Short Description
Vietnam has officially launched its licensing program for digital asset trading platforms, paving the way for a regulated crypto market and increasing interest from financial institutions.
Read Time
4 minutes 30 seconds
Main Article
Vietnam is making significant strides in the crypto sector by formally accepting applications for licenses to operate digital asset trading platforms. This move heralds the operational start of a long-anticipated pilot program aimed at establishing a regulated crypto market in the country. The State Securities Commission of Vietnam (SSC) announced the licensing window’s opening on January 20, 2026, following new administrative guidelines issued by the Ministry of Finance. The initiative seeks to bring the burgeoning crypto landscape under formal regulatory oversight, a necessary step as the country looks to navigate the complexities of digital assets.
The recent implementation of Vietnam’s Law on the Digital Technology Industry—a statute that precisely defines digital and crypto assets—has set the foundation for this licensing endeavor. While these crypto assets are recognized as property, they are not classified as legal tender, restricting their use as payment methods. The government aims to position Vietnam as a competitive player in the global crypto market through this structured approach, which also underlines their commitment to regulatory compliance.
Interestingly, initial hesitance among companies has begun to shift. After the Ministry of Finance noted a lack of applications due to stringent capital requirements and eligibility criteria, recent reports indicate a growing interest from domestic banks and securities firms. Institutions like SSI Securities and major banks such as Military Bank and Techcombank are gearing up to apply for licenses, though they have yet to operate platforms. The application process is expected to draw a close attention given the substantial capital requirement of 10 trillion dong (approximately $380 million), which limits participation predominantly to Vietnamese entities with major institutional backing.
Despite the potential for growth, Vietnam’s licensing framework remains one of the most restrictive in the region, as seen by the limitations on foreign ownership, which is capped at 49%. This restrictive environment aims to mitigate risks associated with crypto markets while still fostering innovation and economic opportunities. Though no crypto exchange has been licensed yet, the active engagement from financial institutions signals a promising outlook for Vietnam’s digital asset landscape.
Short Summary
Vietnam has commenced its licensing program for digital asset exchanges, attracting interest from leading banks and securities firms. This move is part of a broader strategy to shape a regulated crypto market while maintaining strict compliance regulations. As financial institutions prepare applications, the potential for growth in Vietnam’s crypto sector continues to expand.
