Vietnam Implements a Strict Licensing Framework for Crypto Exchanges

Vietnam is launching a new and stringent pilot licensing program for cryptocurrency exchanges as banks, brokers, and major players like Tether work to create regulated digital asset platforms.

Key Takeaways

Vietnam has launched a pilot licensing program for crypto exchanges to formalize the regulatory framework.
The Ministry of Finance has issued procedures for licensing and oversight by the State Securities Commission.
Multiple banks and securities firms are planning to enter the crypto market after licensing.
The new regulations include strict eligibility criteria for applicants and emphasize cybersecurity and governance standards.
Vietnam ranks among the top three crypto markets in the Asia-Pacific region, reflecting significant transaction volumes.
Tether is actively exploring partnerships to boost cryptocurrency adoption in Vietnam and is willing to assist with developing legal frameworks in the sector.

Vietnam pilots regulated crypto exchange licenses

Vietnam is shifting its approach to cryptocurrency exchange regulation by introducing a pilot licensing program. This new initiative formalizes the sector, which previously operated without explicit legal permission. With support from various financial institutions and partnerships, the country is positioning itself as a significant player in the crypto market.

Main Content

Vietnam has initiated a pilot licensing program for cryptocurrency exchanges, transitioning from an informal regulatory status to a structured legal framework, as outlined in government documents released this week.

Under Decision No. 96/QD-BTC from the Ministry of Finance, three administrative procedures have been established regarding the issuance, adjustment, and revocation of licenses for organizations operating crypto asset trading platforms. The State Securities Commission will oversee this sector and has provided detailed guidelines on application processes and requirements.

This framework marks a significant shift from past years, where cryptocurrency trading was largely unregulated. Reports indicate that around ten securities firms and banks are eager to enter the market once they receive their licenses.

For instance, SSI Securities created SSI Digital Technology JSC in 2022 to focus on blockchain projects. The digital arm has made partnerships with Tether, U2U Network, and Amazon Web Services to develop blockchain-based financial infrastructure in the country. Meanwhile, VIX Securities has committed to launching the VIX Crypto Asset Exchange and has collaborated with FPT Corp. on technology advancements.

Several banking institutions are also gearing up to participate. MBBank has signed a technical cooperation agreement with Dunamu, which operates the South Korea-based exchange Upbit, in efforts to launch a regulated exchange in Vietnam. Techcombank has introduced the Techcom Crypto Asset Exchange, while VPBank is ready to start operations pending approval from regulators.

Government Resolution No. 05/2025/NQ-CP lays out stringent eligibility criteria for those participating in the pilot program. Applicants need to be Vietnamese firms with a minimum paid-in charter capital of VND10 trillion, with a majority of funding coming from institutional investors. Additionally, companies must adhere to specific standards concerning infrastructure, governance, and staffing, particularly related to cybersecurity and licensed securities professionals.

Recent data indicates that cryptocurrency transaction volumes in Vietnam reached an all-time high from July 2024 to June 2025, positioning the nation among the top three crypto markets within the Asia-Pacific region, as per blockchain analytics firm Chainalysis.

Previously, digital asset activities were unregulated until the Law on Digital Technology Industry was enacted on January 1, 2026, which will officially create regulatory oversight for digital assets.

In a bid to foster cryptocurrency adoption, Tether is looking into partnerships with local businesses in Vietnam. According to Tether representatives, Vietnam is regarded as a promising market due to its youthful population, growing economy, and substantial remittance flows—conditions seen as favorable for the expansion of digital assets.

During a meeting with Deputy Prime Minister Ho Duc Phoc, Tether's representatives expressed their readiness to contribute expertise in developing legal frameworks that support cryptocurrency transactions and economic development. The Deputy Prime Minister reaffirmed Vietnam's commitment to establishing a professionally regulated investment environment to attract international capital.