Vietnam has formally moved to regulate its cryptocurrency market, with the Ministry of Finance of Vietnam and the State Securities Commission of Vietnam officially beginning to accept license applications for crypto exchanges.
The process is governed by Government Resolution No. 05/2025/NQ-CP, marking a decisive shift away from a long-standing legal “gray zone” toward a fully supervised framework.
The pilot program, which will run for five years, is designed to bring Vietnam’s rapidly growing digital asset activity under state oversight while tightly controlling who is allowed to operate.
A $400 Million Barrier to Entry
Vietnam’s approach sets one of the highest financial thresholds for crypto service providers globally. Applicants must demonstrate a minimum charter capital of 10 trillion VND, roughly $380–$400 million, and that capital must be contributed entirely in cash, denominated in Vietnamese dong.
Ownership rules strongly favor large domestic players. At least 65% of the capital must be held by institutional investors, with more than 35% contributed by at least two qualifying organizations, such as commercial banks, securities firms, or major technology companies. Those contributing institutions must also show profitability for at least two consecutive years, effectively excluding startups or lightly capitalized firms from participation.
Tight Limits on Ownership and Operations
Licenses will only be issued to Vietnamese legal entities, ensuring local control of trading infrastructure. Foreign investors may participate, but their combined ownership is capped at 49%, preventing majority foreign control.
Operational rules are equally strict. All trading pairs, settlements, and payments on licensed platforms must be conducted exclusively in Vietnamese dong (VND), limiting direct crypto-to-crypto or foreign currency trading. In addition, the government plans to license no more than five exchanges during the pilot phase, making approval highly competitive.
Strong Interest From Domestic Financial Institutions
Despite the steep requirements, interest from Vietnam’s traditional finance sector is already significant. Officials have confirmed that at least 10 domestic banks and securities firms are preparing applications or forming specialized subsidiaries.
Institutions reported to be finalizing their dossiers include Military Bank (MBBank), Techcombank, SSI Securities, VPBank, and VIX Securities, the latter of which plans to launch a dedicated virtual asset subsidiary, Vixex, in the second quarter of 2026. Their involvement underscores that Vietnam’s crypto future is being shaped primarily by established financial players rather than independent crypto-native firms.
Compliance, Security, and Staffing Requirements
Licensed exchanges will be required to meet Level 4 Information System Security, the second-highest tier under Vietnam’s national cybersecurity framework. This standard is typically reserved for critical financial and government systems, signaling regulators’ focus on resilience and data protection.
Management requirements are also explicit. The General Director must have at least two years of experience in finance, while the Chief Technology Officer must demonstrate a minimum of five years in fintech, raising the bar for professional governance.
Once the first license is granted, a six-month grace period will begin. After that window closes, Vietnamese residents trading on unlicensed offshore platforms could face legal consequences, effectively pushing domestic crypto activity onto regulated venues.
A Controlled Path Into Regulation
Vietnam’s licensing regime reflects a cautious but firm regulatory philosophy. By imposing high capital thresholds, limiting licenses, and anchoring control with domestic institutions, authorities aim to integrate crypto into the financial system without allowing unchecked expansion.
For the country’s large retail crypto user base, the shift signals a future where access may be narrower, but also more legally secure, as Vietnam transitions from informal adoption to tightly managed participation in digital assets.
