The Vietnamese government officially “opens the door” to the cryptocurrency market with legislation, and the high-threshold pilot system has been launched, symbolizing that the local crypto trading market has officially moved out of regulatory vacuum and entered a new stage of institutional management.
(Background: Field Survey｜In Vietnam, I survived 30 days using only USDT)
(Additional context: Vietnam will launch its first national digital asset exchange, with Korea’s leading Upbit providing technical support)

Table of Contents

• Securities regulator opens applications, three major administrative procedures launched simultaneously
• Set high thresholds, limited to well-capitalized domestic enterprises
• Strict IT and personnel requirements, emphasizing cybersecurity and professional capabilities
• Trading volume ranks among the top in Asia-Pacific, regulatory shift draws attention
• From conservative to embracing, but still maintaining high caution

Vietnam’s crypto asset regulation takes a key step. The Vietnamese Ministry of Finance officially announced this week the initiation of a pilot licensing system for crypto asset trading platforms, marking that the long-standing legal gray area of the crypto market is beginning to be incorporated into a regulated, traceable formal framework.

On January 20, 2026, the Ministry of Finance published Decision No. 96/QD-BTC, based on the resolution No. 05/2025/NQ-CP passed by the Vietnamese government in September last year, officially promoting a 5-year pilot plan for the crypto asset market. The core policy goal is to prevent disorderly market expansion while strengthening financial risk control and investor protection.

Securities regulator opens applications, three major administrative procedures launched simultaneously

According to the latest decision, the State Securities Commission of Vietnam has begun accepting applications from enterprises to provide crypto asset trading services starting January 20. Three new administrative procedures are being established simultaneously, including:

• Issuance of licenses to organize crypto asset trading markets
• Adjustment of existing licenses
• Revocation of relevant licenses

This means that Vietnamese crypto trading platforms will no longer be in a “unregulated” state but will be formally incorporated into the regulatory system.

Set high thresholds, limited to well-capitalized domestic enterprises

The pilot system imposes extremely strict conditions on applicants. The applying companies must be Vietnamese limited liability companies or joint-stock companies, with a minimum paid-in capital of 1 trillion VND (about $38 million), fully paid in Vietnamese dong.

In terms of ownership structure, at least 65% of shares must be held by institutional investors, with 35% coming from at least two qualified institutions, including banks, securities firms, fund management companies, insurance companies, or tech enterprises. This design indicates that regulators hope to see market development led by financially and technologically capable institutions.

Strict IT and personnel requirements, emphasizing cybersecurity and professional capabilities

Operationally, service providers must establish IT systems compliant with the Ministry of Public Security’s Level 4 information security standards and have suitable office locations. Personnel requirements are also highly regulated, including:

• General managers must have at least 2 years of experience in financial institutions
• Chief information officers must have at least 5 years of experience in finance or tech IT
• At least 10 personnel with cybersecurity certifications
• An additional 10 employees with securities industry licenses

These regulations demonstrate that Vietnam’s government regards cybersecurity and internal control systems as core to crypto market regulation.

Trading volume ranks among the top in Asia-Pacific, regulatory shift draws attention

Although the policy stance has been conservative in the past, Vietnam is actually one of the most active crypto trading markets in Asia-Pacific. According to data from blockchain analytics firm Chainalysis, from July 2024 to June 2025, the total value of crypto asset transactions in Vietnam was approximately $220 billion to $230 billion, with an average daily trading volume exceeding $600 million, accounting for about 10% of the overall Asia-Pacific region, ranking among the top three.

Currently, about 10 local securities firms and banks have expressed interest in participating in the pilot. Once licensed, they will launch regulated trading platforms. The official plan is to initially price trades in Vietnamese dong and limit the offering to a few mainstream crypto assets.

From conservative to embracing, but still maintaining high caution

Overall, this policy is seen as a major shift in Vietnam’s attitude toward cryptocurrencies. In the past, Vietnam once banned banks from providing services related to cryptocurrencies, but now it chooses to guide market development through institutional regulation, gradually aligning with international trends such as the EU’s MiCA regulation and Singapore’s MAS regulatory model.

However, Vietnamese officials still emphasize the principle of “pilot first, risk prioritized,” with initial approvals expected to be granted to only a very limited number of enterprises to ensure financial stability and protect investors. Against the backdrop of rapid growth in the crypto industry, Vietnam’s move is viewed as an important institutional experiment balancing innovation and risk management.