Vietnam has opened the application process for licensed cryptocurrency trading platforms, setting a minimum contributed charter capital requirement of 10 trillion Vietnamese dong, or nearly $400 million. The State Securities Commission of Vietnam said it is receiving applications under procedures issued by the Ministry of Finance and aligned with Resolution No. 05/2025/NQ-CP, launching a tightly supervised pilot market for digital assets.
High capital bar and foreign ownership cap define the framework
Applicants must satisfy more than a balance-sheet test. The new rules also impose requirements on staffing, ownership structure, and technical infrastructure. Only Vietnamese enterprises are eligible to apply, and foreign ownership in a licensed exchange is capped at 49%. That structure sets Vietnam apart from hubs such as Hong Kong and Singapore, where capital thresholds are lower even though regulatory oversight is more intensive.
June 2025 legal recognition created the base for licensed trading
The licensing rollout follows a legal change introduced in June 2025, when Vietnam’s National Assembly formally recognized cryptocurrencies as property under civil law. That step gave the country a legal basis to build a regulated crypto market and made it possible for exchanges to operate within a defined domestic framework.
Domestic banks and securities firms are lining up
Several major Vietnamese financial institutions are preparing to seek licenses. According to the report, at least 10 domestic banks and securities firms have signaled interest after spending the past two years building infrastructure and partnerships. SSI Securities launched its digital asset subsidiary, SSI Digital, in 2022. Military Commercial Joint Stock Bank also partnered with South Korea’s Dunamu to launch a crypto exchange.
Local adoption may be gradual as regulators tackle AML concerns
The start of licensing does not mean users will shift overnight. Some traders may move to domestic venues, while others may keep using international exchanges until local platforms can match them on liquidity, fees, and product range. Vietnam is also trying to address investor protection and anti-money laundering concerns that have kept the country on the Financial Action Task Force grey list. The new framework is designed to tighten oversight while drawing more investment into the country’s crypto market.