Does Vietnam Have Licensed Crypto Exchanges?
Vietnam—long ranked among the top countries globally for cryptocurrency adoption—is reaching a major regulatory milestone. As the Ministry of Finance officially launches a licensing framework for crypto exchanges, the nation’s digital asset market is transitioning into a fully regulated era.
Breakdown: Vietnam Initiates 5-Year Crypto Exchange Pilot Program
In recent years, Vietnam has consistently placed near the top of Chainalysis’s Global Crypto Adoption Index. However, its market operated for years within a legal grey area. To bring this massive domestic trading activity under official oversight, the Vietnamese government issued Resolution No. 05/2025/NQ-CP, formally launching a five-year pilot program for digital asset exchanges running through 2030.
Following the resolution, the Ministry of Finance issued Decision No. 96/QD-BTC, opening the official application portal for Virtual Asset Service Providers (VASPs). Under the roadmap set by the Ministry of Finance and the State Securities Commission (SSC), Vietnam is expected to issue its first batch of official licenses to eligible companies in 2026, allowing the first licensed exchanges to launch legal operations.
┌──────────────────────────────────────────────────────────┐
│ Vietnam's Digital Asset Regulatory Pilot │
├──────────────┬───────────────────────────────────────────┤
│ Lead Authority│ Ministry of Finance, SSC, SBV, MPS │
├──────────────┼───────────────────────────────────────────┤
│ Pilot Duration│ 5 Years (2025/2026 – 2030) │
├──────────────┼───────────────────────────────────────────┤
│ First Licenses│ Expected issuing & official launch in 2026│
└──────────────┴───────────────────────────────────────────┘
Strict Standards: High Barriers to Entry for Applicant Operators
While Vietnam has taken its first concrete steps toward licensing, the pilot framework imposes stringent financial, structural, and security requirements on candidate firms:
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Capital Requirements: Applicants must be incorporated in Vietnam with a minimum charter capital of 10 trillion VND (fully paid in VND).
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Institutional Ownership: At least 65% of equity must be held by institutional investors, with at least 35% contributed by eligible entities such as banks, securities firms, fund managers, insurance providers, or tech giants.
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IT & Cybersecurity Standards: Exchange IT systems must meet Level 4 security standards evaluated by the Ministry of Public Security (MPS), and operators must employ personnel certified in cybersecurity and securities practice.
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Investor Segregation: Foreign and local investors must be registered with licensed operators, and foreign investors are required to open VND bank accounts at local licensed foreign exchange banks for legal settlement.
Traditional Finance & Tech Giants Move In
In anticipation of the forthcoming licenses, major domestic financial institutions and technology firms in Vietnam are positioning themselves for early market share:
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Financial Institutions: Entities such as Techcom Exchange (TCEX)—backed by Techcombank—and VIX Securities have initiated application and operational preparation processes for the pilot.
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Cross-Border Partnerships: Dunamu (operator of South Korea’s Upbit) has partnered with MB Bank (which has military enterprise roots) to collaborate on launching compliant crypto trading services locally.
Summary: Licensed Exchanges Pending Final Approval
As of today, Vietnam’s licensing regime for crypto exchanges is officially open for applications, with the first batch of government-approved licenses expected to complete verification and be formally issued within 2026.
During the pilot period, only VASP operators listed on the Ministry of Finance’s official register will be permitted to operate legal digital asset trading systems. This milestone signals that Vietnam—one of Southeast Asia’s largest crypto markets—is moving past its unregulated era into a structured, compliant future.（Vietnam Crypto Exchange）