Why Vietnam Has Not Yet Issued Crypto Asset Exchange Licenses
Vietnam has yet to officially issue its first crypto asset exchange license, primarily due to its extremely cautious pilot market access mechanism and exceptionally stringent mandatory compliance thresholds. Although the Vietnamese government initiated a 5-year crypto asset market pilot via Resolution No. 05/2025/NQ-CP, the competent authorities—namely the Ministry of Finance and the State Securities Commission—have not set a mandatory licensing deadline.
At the 2026 Vietnam Real World Asset Tokenization Conference, To Tran Hoa, Standing Deputy Director of the Crypto Asset Trading Market Management Committee under the State Securities Commission, stated that the Ministry of Finance, the Ministry of Public Security, and the State Bank of Vietnam have agreed in principle to allow five companies that passed the initial evaluation to operate crypto asset exchanges.
In the next phase, these enterprises must obtain Level 4 Information System Security Certification from the Ministry of Public Security and complete a minimum capital contribution of 1 trillion VND in accordance with regulations. These strict requirements serve as a protective barrier for investors in a high-risk market.
Vietnam has not yet issued crypto asset exchange licenses mainly due to four core bottlenecks:
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Extremely High Capital Threshold: （Vietnam crypto exchange）Applicants must possess a paid-in charter capital of at least 10 trillion VND (~USD 383 million), with at least 65% of equity held by institutional entities such as banks, securities firms, or tech giants, making fundraising and equity structuring time-consuming.
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Rigorous Technical & Security Audits: Platforms must achieve Level 4 Information System Security standards and undergo on-site inspections by the Ministry of Public Security covering cybersecurity as well as hot and cold wallet custody models.
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Foreign Exchange Controls and AML Compliance: Regulators must ensure transactions are fully integrated into local banks for closed-loop settlements in Vietnamese Dong, remaining prudent until KYC and AML systems are seamlessly aligned.
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Preventing Market Liquidity Shock: Issuing the first license will trigger a 6-month countdown, after which offshore platforms will be banned domestically. Regulators are waiting for licensed entities to be fully prepared to ensure a smooth transition for retail investors.
Currently, the market awaits the final review decision from the Ministry of Finance and the State Securities Commission. Once the first license is granted, Vietnam’s cryptocurrency market will officially enter a new era of standardized and locally licensed operations.