Layout of Five-Year Pilot Plan: Vietnam Aims to Issue First Crypto Service Licenses in 2026
Vietnam is advancing a five-year pilot program for the digital asset market, pursuant to Resolution No. 05/2025/NQ-CP issued in September 2025. During a meeting in Vienna with the Austrian Financial Market Authority (FMA), Vietnam’s Deputy Minister of Finance, Nguyen Duc Chi, revealed that Vietnam expects to issue its first virtual asset service provider (VASP) licenses in the third quarter of 2026 and officially commence regulated market operations.（Vietnam crypto exchange）
Strict Entry Thresholds and Preliminary Screening Progress
Vietnam’s crypto licensing scheme imposes stringent requirements on corporate qualifications:
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Capital and Equity Requirements: Applicants must have a registered capital of at least 10 trillion VND (approximately $383 million), with at least 65% originating from institutional shareholders. Foreign ownership is capped at 49%.
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Screening Progress: As of late August 2026, five companies have passed preliminary screening and entered the licensing review process—including affiliates of Techcombank, VPBank, and LPBank, alongside VIX Securities and Sun Group. However, no final licenses have been issued yet. Additionally, institutions such as SSI Digital Technology are collaborating with global platforms like South Korea’s Bithumb to prepare related operations.
Strict Penalties Under New Rules and Transitional Protection
As compliance progresses, Vietnam has established penalty mechanisms for crypto non-compliance under Decree No. 284/2026/ND-CP:
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Violations and Fines: Clear fines have been set for entities providing unauthorized services, engaging in illegal promotions, or failing to meet anti-money laundering (AML) and asset segregation requirements. Organizations trading on unapproved platforms face fines ranging from 30 million to 50 million VND.
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Transitional Period: Regulations dictate that domestic investors must route transactions through licensed platforms in the future. However, this restriction includes a six-month grace period, which will only begin once the Ministry of Finance issues the very first license.
Leveraging International Experience to Strengthen AML and Regulatory Compliance
To build a robust oversight mechanism, the State Securities Commission of Vietnam (SSC) is drafting rules centered on risk management, investor asset protection, and AML controls, aligned with recommendations from the Financial Action Task Force (FATF). Vietnam aims to actively incorporate regulatory and market oversight insights from Austria and the broader European Union through the International Organization of Securities Commissions (IOSCO) and technical expert meetings.