anjir abdul
The formal opening of the licensing window occurred on Tuesday, following the issuance of new administrative procedures under Decision No. 96 by the Ministry of Finance of Vietnam. This decision serves as the implementing resolution for the pilot program, outlining the precise mechanisms and conditions under which digital asset exchanges can seek official recognition and operate within the country’s legal boundaries. The SSC, a key regulatory body overseeing Vietnam’s securities market, explicitly stated, "Applications for the aforementioned administrative procedures will be accepted beginning January 20, 2026." This declaration underscores the government’s methodical approach, emphasizing that the process is not rushed but rather a deliberate integration of crypto assets into the established financial regulatory landscape. The move is framed as a crucial component of Vietnam’s broader strategic initiative to bring all forms of digital assets under formal regulatory supervision, aiming to foster innovation while simultaneously mitigating risks associated with the volatile and often unregulated crypto space.
This development follows the entry into force of Vietnam’s comprehensive Law on the Digital Technology Industry on January 1, 2026. This landmark legislation is particularly significant as it represents the first instance where digital and crypto assets are explicitly defined in Vietnamese statute. By providing clear legal definitions, the law establishes a foundational framework for understanding and regulating these assets, offering much-needed clarity for businesses, investors, and regulatory bodies alike. While Vietnam unequivocally recognizes crypto assets as property, thereby granting them a legal status that affords certain protections and rights, it maintains a strict stance against their use as legal tender. This critical distinction means that while individuals and entities can own, trade, and transfer crypto assets, they cannot be used as a primary means of payment for goods and services in the same way as the national currency, the Vietnamese Dong. This policy reflects a cautious approach, prioritizing the stability of the national financial system and preventing potential disruptions that could arise from the widespread adoption of volatile digital currencies as transactional instruments.
The journey towards this pilot program has been marked by careful deliberation and, at times, initial hesitation from the market. On October 6, 2025, the Ministry of Finance had confirmed that no companies had applied to participate in the then-proposed five-year crypto pilot. This initial lack of interest was largely attributed to the pilot’s stringent eligibility conditions and exceptionally high capital requirements, which at the time seemed prohibitive for many potential entrants. However, the landscape has evidently shifted, with a significant surge of interest now emerging from domestic financial institutions. This newfound enthusiasm signals a growing confidence in the regulatory framework and the long-term potential of a legitimate, regulated crypto market in Vietnam.
Indeed, recent reports from Vietnam News indicate a strong turnaround, with approximately 10 prominent securities companies and banks publicly announcing their readiness and plans to participate in the crypto asset market once licensed. These institutions are actively preparing their applications, a clear indication of their commitment to engaging with the new regulatory environment. It is crucial to note, as the report emphasized, that these institutions are currently in the preparatory phase, compiling and submitting their applications, rather than operating already approved platforms. The rigorous vetting process by the SSC is still ahead, and only after successful approval will they be able to launch their digital asset services.
Among the notable players expressing interest are some of Vietnam’s most established financial entities. SSI Securities, a leading brokerage firm, had already demonstrated foresight by establishing SSI Digital in 2022, positioning itself early for the eventual regulation of digital assets. Similarly, VIX Securities has made strategic investments in its VIXEX digital asset exchange unit, underscoring a long-term vision for participation in this evolving market. The entry of major banks, including Military Bank, Techcombank, and VPBank, is particularly significant. Their involvement lends substantial credibility to the emerging crypto market and indicates a potential for mainstream adoption and institutional-grade services such as crypto custody, trading for high-net-worth clients, and other innovative financial products. These institutions have clearly stated their intention to launch operations only after receiving the necessary regulatory approvals, adhering strictly to the new legal framework.
Despite this procedural milestone and the expressed interest, it is important to reiterate that no crypto exchange has yet been licensed under the pilot regime. Vietnamese regulators have not announced the receipt or approval of any applications since the licensing window officially opened. This highlights the early stage of the program and the methodical approach being taken by the authorities. The process is expected to be thorough, ensuring that only robust and compliant entities are granted the privilege to operate.
Vietnam’s crypto licensing framework is widely regarded as one of the most restrictive in the region, reflecting a cautious and control-oriented approach to a market often characterized by volatility and speculative behavior. The pilot program, which officially launched on September 9, 2025, introduced a set of stringent requirements designed to safeguard financial stability and protect investors. One of the most notable restrictions is the outright ban on the issuance of assets backed by fiat currencies or securities. This effectively precludes the operation of stablecoins that peg their value to the Vietnamese Dong or other national currencies, as well as tokenized traditional securities. The rationale behind this restriction is likely rooted in concerns over potential systemic risks, monetary sovereignty, and consumer protection from products that could blur the lines between traditional financial instruments and novel digital assets without adequate backing or regulatory oversight.
The financial barriers to entry are substantial. Under Vietnam’s new laws, applicants must be Vietnamese entities and are required to possess a minimum paid-in capital of an astounding 10 trillion Vietnamese Dong, equivalent to approximately $380 million USD. This exceptionally high capital requirement serves as a significant filter, ensuring that only well-capitalized and financially stable institutions can enter the market. The aim is to prevent fly-by-night operations and to ensure that licensed exchanges have sufficient reserves to manage risks, absorb potential losses, and operate reliably. Furthermore, the framework mandates that at least 65% of this capital must be held by institutional shareholders, emphasizing a preference for corporate governance and professional management over individual ownership. While foreign expertise and capital are welcomed, foreign ownership is capped at 49%, ensuring that domestic entities retain majority control and strategic direction over the country’s nascent digital asset infrastructure.
These strict conditions, while potentially limiting the number of participants and perhaps even stifling smaller, more agile innovators, are clearly designed to prioritize stability, investor protection, and national control over rapid, unrestrained growth. The Vietnamese government appears committed to developing a digital asset market that is integrated with its existing financial system, adheres to high standards of compliance, and contributes positively to the national economy without introducing undue risks.
The implications of this pilot program are far-reaching. For Vietnam, it represents a calculated embrace of digital innovation while maintaining tight regulatory control. This approach aligns with global trends where governments are increasingly seeking to regulate crypto markets rather than outright ban them, recognizing their potential economic benefits while grappling with inherent risks. The entry of traditional financial institutions signals a potential legitimization of crypto assets in the eyes of the broader public and could pave the way for increased institutional adoption and investment. For consumers, the framework promises enhanced protection through regulated platforms, stricter operational standards, and clear avenues for dispute resolution, moving away from the often opaque and risky environment of unregulated exchanges.
Economically, a regulated crypto market could unlock new revenue streams, attract foreign direct investment in the digital technology sector, and foster job creation in related industries such as blockchain development, cybersecurity, and financial technology. It also aligns with Vietnam’s broader strategic goals of developing a robust digital economy and positioning itself as a leader in Southeast Asia’s technological landscape. The five-year pilot duration provides a crucial learning period for both regulators and market participants, allowing for adjustments and refinements to the framework based on real-world experience. What emerges after this pilot could be a fully legalized and mature digital asset market, tailored to Vietnam’s specific economic and social context. The careful, step-by-step approach taken by Vietnam, culminating in the opening of this licensing window, underscores a commitment to harnessing the potential of digital assets within a secure and controlled environment.
