Vietnam Crypto Licensing: Historic Window Opens for Digital Asset Trading Platforms Amid Strict Regulatory Framework

HANOI, VIETNAM — January 20, 2026, marks a historic pivot in Southeast Asian financial policy as Vietnam officially begins accepting license applications for digital asset trading platforms. This decisive move operationalizes the nation’s long-anticipated crypto pilot program, bringing cryptocurrency exchanges under formal regulatory oversight for the first time. The State Securities Commission (SSC) now stands as the gatekeeper for a potentially transformative, yet tightly controlled, digital asset market.

Vietnam Crypto Licensing Framework Takes Operational Shape

The licensing window opened following the implementation of Decision No. 96 by the Ministry of Finance. This administrative procedure concretely enacts a government resolution to pilot a regulated cryptocurrency market. Consequently, the SSC now possesses the formal authority to review and approve applications from qualified entities. The regulatory body confirmed the January 20, 2026, start date, framing the initiative as a critical step toward establishing legal clarity and consumer protection.

This development follows the January 1, 2026, enactment of the Law on the Digital Technology Industry. This foundational statute provides the first legal definitions for digital and crypto assets within Vietnamese law. Importantly, the law recognizes crypto assets as a form of property while explicitly denying them status as legal tender. Furthermore, it maintains existing restrictions on their use for payments, separating the asset class from the national currency system.

Institutional Giants Signal Readiness for Digital Asset Trading

Initial hesitation appears to be shifting toward cautious institutional engagement. In October 2025, the Ministry of Finance reported zero applications, citing the program’s demanding requirements. However, recent statements indicate a significant change. According to a Vietnam News report, approximately ten major securities firms and banks have now publicly declared their preparation to enter the market.

These institutions are not operating but are actively preparing documentation for submission. The list includes prominent financial players:

• SSI Securities: Established its digital asset subsidiary, SSI Digital, in 2022.
• VIX Securities: Has invested in its dedicated digital asset exchange unit, VIXEX.
• Major Banks: Military Bank (MB), Techcombank, and VPBank have all signaled intent to participate upon licensure.

These entities uniformly state that platform launches will commence only after receiving full regulatory approval from the SSC, underscoring a compliance-first approach.

Analyzing the Restrictive Licensing Requirements

Vietnam’s regulatory framework, launched on September 9, 2025, as a five-year pilot, is notably stringent by regional standards. The rules create a high barrier to entry, ostensibly to ensure market stability and participant credibility. The core requirements for applicants include:

This structure deliberately favors large, established domestic financial institutions over startups or foreign-dominated exchanges. The capital requirement, in particular, exceeds that of many neighboring countries, aiming to mitigate systemic risk.

The Regional Context and Market Implications

Vietnam’s move occurs within a dynamic Southeast Asian regulatory landscape. Countries like Singapore and Thailand have established licensing regimes, while others remain in exploratory phases. Vietnam’s model distinctively emphasizes deep capitalization and domestic institutional control. This approach potentially sacrifices market vibrancy for perceived stability and oversight.

The pilot’s success hinges on attracting qualified applicants despite the strict rules. The involvement of major banks could lend immediate credibility and integrate digital assets with traditional finance. However, the restrictions may stifle innovation and limit competition. Observers will closely monitor whether any licenses are granted in the initial application period and the subsequent market liquidity and diversity.

Regulators have yet to confirm receiving or approving any applications since the window opened. This procedural silence is expected, as review processes for such significant financial licenses are typically lengthy and meticulous.

Conclusion

The opening of Vietnam’s licensing window for digital asset trading platforms represents a calculated embrace of cryptocurrency markets within a strict regulatory perimeter. By leveraging high capital requirements and favoring domestic institutions, authorities aim to cultivate a stable and compliant sector. The coming months will prove critical, revealing whether major financial players formally submit applications and how the SSC exercises its new regulatory powers. This pilot program could either become a model for controlled adoption or highlight the challenges of balancing innovation with stringent oversight in the fast-evolving world of digital assets.

FAQs

Q1: What is the start date for applying for a crypto exchange license in Vietnam?
The State Securities Commission of Vietnam began accepting applications on January 20, 2026.

Q2: Which government body is overseeing the licensing of digital asset platforms in Vietnam?
The State Securities Commission (SSC) is the primary regulatory body administering the license application and approval process.

Q3: What are the minimum capital requirements for a company applying for a license?
Applicants must have a minimum paid-in capital of 10 trillion Vietnamese dong, which is approximately $380 million US dollars.

Q4: Can foreign companies own a Vietnamese digital asset trading platform?
Foreign ownership is permitted but is capped at a maximum of 49% of the company’s capital.

Q5: Has any company received a license yet under this new pilot program?
As of the opening of the licensing window, Vietnamese regulators have not announced the receipt or approval of any applications. The process is now open for submissions.