Vietnam Enforces Crypto Licensing Rules Impacting 17 Million Users
Vietnam is officially introducing strict regulatory measures for its digital asset market. Under newly introduced administrative rules (Decree No. 284/2026/ND-CP), individual investors using unlicensed crypto trading platforms face fines ranging from 30 million to 50 million VND ($1,140 to $1,900).
The policy forms part of a five-year regulatory pilot program initiated under Government Resolution No. 05/2025/NQ-CP to supervise digital asset trading through 2030.
Preliminary Approval Granted to Five Domestic Entities
According to initial regulatory assessments, five institutions have cleared the primary qualification phase overseen by Vietnam’s Ministry of Finance:
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VIX Crypto Assets Exchange JSC
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Loc Phat Vietnam Crypto Assets Exchange JSC
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Vietnam Prosperity Crypto Assets Exchange JSC
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Techcom Crypto Assets Exchange JSC
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Vietnam Digital Assets JSC
Industry observers note that all pre-approved entities stem from traditional financial backgrounds, including bank-affiliated units, securities brokerages, and major local conglomerates—with no foreign crypto-native exchanges included in the initial pass.
Operating Requirements and Technical Criteria
To progress from preliminary approval to a full operating license, applicant platforms must meet rigorous regulatory standards set by financial authorities:
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Financial Capacity: A minimum charter capital requirement of 10 trillion VND (approximately $383 million).
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Cybersecurity Standards: Attainment of Level 4 information system security certification.
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Foreign Ownership Cap: Foreign equity participation in any licensed platform is capped at 49%.
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RWA Focus: Tokenized digital assets traded on licensed exchanges must be backed by underlying real-world assets (RWAs) issued by local Vietnamese entities. Securities and fiat currencies are excluded, and trading settlements must be conducted in Vietnamese Dong (VND).
Enforcement Timeline for Domestic Traders
Foreign investors will be permitted initial market access under the pilot scheme. Local Vietnamese retail investors are granted a transition window: mandatory trading on licensed domestic exchanges will take effect six months after the Ministry of Finance officially issues the first exchange license.
With an estimated 17 million crypto owners nationwide, Vietnam remains a top market for global crypto adoption. The new regulatory enforcement regime establishes a clear path toward migrating local users from offshore desks to a compliant, domestically supervised ecosystem.（Vietnam Crypto Exchange）