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Vietnam has launched a pilot licensing framework for cryptocurrency exchanges that imposes a $380 million minimum capital requirement and places platforms under securities regulator supervision, marking the country’s first formal structure for an industry that previously operated in a legal gray zone.
The Ministry of Finance issued Decision No. 96/QD-BTC this week, establishing administrative procedures for platform licensing under the State Securities Commission and effectively reclassifying crypto trading as a regulated financial activity rather than an unmonitored tech service.
Vietnam crypto regulation emerges not as a ban or crackdown, but as a controlled experiment—one that could reshape the country’s fast-growing digital asset market.
For years, crypto trading in Vietnam thrived in a legal vacuum. Exchanges operated without explicit approval, while regulators largely focused on warnings rather than enforcement. The new pilot licensing regime signals a sharp departure from that hands-off approach.
According to government documents, the pilot program places strict compliance obligations on participating firms, including governance controls, cybersecurity standards, and professionally licensed personnel.
The SSC’s involvement suggests crypto platforms will be treated closer to securities businesses than tech startups—a significant reclassification under Vietnam crypto regulation.
A senior Ministry of Finance official was quoted by local press as saying the goal is to “test regulatory capacity while ensuring investor protection and financial stability,” underscoring the cautious tone of the initiative.
Despite the strict entry barriers, interest from Vietnam’s financial sector has been immediate. Roughly 10 securities firms and banks have publicly signaled plans to participate once licensing approvals begin.
SSI Securities, one of Vietnam’s largest brokerage firms, established SSI Digital Technology JSC in 2022 and has steadily expanded its blockchain ambitions. Its digital arm recently partnered with Tether, U2U Network, and Amazon Web Services to develop blockchain-based financial infrastructure—positioning itself early for Vietnam crypto regulation compliance.
Meanwhile, VIX Securities has contributed capital to launch the VIX Crypto Asset Exchange, teaming up with FPT Corp. to build its underlying technology stack.
Banks are moving just as aggressively. MBBank signed a technical cooperation agreement with Dunamu, the operator of South Korea’s Upbit exchange, to explore launching a regulated crypto platform in Vietnam.
Techcombank has already set up the Techcom Crypto Asset Exchange, while VPBank confirmed it is operationally ready, pending regulatory approval.
Participation in the pilot comes with steep requirements under Government Resolution No. 05/2025/NQ-CP. Applicants must be Vietnamese enterprises with a minimum paid-in charter capital of VND10 trillion ($380 million)—a threshold that effectively limits participation to large institutions.
Funding must largely come from institutional investors, and firms must meet detailed standards on infrastructure, governance, staffing, and cybersecurity. Licensed securities professionals are mandatory, reinforcing the regulator’s intent to professionalize the market under Vietnam crypto regulation.
“This framework deliberately favors financial strength and operational maturity,” one Hanoi-based financial analyst told local outlets. “It reduces risk but also limits innovation from smaller players.”
The regulatory push comes as crypto usage in Vietnam continues to expand rapidly. Vietnam has consistently ranked among the world’s top countries for crypto adoption, driven by retail trading, remittances, and blockchain experimentation.
By introducing structured oversight rather than outright restrictions, Vietnam crypto regulation may offer a middle path—one that supports innovation while tightening investor safeguards.
Still, questions remain about whether high capital barriers could stifle competition or push smaller operators offshore. The pilot’s outcomes will likely determine whether Vietnam scales the framework nationwide or recalibrates its approach.
For now, Vietnam crypto regulation has entered a defining phase—one that could transform the country from a crypto gray zone into one of Southeast Asia’s most closely watched regulated markets.
