Vietnam has begun formally accepting applications from companies seeking approval to operate digital asset trading platforms, moving its long-planned crypto regulatory pilot from policy design to implementation.
The State Securities Commission (SSC) said applications will be accepted starting January 20, 2026, following new administrative procedures issued by the Ministry of Finance under Decision No. 96. The move signals Vietnam’s first operational step toward a regulated domestic crypto market.
The licensing process comes weeks after Vietnam’s Law on the Digital Technology Industry took effect on January 1, giving legal recognition to digital and crypto assets for the first time while continuing to prohibit their use as legal tender.
A regulatory framework takes shape
Vietnam’s pilot program reflects a cautious approach to digital assets. Under the new legal framework, crypto assets are recognized as property but remain excluded from lawful payment instruments, reinforcing the government’s long-standing restrictions on crypto-based transactions in everyday commerce.
Officials have framed the licensing process as part of a broader effort to bring crypto activity under formal oversight, reduce systemic risks, and create a controlled environment for market experimentation rather than full-scale liberalization.
Despite the opening of the application window, regulators have not confirmed any approvals or formal submissions since the process began.
Financial institutions prepare to enter the market
Interest from domestic financial institutions is beginning to surface after earlier hesitation. In October 2025, the Ministry of Finance said no companies had applied to join the five-year pilot program, citing high capital requirements and strict eligibility criteria.
More recently, Vietnamese media reported that around ten securities firms and banks have publicly expressed readiness to participate once licensing is available. These institutions are preparing applications rather than operating approved platforms.
Among the companies signaling intent are SSI Securities, which launched its digital asset subsidiary SSI Digital in 2022; VIX Securities, which has backed its VIXEX exchange unit; and major banks including Military Bank, Techcombank, and VPBank. All indicated they would launch crypto-related operations only after receiving regulatory clearance.
One of the region’s toughest licensing regimes
Vietnam’s pilot program imposes some of the strictest entry requirements in Southeast Asia.
Applicants must be Vietnamese entities with minimum paid-in capital of 10 trillion dong, equivalent to roughly $380 million. At least 65 percent of capital must be held by institutional investors, while foreign ownership is capped at 49 percent. The framework also prohibits the issuance of digital assets backed by fiat currencies or securities.
The pilot itself was introduced in September 2025 as a five-year experiment designed to test regulatory models before any potential nationwide rollout.
Why the timing matters
The opening of Vietnam’s licensing window comes amid growing regional competition to attract regulated crypto businesses. Jurisdictions such as Singapore, Hong Kong, and Thailand have already developed licensing frameworks with varying degrees of openness, making Vietnam’s restrictive approach a notable outlier.
For Vietnam, the pilot represents a balancing act between encouraging innovation and maintaining tight control over financial stability and capital flows.
Whether domestic institutions will meet the high regulatory threshold remains uncertain. For now, the licensing process marks a procedural milestone rather than the start of active crypto exchange operations.
If approvals follow, Vietnam could see its first regulated digital asset platforms within the pilot framework. If not, the program may serve as a stress test of how far traditional financial institutions are willing to go under stringent rules.
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