Vietnam Open to Crypto Trading Market License Applications Under Pilot Program

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Vietnam has started to accept applications to operate crypto asset trading markets as it attempts to formalize its sizable cryptocurrency market under a five-year pilot licensing program. 

The State Securities Commission (SSC) of Vietnam announced it began accepting license applications on January 20, 2026, following the Ministry of Finance’s issuance of administrative procedures under Decision No. 96/QD-BTC. While Vietnam ranks fourth globally for crypto adoption, digital asset transactions operate in a legal gray area, meaning crypto asset exchanges are located outside of the country.

Government Resolution No. 05/2025/NQ-CP, which seeks to apply formal oversight to the issuance, trading, and management of digital assets, was introduced in September 2025. Digital assets, however, still cannot be used for payment under the pilot program. The Law on the Digital Technology Industry also took effect on January 1, 2026, which defined digital and crypto assets in Vietnamese statute for the first time.

Under the pilot program, potential operators must be registered in Vietnam with a minimum paid-in capital of VND 10 trillion (about US$380 million), the highest possible level for information technology system security, at least 65% institutional ownership, and foreign shareholding capped at 49%. 

Regulators have not yet confirmed receipt of any formal applications, likely due to the restrictive eligibility conditions. Vietnamese financial institutions, including major banks and securities firms such as SSI Securities, VIX Securities, Military Bank, Techcombank, and VPBank have, however, expressed that they are preparing submissions to operate as licensed platforms.