Vietnam Launches Crypto Exchange Licensing Window, Marking Significant Step Towards Regulated Market
Vietnam has officially begun accepting applications for licenses to operate digital asset trading platforms, signaling the operational start of the country’s long-planned pilot program for a regulated crypto market. The State Securities Commission of Vietnam (SSC) opened the licensing window on Tuesday, following the issuance of new administrative procedures by the Ministry of Finance in accordance with Decision No. 96, which implements a resolution to pilot a regulated crypto-asset market.
The move is part of a broader effort to bring crypto under formal regulatory oversight, with the SSC describing the licensing window as a key step towards creating a regulated and transparent crypto market in Vietnam. The country’s Digital Technology Industry Law, which came into force on January 1, legally defines digital and crypto assets for the first time, recognizing them as property but excluding them from legal tender status and restricting their use as payment.
Banks and Securities Firms Express Interest in Licensing
Despite initial hesitation from companies due to high capital requirements and strict eligibility conditions, several domestic financial institutions have now expressed interest in applying for licenses. According to a report by Vietnam News, around ten securities firms and banks have publicly announced their plans to participate in the crypto asset market after licensing, including SSI Securities, VIX Securities, Military Bank, Techcombank, and VPBank.
These institutions are preparing their applications and operating unauthorized platforms, with the expectation of beginning operations after receiving regulatory approval. However, no crypto exchange has yet been licensed under the pilot regime, and Vietnamese regulators have not announced the receipt or approval of applications since the license window opened.
Vietnam’s Restrictive Crypto Licensing Framework
Vietnam’s crypto licensing framework is considered one of the most restrictive in the region, with strict requirements for applicants, including a minimum paid-up capital of 10 trillion dong (approximately US$380 million) and at least 65% of the capital held by institutional shareholders. The proportion of foreign participation is limited to 49%, and applicants must be Vietnamese companies.
The pilot program, which was launched on September 9, 2025, also bans the issuance of assets backed by fiat currencies or securities. While the licensing window marks a significant step towards creating a regulated crypto market in Vietnam, the restrictive framework may pose challenges for applicants and limit the growth of the industry.
For more information on Vietnam’s crypto regulations and the latest developments in the industry, visit Cointelegraph.
