Vietnam plans to issue its first licenses for crypto asset service providers in 2026 under a pilot legal framework, as the country moves to modernize its financial market.
According to Vietnam’s State Securities Commission, Deputy Finance Minister Nguyen Duc Chi met Mariana Kuhnel, executive director of Austria’s Financial Market Authority (FMA), in Vienna on Sept. 15 to discuss bilateral cooperation and exchanges on financial regulatory experience.
First digital asset platforms expected under pilot framework
Vietnamese officials said the country is refining its financial regulatory system to respond to new asset classes and technological development. Under the pilot framework, Vietnam expects to approve the first digital asset platform operators in 2026.
Vu Thi Chan Phuong, chair of the State Securities Commission of Vietnam, said the country is using recommendations from the Financial Action Task Force (FATF) and regulatory models adopted by European Union institutions as references in designing its oversight mechanism. The main areas of focus are risk management, investor asset protection and anti-money laundering.
Broader market reforms are also under review
Beyond crypto regulation, Vietnam is considering a restructuring of its stock trading boards, including the segment for small and medium-sized enterprises, to improve transparency, raise the quality of listed products, and prevent market manipulation and price manipulation.
Small and medium-sized enterprises account for about 99% of operating businesses in Vietnam, according to the statement. The country is updating support policies to improve governance, compliance and digital transformation at those firms, with the aim of strengthening their access to credit and capital markets.
Austria’s FMA proposed technical workshops
The FMA proposed holding online technical seminars for experts and strengthening coordination through the International Organization of Securities Commissions (IOSCO). Vietnam welcomed the proposal.