Vietnam Crypto License Pilot: 5 Pass Preliminary Screening in 9 Months, Zero Licenses Issued
Nearly nine months after Vietnam initiated its pilot mechanism for Crypto Asset Service Providers (CASPs), no operating licenses have been issued. While seven entities submitted applications and five have cleared preliminary review, regulatory approval remains pending—effectively delaying the initial target of a Q2 2026 launch.
High Capital Thresholds and International Regulatory Benchmarks
Under the framework established by Resolution No. 05/2025/NQ-CP and Decision No. 96/2026, the pilot scheme caps the number of selected operating platforms at a maximum of five. Applicants must meet stringent requirements, including a minimum charter capital of 10 trillion VND (~$383 million USD), with at least 65% backed by institutional shareholders. Additionally, trading infrastructure must achieve Level 4 Information System Security certification and secure official security clearance from the Ministry of Public Security.
On September 15, Deputy Minister of Finance Nguyen Duc Chi and State Securities Commission (SSC) Chairwoman Vu Thi Chan Phuong led a delegation to Austria to consult with the Financial Market Authority (FMA) and the International Organization of Securities Commissions (IOSCO). Vietnamese officials reaffirmed that their national supervisory framework closely aligns with Financial Action Task Force (FATF) standards and European anti-money laundering (AML) models. As Vietnam remained on the FATF “Grey List” as of June 2026, establishing a compliant, monitored trading environment settled in Vietnamese Dong (VND) serves as a primary initiative to address international anti-money laundering obligations.
Enforcement Prioritized Ahead of Licensing and Transition Deadlines
Ahead of issuing any official CASP licenses, the Vietnamese government enacted Decree No. 284/2026/ND-CP on September 1. The decree imposes fines of up to 200 million VND for unlicensed operations, unauthorized promotion, or failures in fulfilling Anti-Money Laundering and Know Your Customer (AML/KYC) obligations, reflecting a strict “enforcement-first” regulatory stance.
For retail investors, Resolution 05 establishes a 6-month transition period that will officially begin on the date the first license is granted. Once triggered, local investors will be required to exit unlicensed offshore platforms. However, compliant exchanges will operate exclusively in VND and explicitly ban fiat-pegged stablecoins (such as USDT). This restriction is expected to restrict offshore liquidity access and potentially create price differentials between domestic and international markets.
Market Outlook
The official identity of the five shortlisted applicants and the exact timeline for license issuance remain unannounced. Industry analysts observe that regulatory authorities are prioritizing market integrity and compliance credibility over speed. Until the first license is formally issued, transitional mandates and offshore platform restrictions remain on hold.（Vietnam Crypto Exchange）