Vietnam started accepting purposes for licenses to function digital asset buying and selling platforms, marking the operational begin of the nation’s long-planned pilot program for a regulated crypto market.
The State Securities Fee of Vietnam (SSC) formally opened the licensing window on Tuesday, following the issuance of latest administrative procedures underneath Resolution No. 96 by the Ministry of Finance of Vietnam, which implements a decision on piloting a regulated crypto asset market.
“Functions for the aforementioned administrative procedures can be accepted starting January 20, 2026,” the SSC stated, framing the transfer as a part of a broader effort to deliver crypto underneath formal regulatory oversight.
The opening of the licensing window follows the entry into power of Vietnam’s Regulation on the Digital Expertise Trade on Jan. 1, which defines digital and crypto belongings in statute for the primary time.
Whereas the nation acknowledges crypto belongings as property, it explicitly excludes them from authorized tender standing and maintains restrictions on their use as a method of fee.
Banks and securities companies sign curiosity in making use of
On Oct. 6, 2025, Vietnam’s Ministry of Finance confirmed that no corporations had utilized to take part within the five-year crypto pilot at the moment, citing excessive capital necessities and strict eligibility circumstances.
Curiosity from home monetary establishments now seems to be rising. On Wednesday, Vietnam Information reported that about 10 securities corporations and banks publicly introduced plans and their readiness to take part within the crypto asset market as soon as licensed.
The report emphasised that the establishments are making ready purposes somewhat than working accepted platforms.
The businesses embody SSI Securities, which established SSI Digital in 2022; VIX Securities, which has invested in its VIXEX digital asset alternate unit; and a number of other main banks, together with Army Financial institution, Techcombank and VPBank. The establishments indicated that they’ll launch operations after receiving regulatory approval.
Regardless of the procedural milestone, no crypto alternate has but been licensed underneath the pilot regime. Vietnamese regulators haven’t introduced any receipt or approvals of purposes for the reason that licensing window opened.
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Vietnam’s restrictive crypto licensing framework
Vietnam’s crypto licensing framework is among the many most restrictive within the area. On Sept. 9, 2025, Vietnam launched its five-year crypto market pilot, which introduces strict necessities for the trade, together with banning the issuance of belongings backed by fiat currencies or securities.
Beneath Vietnam’s legal guidelines, candidates should be Vietnamese entities with a minimal paid-in capital of 10 trillion dong (about $380 million), whereas at the very least 65% of the capital should be held by institutional shareholders. Overseas possession is capped at 49%.
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