Vietnam began accepting applications for crypto exchange licenses on Jan. 20 under a new pilot program. The move makes official a market that has operated in a legal gray area for years.

The Ministry of Finance issued new procedures on Jan. 20 covering license issuance, amendment, and revocation, according to the State Securities Commission.

Applications with complete documentation can be processed within 30 days. However, the full review includes IT security certification from the Ministry of Public Security, which may extend actual timelines considerably.

Organizations seeking licenses must meet strict funding requirements. The minimum is VND 10 trillion ($380 million), with at least 65% coming from institutional shareholders.

Of that amount, more than 35% must be contributed by at least two institutional investors operating in the banking, securities, fund management, insurance, or technology sectors.

At least five major banks and investment firms have announced plans to participate once licensed, according to Vietnam News.

MBBank signed a technical cooperation agreement with Dunamu, operator of South Korea’s Upbit exchange, in August 2025.

SSI Securities established SSI Digital Technology JSC in 2022. The firm has since partnered with stablecoin issuer Tether and Amazon Web Services on crypto technology systems.

VIX Securities established the VIX Digital Asset Exchange. Techcombank set up its own exchange entity. VPBank stated it has prepared resources and is ready to launch pending regulatory approval.

Vietnam ranked fourth globally and third in Asia-Pacific in the Chainalysis 2025 Global Crypto Adoption Index, which described Vietnamese crypto usage as “everyday infrastructure for remittances, gaming, and savings.”

The Law on Digital Technology Industry took effect on Jan. 1, 2026, formally bringing digital assets under government oversight for the first time.

Foreign investors face a 49% ownership limit in licensed crypto service providers.

Vietnam ranks fourth globally, behind India, the United States, and Pakistan. | Source: Chainalysis Report.

The pilot program is expected to run for five years and approve approximately five exchanges. Hong Kong is also advancing similar crypto licensing rules expected in 2026.

However, Vietnam’s $380 million capital requirement dwarfs Hong Kong’s HKD 5 million minimum (approximately $640,000), making Vietnam’s barrier to entry nearly 600 times higher.

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