Vietnam’s First 5 Provisionally Approved Crypto Exchanges: Background and Strict Licensing Standards
[Overview] Officials from the Digital Asset Trading Market Board under the State Securities Commission of Vietnam (SSC) recently confirmed that five applicants have cleared the initial assessment to develop local crypto asset exchanges. Marking a major milestone for regulatory compliance in Southeast Asia, these shortlisted entities boast formidable institutional backing—yet still face extraordinarily high statutory capital and cybersecurity hurdles before final licensing.
Ownership Profile: Institutional Players Drive the Consensus
Under Resolution No. 05/2025/NQ-CP, the Vietnamese government established a stringent pilot framework detailing who may founder and capitalize an authorized digital asset exchange.
While regulators have yet to officially publicize the names of the five provisionally qualified applicants, the regulatory mandate outlines the distinct structural composition of these entities:
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Joint Ventures of Financial & Tech Conglomerates: Under pilot regulations, institutional shareholders must hold at least 65% of an exchange’s charter capital. Furthermore, this equity stake must include at least two qualifying institutional entities—such as commercial banks, securities companies, fund managers, insurance firms, or tech giants—jointly holding a minimum 35% stake.
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Deep RWA Integration: The initial batch of qualified applicants focuses heavily on Real-World Asset (RWA) tokenization, aiming to link local real estate, renewable energy, infrastructure, logistics, and agricultural assets with global institutional capital.
Final Obstacles: $383M Charter Capital and Level 4 Security
Clearing the initial screening is merely a prelude; obtaining a full operational license requires meeting two key benchmarks:
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Massive Capital Reserve: Applicants must possess a minimum paid-in charter capital of 10 trillion VND (approximately $383 million USD), which must be fully contributed in Vietnamese Dong.
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National Security Certification: The platform’s IT infrastructure must undergo rigorous inspection by relevant authorities—including the Ministry of Public Security—and achieve Level 4 Information System Security compliance.
Market Outlook: Timetable for Compliant Local Trading
Vietnam has not yet issued a formal operational license to any crypto asset exchange. However, recently enacted enforcement frameworks give domestic investors a transitional runway.
Addressing market concerns regarding Decree No. 284/2026/ND-CP—which outlines penalties for trading on unlicensed platforms—Dr. Tran Quy, Director of the Vietnam Institute for Digital Economy Development, clarified that enforcement will not apply immediately. Per Resolution 05, domestic traders will be granted a six-month grace period to transition to official platforms only after the Ministry of Finance issues the very first exchange license.
As the five shortlisted contenders progress through final operational reviews, the rollout of Vietnam’s legal crypto infrastructure promises a transparent and legally protected environment for local and international market participants alike.（Vietnam crypto exchange）