Vietnam has officially initiated a strict five-year pilot licensing regime for cryptocurrency exchanges, marking the country's first formal step towards regulating a sector that has operated without clear legal oversight for years. The Ministry of Finance issued Decision No. 96/QD-BTC on January 21, 2026, introducing three administrative procedures covering the issuance, adjustment, and revocation of licenses for organizations operating crypto asset trading platforms.
The regulatory framework is established under Government Resolution No. 05/2025/NQ-CP and will be overseen by the State Securities Commission (SSC). The pilot program introduces stringent eligibility criteria for participants. Applicants must be Vietnamese enterprises with a minimum paid-in charter capital of VND 10 trillion (approximately $400 million), funded entirely in Vietnamese dong. At least 65% of ownership must be held by institutional investors, with a minimum of 35% held by at least two qualifying organizations such as banks, securities firms, fund managers, insurance companies, or technology businesses.
Service providers must meet rigorous infrastructure and staffing requirements, including information technology systems meeting Level 4 security standards as appraised by the Ministry of Public Security. Management requirements include a general director with at least two years of experience at a financial institution and a CTO with at least five years of IT experience. Additionally, companies must employ at least 10 staff certified in cybersecurity and 10 staff holding securities practicing certificates.
The move comes as Vietnam's cryptocurrency market has grown significantly. According to blockchain analytics firm Chainalysis, cryptocurrency transaction volumes in Vietnam reached an estimated $220-$230 billion between July 2024 and June 2025, averaging more than $600 million daily. This places Vietnam among the top three crypto markets in the Asia-Pacific region, trailing only India and South Korea, and accounting for approximately 10% of the region's total transaction value.
Approximately ten securities firms and banks have already announced plans to enter the market upon receiving licensing approvals. SSI Securities established SSI Digital Technology JSC in 2022 and has formed partnerships with Tether, U2U Network, and Amazon Web Services to develop blockchain-based financial infrastructure. VIX Securities has invested capital to launch the VIX Crypto Asset Exchange and partnered with FPT Corp. on technology development.
Banking institutions are also actively preparing. MBBank (Military Commercial Joint Stock Bank) signed a technical cooperation agreement with South Korea's Dunamu, operator of the Upbit exchange, to explore launching a regulated exchange in Vietnam. Techcombank established the Techcom Crypto Asset Exchange, while VPBank stated it is prepared to commence operations pending regulatory approval.
The licensing regime introduces detailed rules governing investor participation. All investors, including foreign investors, must open trading accounts with licensed service providers. Each foreign investor must open a single VND-denominated cash account at a local bank licensed to provide foreign exchange services, with strict controls on permitted inflows and outflows to ensure compliance with foreign exchange laws.
Stablecoin issuer Tether is actively engaging with the Vietnamese market, exploring partnerships with local companies and advising government officials. During a meeting with Deputy Prime Minister Ho Duc Phoc, Tether representatives stated the company is prepared to share expertise in developing legal frameworks supporting cryptocurrency transactions. The deputy prime minister emphasized Vietnam's objective to establish a professionally regulated investment environment and attract international capital.
The regulatory shift follows the enactment of the Law on Digital Technology Industry, which took effect on January 1, 2026, formally establishing regulatory oversight for digital assets in Vietnam.
