The exact date for the official launch of Vietnam’s first cryptocurrency exchange has yet to be determined. According to Mr. To Tran Hoa, a representative of the State Securities Commission (SSC), the launch timeline depends on the company’s ability to complete its technology system, raise sufficient capital, and meet licensing requirements. The May 2027 deadline mentioned refers to the deadline for completing the remaining requirements for the group of applications filed starting from May 2026, not the market’s official opening date.
The State Securities Commission of Vietnam (UBCKNN) announced that five organizations are preparing to enter the market.
In the Business Finance program on VTV, Mr. To Tran Hoa, Deputy Head of the Standing Committee of the Cryptocurrency Trading Market Management Board under the State Securities Commission, shared information on the progress of implementing the cryptocurrency market in Vietnam.
According to Mr. Hoa, the Ministry of Finance and the State Securities Commission have coordinated with the Ministry of Public Security and the State Bank of Vietnam to carry out the tasks assigned in Resolution 05/2025/NQ-CP.
Through the implementation process, the regulatory agency has initially selected 5 organizations to register to provide cryptocurrency trading services .
However, these organizations are still in the process of fulfilling the necessary requirements before being considered for official licensing.
The information that five organizations were selected during the preparation phase does not mean that all five businesses have been licensed to operate the exchange.
Technology systems remain a key focus.
One of the points emphasized by Mr. To Tran Hoa was the progress in building information technology systems for businesses.
UBCKNN has been working with organizations preparing to enter the market to understand the actual implementation situation.
Through discussions, businesses are still building and perfecting their technology systems to meet the Level 4 information security requirements according to Resolution 05.
This is a crucial requirement for cryptocurrency trading operations, where the system must handle transactions related to accounts, trading, asset management, and customer data protection.
The fact that a business has launched a website, application, or trading platform for testing is not enough to confirm that the system fully meets the standards for official operation.
Businesses must also fulfill the technical requirements and provide documentation proving their eligibility as stipulated by regulations.
Businesses must contribute the full amount of 10,000 billion VND and complete the necessary documentation.
After completing the information technology system and meeting the relevant standards, the business must then fulfill the requirements regarding charter capital.
According to Resolution 05/2025/NQ-CP, organizations registering to provide services for organizing cryptocurrency trading markets must have a minimum contributed charter capital of VND 10,000 billion .
This refers to the actual contributed capital, not just the projected capital to be raised or the capital increase plan announced by the company.
In addition, businesses must complete their application dossiers in accordance with Article 9 of the Resolution, including legal documents, shareholder information, personnel, facilities, technology systems, and business processes.
Therefore, the licensing process depends not only on whether the business has sufficient capital, but also on its ability to simultaneously meet many other conditions.
May 2027 was mentioned in the timeline for completing the application.
Notably, Mr. To Tran Hoa mentioned a one-year deadline for organizations to complete the remaining requirements after the initial application phase.
According to the explanation quoted by CafeF from the VTV program, if calculated from May 2026, then May 2027 is the deadline for completing the corresponding group of documents.
This stems from the process stipulated in Resolution 05/2025/NQ-CP, which gives businesses a deadline to supplement documents after receiving the initial document from the Ministry of Finance.
It is important to distinguish clearly: May 2027 is the deadline mentioned by the UBCKNN representative during the process of finalizing the application, not the date set by the Government or the Ministry of Finance for the first exchange to open.
If the business fulfills the requirements and receives the license earlier, the commencement of operations may occur before this deadline.
Conversely, if the requirements are not met, participation in the preparation phase does not guarantee that the business will receive the license.
When will the first cryptocurrency exchange be operational?
Regarding the launch date, Mr. To Tran Hoa emphasized that the progress depends on the implementation by the businesses themselves.
This means the regulatory body has not yet set a common operating date for the entire market.
The first exchange will appear when a business fulfills the requirements regarding technology, capital, personnel, and documentation, and is then granted a license by the competent authority.
Therefore, it is not possible to rely solely on information that a business has raised capital, partnered with international partners, or completed platform testing to conclude that the exchange is about to go live.
For organizations preparing to enter the market, the results of the due diligence and the new licensing decision are valuable information confirming their legal status.
Lessons from Indonesia and Hong Kong
In a discussion on VTV, Mr. To Tran Hoa also shared his experience in deploying cryptocurrency markets in several countries and territories.
According to the example given by Mr. Hoa, Indonesia took about 4 years to transition from building a legal framework to having its national cryptocurrency exchange operational.
In Hong Kong, the process of establishing and implementing the management and licensing system is said to have taken approximately 4–5 years.
These examples demonstrate that building a regulated cryptocurrency market typically requires time to perfect both the legal framework and the operational infrastructure.
However, these are for reference only and not a basis for determining that Vietnam will take a similar amount of time.
What information should we monitor in the coming period?
Based on the latest developments shared by representatives of the State Securities Commission, there is some noteworthy information regarding the progress of establishing a cryptocurrency exchange in Vietnam:
- Technology infrastructure: The company has perfected its systems and meets information security level 4 requirements.
- Charter capital: Contributing the minimum capital of 10,000 billion VND as required by regulations.
- Licensing file: Progress of document submission and assessment results from the regulatory authority.
- Licensing decision: Official notification regarding the organization authorized to provide the service.
- Commencement date: The date when the business announces the launch of the service in accordance with the granted license.
These milestones can help differentiate between a business preparing to enter the market and an organization already authorized to provide crypto asset services.
The Vietnamese cryptocurrency market is still in the preparatory phase for operation.
Information from representatives of the State Securities Commission indicates that the process of launching the cryptocurrency market in Vietnam has included preparatory steps regarding procedures and the selection of organizations to register for participation.
However, businesses still need to fulfill important requirements, especially regarding technology systems, contributed capital, and legal documentation.
The May 2027 deadline helps to visualize the timeframe for completing the application for the aforementioned group of organizations, but it does not replace a licensing decision or notification of the official operating date.
In the coming period, the actual progress of each enterprise and information released by the Ministry of Finance and the State Securities Commission will be important factors in determining when the first cryptocurrency exchange in Vietnam will become operational.（Vietnam Crypto Exchange）