Vietnam has taken a decisive step toward regulating its crypto market. On January 20, 2026, the Ministry of Finance issued Decision No. 96/QD-BTC, officially launching a five-year pilot licensing program for crypto asset trading platforms. The decision follows Resolution No. 05/2025/NQ-CP passed in September 2025, aiming to bring the long-gray crypto sector under a traceable and supervised framework while preventing unchecked expansion and strengthening financial risk management.
Three Administrative Procedures Go Live; State Securities Commission Opens Applications
Under the new rules, the State Securities Commission started accepting applications on January 20, establishing three new administrative procedures: issuing licenses for crypto trading market services, adjusting existing licenses, and revoking licenses. This ends the era of crypto exchanges operating in a legal vacuum in Vietnam.
High Barrier to Entry: Only Well-Capitalized Local Firms Eligible, $380 Million Minimum Capital
The pilot program imposes stringent requirements. Applicants must be Vietnamese limited liability or joint-stock companies with a minimum paid-in capital of 10,000 billion VND (approximately $380 million), fully paid in Vietnamese dong. In terms of ownership, at least 65% of equity must be held by institutional investors, with 35% coming from at least two qualified institutions such as banks, securities firms, fund management companies, insurers, or technology firms. This structure signals regulators' intent to let financially and technologically strong institutions lead market development.
IT and Staffing Mandates: Cybersecurity and Expertise at the Core
Operationally, service providers must deploy IT systems meeting the Ministry of Public Security's Level 4 information security standards and maintain suitable premises. Staffing rules are equally strict: the general director must have at least 2 years of experience in financial institutions, the chief information officer at least 5 years in finance or tech IT, at least 10 staff with cybersecurity certifications, and an additional 10 with securities practitioner licenses. These requirements make clear that cybersecurity and internal controls are central to Vietnam's crypto regulatory approach.
Daily Trading Volume Exceeds $600 Million; Vietnam Ranks Top 3 in Asia-Pacific
Despite past conservative policies, Vietnam is already one of the most active crypto markets in the Asia-Pacific region. According to blockchain analytics firm Chainalysis, between July 2024 and June 2025, Vietnam's total crypto transaction value reached approximately $220–230 billion, with average daily trading volume exceeding $600 million, accounting for about 10% of the region's total and ranking among the top three. Currently, around 10 local securities firms and banks have expressed interest in participating. Once licensed, they plan to launch regulated platforms denominated initially in Vietnamese dong and limited to a few major crypto assets.
From Restriction to Embrace — but with Caution
Overall, the policy marks a major shift in Vietnam's attitude toward cryptocurrency. Previously, Vietnam banned banks from providing crypto-related services; now it opts for institutionalized regulation to guide market growth, aligning with international trends such as the EU's MiCA framework and Singapore's MAS model. However, the government stresses a "pilot first, risk priority" principle, planning to approve only a handful of firms initially to ensure financial stability and investor protection. Given the rapid growth of the crypto industry, Vietnam's move is seen as an important regulatory experiment balancing innovation with risk control.