Vietnam‘s Crypto Regulatory Leap: Licensing Opens
The Socialist Republic of Vietnam has officially begun accepting applications for licenses to operate digital asset trading platforms. This development marks the commencement of the country’s long-anticipated pilot program, paving the way for a regulated crypto market within its borders. The State Securities Commission of Vietnam (SSC) announced the opening of the licensing window, a move formalized under new administrative procedures.
This initiative follows the recent implementation of the Law on the Digital Technology Industry, which, for the first time, provides a legal definition for digital and crypto assets. While Vietnam does not recognize crypto as legal tender, it acknowledges them as property, setting the stage for a potentially vibrant, albeit controlled, crypto ecosystem. Applications will be accepted beginning January 20, 2026, according to the SSC.
Financial Institutions Gear Up for Entry
Intriguingly, the interest from domestic financial institutions is palpable. Reports indicate that around ten securities firms and banks have publicly expressed their intent to participate in the crypto asset market once licenses are secured. These institutions are currently preparing their applications. Noteworthy participants include SSI Securities, which established SSI Digital in 2022, along with VIX Securities, which has already invested in its digital asset exchange unit, VIXEX. Moreover, several major banks, such as Military Bank, Techcombank, and VPBank, are also poised to enter the market.
These financial institutions have emphasized that they will initiate operations only after regulatory approval. This underscores the significance of the licensing process and its direct impact on market participation.
The Road Ahead: Challenges and Opportunities
Despite the official opening of the licensing window, no crypto exchange has yet been licensed under this pilot regime. The Vietnamese regulators have not confirmed receipt or approval of any applications to date. This delay perhaps reflects the stringent requirements of the regulatory framework.
Vietnam‘s crypto licensing structure is, in fact, among the most restrictive in the region. The pilot program mandates that applicants be Vietnamese entities with a minimum paid-in capital of 10 trillion dong (approximately $380 million). Additionally, at least 65% of the capital must be held by institutional shareholders, and foreign ownership is capped at 49%. These conditions clearly indicate a cautious approach and underscore the government’s commitment to controlling the growth of the digital asset market.
The current landscape presents both opportunities and challenges. While the stringent regulations might initially limit the number of participants, they also provide a degree of stability and investor protection. As the pilot program unfolds, the crypto community will closely watch the market’s evolution, eager to assess its long-term impact on Vietnam‘s financial landscape.
