Vietnam has formally begun accepting license applications for cryptocurrency trading platforms under a new pilot regulatory framework, marking the country’s first operational pathway for approving digital asset exchanges.

The move follows the issuance of Decision No. 96/QD-BTC by the Ministry of Finance of Vietnam on Jan. 20, 2026, which sets out administrative procedures for licensing crypto asset trading market services. The decision took effect immediately.

First-Ever Licensing Window

Under the new rules, Vietnam’s State Securities Commission of Vietnam began receiving applications on Jan. 20, opening a process that had not previously existed in the country’s regulatory system.

The licensing framework is part of a five-year pilot program approved under Resolution No. 05/2025/NQ-CP in September 2025. Authorities have said the pilot is intended to test how digital asset trading can be supervised within a controlled environment before any permanent regulatory regime is adopted.

How the Licensing Process Works

The new system allows regulators to issue, modify, or revoke licenses for crypto asset trading operators.

For new applications, the Ministry of Finance will issue an initial response within 20 working days after receiving a complete preliminary dossier. A final licensing decision follows within 30 working days once full documentation is submitted. Requests to adjust or revoke licenses are processed more quickly, within seven and five working days respectively.

Applications may be submitted in person, by mail, or electronically through Vietnam’s National Public Service Portal. During the pilot phase, no state fees or administrative charges are imposed.

Oversight and Coordination

While the Ministry of Finance retains final authority over licensing decisions, the State Securities Commission serves as the main coordinating body. It works with other agencies, including the State Bank of Vietnam and the Ministry of Public Security, on issues such as anti-money laundering compliance, cybersecurity, and operational risk controls.

High Bar for Market Entry

The pilot framework sets strict requirements for participation. Reported guidelines indicate that applicants must meet high minimum capital thresholds — often cited in related reporting at around VND 10,000 billion (approximately US$380–400 million) — alongside robust governance, risk management, and technology standards.

Regulators have emphasized that the goal is to limit participation to well-capitalized and well-controlled entities, reflecting a cautious approach focused on investor protection and financial stability.

Domestic securities firms and banks have publicly expressed interest in participating under the new regime, though no licenses have yet been granted as of the opening date.

From Gray Area to Formal Oversight

Until now, crypto trading in Vietnam largely operated in a legal gray area, with users relying on offshore platforms and informal peer-to-peer markets. The Law on Digital Technology Industry, which took effect on Jan. 1, 2026, provided Vietnam’s first statutory definitions of digital and crypto assets and laid the foundation for the current pilot program.

The launch of pilot licensing marks a significant shift in Vietnam’s approach to digital assets. For the first time, crypto trading platforms have a formal route to operate under government supervision, while regulators gain a structured environment to assess risks, compliance, and market behavior before deciding whether to implement permanent rules.

‍