Vietnam has taken a decisive step toward regulating its cryptocurrency market by introducing a pilot licensing regime for crypto asset trading platforms. Under a decision issued this week by the Ministry of Finance, authorities established procedures for issuing, modifying, and revoking licenses for exchanges, ending years of legal ambiguity in which crypto trading was widely tolerated but not formally governed.
The new framework places crypto exchanges under the supervision of the State Securities Commission, which has released detailed guidance on application requirements and compliance processes. The move follows the implementation of the Law on Digital Technology Industry, which came into effect on January 1, 2026, formally bringing digital assets within Vietnam’s regulatory perimeter.
Banks and Securities Firms Line Up for Entry
The pilot program has already drawn interest from traditional financial institutions. Roughly 10 securities firms and banks have announced plans to apply for licenses, reflecting growing institutional appetite for regulated crypto exposure. Securities firms, including SSI Securities and VIX Securities, have established digital asset subsidiaries and exchange ventures, often in partnership with domestic technology firms and global blockchain players.
Banks are pursuing parallel strategies. MBBank has signed a technical cooperation agreement with Dunamu, the operator of Upbit, to explore launching a regulated exchange, while Techcombank and VPBank have set up crypto-focused entities in anticipation of regulatory approval. Their participation underscores how Vietnam’s crypto market is shifting from informal retail activity toward institution-led platforms.
Participation in the pilot comes with high barriers to entry. Applicants must be Vietnamese enterprises with a minimum paid-in charter capital of VND10 trillion, or roughly $380 million, primarily funded by institutional investors. They must also meet strict standards for governance, cybersecurity, infrastructure, and staffing, including the use of licensed securities professionals.
Market Growth and International Interest
Vietnam’s regulatory push follows rapid growth in crypto usage. Data from Chainalysis estimates that crypto transaction volumes in the country reached between $220 billion and $230 billion from mid-2024 to mid-2025, placing Vietnam among the largest crypto markets in the Asia-Pacific region. Until recently, much of this activity operated outside a clear legal framework, raising concerns around investor protection and systemic risk.
The shift toward formal licensing has also attracted attention from global crypto firms. Stablecoin issuer Tether has identified Vietnam as a strategic market, citing strong remittance flows, a young population, and accelerating digital adoption. Vietnamese officials have emphasized that the new framework is designed to foster a professional, well-regulated investment environment capable of attracting international capital.
By piloting crypto exchange licenses with strict institutional standards, Vietnam is signaling a cautious but structured approach to digital assets. The framework reflects a broader regional trend toward integrating crypto markets into existing financial oversight, balancing innovation with tighter control as adoption continues to expand.