Vietnam opens licensing for regulated crypto trading platforms
Vietnam has opened a licensing window for operators of digital asset trading platforms, initiating the operational phase of its long-planned pilot for a regulated cryptocurrency market. The State Securities Commission of Vietnam (SSC) announced the move on Tuesday after the Ministry of Finance issued new administrative procedures under Decision No. 96 to implement the pilot framework.
“Applications for the aforementioned administrative procedures will be accepted beginning January 20, 2026,” the SSC said, describing the step as part of efforts to place crypto activities under formal oversight. The licensing window follows the Law on the Digital Technology Industry taking effect on Jan. 1, which, for the first time, defines digital and crypto assets in statute. Vietnam recognizes crypto assets as property but excludes them from legal tender and maintains restrictions on their use for payments.
Financial institutions signal intent to participate
On Oct. 6, 2025, the Ministry of Finance said no companies had applied to join the five-year crypto pilot at that time, citing high capital thresholds and stringent eligibility criteria. Interest from domestic institutions has since begun to surface. On Wednesday, Vietnam News reported that about 10 securities firms and banks publicly stated their plans and readiness to enter the crypto asset market once licensed. The report noted these firms are preparing applications and are not yet operating approved platforms.
Participants named include SSI Securities, which formed SSI Digital in 2022; VIX Securities, which has invested in its VIXEX digital asset exchange unit; and several major banks such as Military Bank, Techcombank and VPBank. The institutions indicated they would commence operations after securing regulatory approval. Despite the procedural step, no crypto exchange has been licensed under the pilot to date, and regulators have not reported receiving or approving any applications since the window opened.
Licensing conditions among the region’s most stringent
Vietnam launched its five-year crypto market pilot on Sept. 9, 2025, with strict requirements, including a prohibition on issuing assets backed by fiat currencies or securities. The framework is considered one of the most restrictive in the region.
Under current rules, applicants must be Vietnamese entities with a minimum paid-in capital of 10 trillion dong (about $380 million), with at least 65% of capital held by institutional shareholders. Foreign ownership is capped at 49%.
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