Vietnam expects its first licensed crypto asset service providers to receive approvals and begin operations in 2026, as the country builds a regulatory system for its five-year digital asset market pilot. Deputy Finance Minister Nguyen Duc Chi said regulators are developing supervision rules for licensed companies and investor activity. Five companies had passed an initial assessment by August 30, but none had received a final exchange licence at that time.
Vietnam formally opened the crypto licensing process in January. Under the framework, applicants must be Vietnamese companies with at least 10 trillion dong, or about $383 million, in paid-up charter capital. At least 65% of the capital must come from institutional shareholders, while foreign investors cannot own more than 49% of an exchange.
Applicants must also meet requirements covering corporate governance, staffing, technology infrastructure and cybersecurity. More than 35% of an applicant’s capital must come from at least two qualifying organisations, such as banks, securities companies, fund managers, insurers or technology firms.
Several financial groups have already started preparing for the regulated market. VPBank-linked CAEX received backing from OKX Ventures and HashKey Capital as it worked towards meeting the capital requirements. CAEX’s pilot application also involves VPBank Securities and LynkiD.
SSI Digital Technology has taken a separate route by signing an agreement with South Korean exchange Bithumb. The proposed cooperation covers exchange technology, wallets, custody, security, risk management and compliance. However, any exchange operation will still require approval from Vietnamese authorities.
The country’s State Securities Commission is also working on a system to monitor service providers and investor transactions. The framework focuses on risk management, protection of customer assets and anti-money laundering controls, with Vietnam looking at international regulatory experience while developing its own rules.
New enforcement rules that took effect on September 1 introduced penalties for unauthorised crypto services, improper asset issuance, weak customer checks and anti-money laundering failures. However, domestic investors have not yet entered the transition period requiring covered crypto trading to take place through licensed providers. That six-month period will begin only after the Ministry of Finance issues the first licence.
Vietnam’s regulatory push is part of a five-year pilot introduced in September 2025. The framework covers crypto asset issuance, trading, custody and licensed service providers. The government is now moving from designing the rules to building the infrastructure and supervision system needed for a regulated market.
The discussions with Austrian financial authorities also highlight Vietnam’s effort to learn from overseas regulators. Vietnamese and Austrian officials agreed to continue technical exchanges through the International Organization of Securities Commissions and direct meetings between experts as Vietnam develops its crypto and broader financial-market supervision framework.
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