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Vietnam is preparing to license its first crypto exchanges under strict government supervision, with Prime Minister Pham Minh Chinh directing regulators to approve pilot platforms by January 15.
The directive, issued at a national finance conference on January 6, marks a major step in Vietnam’s effort to regulate digital asset trading through a controlled sandbox program that will initially limit participation to five exchanges meeting minimum capital requirements of $400 million.
Officials say the Vietnam Crypto exchange Sandbox will remain deliberately narrow in its first phase.
According to the Cryptoasset Trading Market Management Board operating under the State Securities Commission of Vietnam, only five companies will be approved to participate in the initial pilot program.
“This sandbox is not about opening the floodgates,” a representative of the board said. “It is about learning how the market behaves under supervision and understanding where risks emerge before broader licensing is considered.”
Entry requirements reflect that caution. Applicants must demonstrate minimum charter capital of approximately $400 million, while institutional investors must hold at least 65 percent of total equity.
At least two institutional shareholders such as banks, securities firms, fund managers, insurers, or technology companies must jointly contribute more than 35 percent of capital. These thresholds effectively exclude retail driven startups, reinforcing the state’s preference for institution led experimentation within the Vietnam Crypto exchange Sandbox.
Vietnam’s sandbox launch coincides with the implementation of a broader legal framework for the digital economy. On January 1, 2026, the Law on Digital Technology Industry formally took effect, explicitly recognizing digital assets alongside strategic sectors such as semiconductors, artificial intelligence, and advanced manufacturing.
By anchoring the Vietnam Crypto exchange Sandbox within this law, regulators aim to avoid the legal ambiguity that has plagued crypto oversight in other jurisdictions.
The legislation gives ministries clearer authority to supervise exchanges, impose technical standards, and coordinate enforcement across agencies.
A senior official involved in drafting the sandbox framework said the legal clarity was intentional. We wanted to avoid a situation where crypto platforms operate in a gray zone. The sandbox exists because the law exists. They move together.
Oversight of the Vietnam Crypto exchange Sandbox will involve multiple regulators, reflecting concerns about illicit finance and cybercrime.
The Ministry of Finance will oversee operational compliance, while the State Bank of Vietnam will monitor capital flows to mitigate money laundering risks. Enforcement against high tech crime will fall under the Ministry of Public Security.
Technical standards are also stringent. Institutional shareholders must show audited profits for the previous two years, with financial statements receiving unqualified audit opinions.
Service providers participating in the sandbox must meet level four cybersecurity standards on Vietnam’s five tier IT safety scale.
“These controls are not accidental,” said a regional compliance consultant advising foreign investors. “Vietnam is sending a signal that crypto will be tolerated only if it integrates cleanly with the existing financial system.”
Despite the restrictive entry criteria, investor interest in the Vietnam Crypto exchange Sandbox remains strong. Authorities report rising engagement from both domestic and foreign firms since the government unveiled the pilot framework in September 2025.
Vietnam’s young, tech savvy population and growing digital payments sector continue to attract crypto businesses seeking long term exposure to Southeast Asia.
However, analysts caution that the sandbox’s institutional bias may delay broader market access. Retail participation will come later, if at all, said one Asia focused digital asset strategist. For now, Vietnam wants data, control, and confidence.
The government has not set a public timeline for expanding the sandbox beyond its initial phase. Officials say future licensing decisions will depend on transaction transparency, compliance outcomes, and the effectiveness of inter agency supervision under the Vietnam Crypto exchange Sandbox.
As regional neighbors race to position themselves as crypto hubs, Vietnam’s approach stands out for its emphasis on caution over speed. Whether this model attracts long term capital or pushes innovation offshore will depend on how the sandbox evolves once the first exchanges begin operating under supervision.
What is clear is that the Vietnam Crypto exchange Sandbox marks a turning point. Crypto trading in Vietnam is no longer informal or ignored. It is being tested, measured, and deliberately shaped by the state.
