Vietnam Takes Action to Regulate Crypto Exchanges with New Licensing Pilot

Vietnam Crypto Exchanges Pilot License

Vietnam has initiated a move to provide clarity to cryptocurrency exchanges that have long existed in a legal gray area. The country is piloting a formal licensing system for platforms involved in trading crypto assets.

Key Takeaways:

Vietnam has started formally licensing cryptocurrency exchanges after extended legal ambiguity.
Banks and securities firms are preparing to participate under stringent guidelines.
This initiative follows a significant increase in cryptocurrency usage across the nation.

The recently issued Decision No. 96/QD-BTC by the Ministry of Finance introduces three new administrative procedures focusing on the issuing, adjusting, and revoking of licenses for organizations running crypto asset trading platforms, according to local media reports.

The new framework ensures the sector is supervised by the State Securities Commission, which has provided comprehensive guidelines on the necessary application documents and procedures.

Interest from Financial Institutions in Vietnam's Crypto Licensing Pilot

This initiative marks a pivotal change from years of informal tolerance, during which crypto trading thrived without an established legal foundation.

Several prominent financial institutions have expressed interest, with about 10 banks and securities firms planning to enter the market once they receive licensing approvals.

Noteworthy players include SSI Securities, which set up SSI Digital Technology JSC in 2022 and has broadened its blockchain ambitions through partnerships with Tether, U2U Network, and Amazon Web Services aimed at developing blockchain-based financial infrastructure in Vietnam.

VIX Securities has also invested to launch the VIX Crypto Asset Exchange and is collaborating with FPT Corp. to enhance its technological capabilities.

Banks are making parallel advancements. MBBank has entered a technical cooperation agreement with Dunamu, Upbit's operator, to explore launching a regulated exchange in Vietnam.

Meanwhile, Techcombank has established the Techcom Crypto Asset Exchange, and VPBank has stated its readiness to commence operations pending regulatory approval.

Participation in the licensing pilot program comes with stringent requirements as per Government Resolution No. 05/2025/NQ-CP.

Applicants are required to be Vietnamese enterprises with a minimum paid-in charter capital of VND10 trillion ($380 million), primarily sourced from institutional investors. They must also adhere to specific standards concerning infrastructure, governance, and staffing, including cybersecurity measures and the engagement of licensed securities professionals.

This regulatory initiative aligns with the significant growth of cryptocurrency usage in Vietnam.

According to Chainalysis, the volume of crypto transactions in Vietnam reached an estimated $220–230 billion between July 2024 and June 2025, positioning the country among the top three crypto markets in the Asia-Pacific region.

In the past, digital asset activities were conducted without a clear legal framework. This situation has transformed with the enactment of the Law on Digital Technology Industry, effective Jan. 1, 2026, which officially brings digital assets under comprehensive regulatory oversight.

Tether Sees Vietnam as a Key Market for Expansion

As previously reported, Tether, the stablecoin issuer, is seeking partnerships with local companies to foster the adoption of cryptocurrency in Vietnam.

Vice President Marco Dal Lago has identified Vietnam as one of Tether’s most “promising and strategic markets,” highlighting its young population, rapidly growing economy, and high remittance volumes as key drivers for digital asset expansion.

During a meeting with Deputy Prime Minister Ho Duc Phoc, Lago expressed Tether’s willingness to share global expertise in creating legal frameworks that facilitate sustainable crypto transactions and bolster economic development.

The Deputy Prime Minister reiterated Vietnam’s goal to cultivate a professional, well-regulated investment environment to attract international capital.