Vietnam Targets Mid-January for Approval of Pilot Crypto Exchanges

As Vietnam's cryptocurrency market continues to grow, the government is taking steps to regulate it more tightly. Prime Minister Pham Minh Chinh has directed relevant agencies to grant licenses for pilot digital asset exchanges before January 15, 2026, as part of a controlled testing environment known as a sandbox.

Key Takeaways

Vietnam aims to license pilot digital asset exchanges by January 15, 2026.
The pilot exchanges will operate under a controlled sandbox to regulate the cryptocurrency market.
The initial phase will allow only five companies, focusing predominantly on institutional investors.
Stringent financial and operational standards will be enforced for participants.
A multi-agency strategy will ensure comprehensive oversight in the crypto market.

Vietnam

This announcement was made during a national online conference on January 6, where the performance of the finance sector for 2025 was reviewed and priorities for 2026 were established. The approval of pilot exchanges is one of eight focal tasks for the upcoming year, as reported by the Vietnam Investment Review.

Vietnamese officials have noted a surge in interest in both domestic and international digital assets, particularly since the introduction of a formal pilot framework in September 2025.

Sandbox Initiatives Keep Vietnam's Crypto Market Under Tight Control

Vietnam is entering 2026 with an expanded legal framework for its digital economy. The Law on Digital Technology Industry, which took effect on January 1, explicitly addresses digital assets alongside other sectors such as semiconductors and artificial intelligence.

The initial phase of the sandbox will be intentionally limited in size. A spokesperson from the Cryptoasset Trading Market Management Board under the State Securities Commission indicated that only five companies will be selected in this initial round.

Stringent entry requirements ensure that early participants consist primarily of institutional investors. Applicants need to present a minimum charter capital of around $400 million, and institutions must control at least 65% of this capital, with over 35% provided by at least two distinct organizations, including banks, securities firms, fund managers, insurers, or technology companies.

Comprehensive Oversight Enhances Vietnam’s Crypto Sandbox

The regulatory framework emphasizes the importance of sound financial practices and robust infrastructure. Institutional shareholders must demonstrate profitability over the past two years through audited financial statements that receive unqualified opinions. Additionally, service providers must comply with level 4 IT security standards on a scale of five.

Furthermore, Vietnam is establishing a multi-agency enforcement framework. The Ministry of Finance will oversee operations, the State Bank of Vietnam will monitor capital flows to prevent money laundering, and the Ministry of Public Security is responsible for addressing high-tech crimes.