Vietnam is moving forward with crypto-asset regulation, planning to license its first digital asset service providers in 2026 under a pilot legal framework. The timeline was confirmed during meetings between Vietnamese financial officials and Austria's Financial Market Authority (FMA) in Vienna on September 15.
Vietnamese Deputy Minister of Finance Nguyen Duc Chi met with FMA Executive Director Mariana Kuhnel to discuss bilateral cooperation and regulatory best practices. The State Securities Commission of Vietnam (SSC) announced the meeting as part of efforts to modernize financial market oversight and handle new asset types and technological developments.
Regulatory Framework and Protections
SSC Chairwoman Vu Thi Chan Phuong said Vietnam is designing its crypto supervision mechanisms based on recommendations from the Financial Action Task Force (FATF) and regulatory models from EU agencies. The framework will focus on risk management, investor asset protection, and anti-money laundering measures for service providers and investor transactions.
Vietnam is also restructuring its stock trading boards, including those for small- and medium-sized enterprises (SMEs). The effort aims to improve transparency, enhance listed product quality, and prevent market manipulation and price rigging.
Broader Financial Reforms
SMEs comprise roughly 99% of operating businesses in Vietnam. Chi noted that domestic support policies are being updated to improve governance, compliance, and digital transformation, with the goal of boosting SME access to credit and capital markets.
Kuhnel highlighted the FMA's role in implementing and enforcing financial rules within Austria. Established in 2002, the FMA oversees banks, insurers, investment firms, stock exchanges, and crypto service providers. To strengthen ongoing cooperation, Kuhnel proposed technical workshops between experts and increased coordination through the International Organisation of Securities Commissions (IOSCO). Chi welcomed the proposal, indicating that shared expertise will inform joint regulatory activities.
