionally, these companies are required to employ at least ten technology staff with cybersecurity certificates and ten staff with securities practice certificates.
Financial Institutions Embrace Digital Assets
Following the release of Resolution No. 05, prominent financial institutions, including securities firms and banks, have expressed their interest in participating in the pilot program. This development signifies a promising future for the integration of digital assets in Vietnam’s financial landscape.
In June, two subsidiaries of SSI—SSI Digital Technology JSC and SSI Asset Management Company Limited—signed Memorandums of Understanding with Tether, U2U Network, and Amazon Web Services. Their goal is to develop a robust digital financial ecosystem in Vietnam leveraging blockchain and cloud computing technologies.
Concurrently, VIX Securities has invested in the establishment of the VIX Crypto Asset Exchange, partnering with tech giant FPT Corp to develop the necessary technology infrastructure. In the banking sector, MBBank entered into a technical cooperation agreement with Dunamu, the operator of the Korean exchange Upbit, to set up a crypto exchange in Vietnam while developing legal frameworks and investor protection measures.
Similarly, Techcombank has launched the Techcom Crypto Asset Exchange with significant charter capital, and VPBank is gearing up to commence operations pending regulatory approval.
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