Vietnam Crypto Pilot Update: 5 Firms Clear First Review, No Official Licenses Issued Yet

Vietnam’s digital asset market has taken a step forward in its regulatory progress. Official updates from the State Securities Commission’s (SSC) Digital Asset Trading Market Board reveal that five applicant firms have cleared the preliminary evaluation round under the country’s five-year crypto market pilot framework.

However, regulators emphasized that clearing the initial assessment does not equal receiving a license, as the Ministry of Finance (MoF) has not yet granted full operational authorization to any company.

Strict Entry Bar: $383M Capital and Level 4 Security Requirements

Established under Government Resolution No. 05/2025/NQ-CP, prospective exchanges must satisfy stringent capital and security hurdles before securing a pilot operational license:

• Massive Charter Capital Requirement: Applicants must possess a minimum contributed charter capital of 10 trillion VND (approximately $383 million), paid exclusively in Vietnamese Dong.

• Institutional Ownership Structure: At least 65% of charter capital must be held by institutional shareholders, with over 35% contributed by at least two qualifying entities (such as commercial banks, securities brokers, fund managers, insurers, or major tech firms).

• Tier-1 Cybersecurity Accreditation: The platform’s technical matching engine and infrastructure must pass a Level 4 Information System Security Certification appraised in coordination with the Ministry of Public Security.

• Oversight and Compliance: Platforms are required to maintain strict asset segregation, real-time transaction monitoring, anti-money laundering (AML) controls, and robust customer identification (KYC) mechanisms.

Penalty Regime Takes Effect While Domestic Traders Get 6-Month Buffer

With Decree No. 284/2026/ND-CP taking effect on September 1, Vietnam is establishing administrative fines for unlicensed platform operations, unauthorized token issuances, and non-compliance with AML protocols. Unlicensed entities face fines between 180 million and 200 million VND, along with domain or system takedown orders.

For local retail traders, however, no immediate fines apply:

• Six-Month Transition Window: Under pilot rules, the mandatory requirement for domestic retail investors to trade exclusively on licensed Vietnamese exchanges takes effect six months after the Ministry of Finance issues the country’s first license.

• Countdown Clock Has Not Started: Because no exchange has received a final license yet, the six-month countdown has not officially begun, meaning domestic users do not face immediate penalties for using offshore platforms.

Pilot Scope and Future Outlook

Vietnam’s five-year pilot framework focuses on tokenized real-world assets (RWAs). Assets permitted on licensed platforms must be backed by tangible assets issued by Vietnamese entities, explicitly excluding securities and fiat currencies, and initial offerings are restricted to foreign investors.

As one of the world’s top digital asset adoption markets, Vietnam’s capital-intensive thresholds favor heavily capitalized domestic consortia backed by banks and brokerages. As official licensing nears, Vietnam is laying the groundwork to transition its domestic trading landscape from unregulated offshore channels to a licensed framework.（Vietnam Crypto Exchange）