Vietnam began accepting applications for licenses to operate digital asset trading platforms, marking the operational start of the country’s long-planned pilot program for a regulated crypto market.
The State Securities Commission of Vietnam (SSC) officially opened the licensing window on Tuesday, following the issuance of new administrative procedures under Decision No. 96 by the Ministry of Finance of Vietnam, which implements a resolution on piloting a regulated crypto asset market.
“Applications for the aforementioned administrative procedures will be accepted beginning January 20, 2026,” the SSC said, framing the move as part of a broader effort to bring crypto under formal regulatory oversight.
The opening of the licensing window follows the entry into force of Vietnam’s Law on the Digital Technology Industry on Jan. 1, which defines digital and crypto assets in statute for the first time.
While the country recognizes crypto assets as property, it explicitly excludes them from legal tender status and maintains restrictions on their use as a means of payment.
Banks and securities firms signal interest in applying
On Oct. 6, 2025, Vietnam’s Ministry of Finance confirmed that no companies had applied to participate in the five-year crypto pilot at that time, citing high capital requirements and strict eligibility conditions.
Interest from domestic financial institutions now appears to be emerging. On Wednesday, Vietnam News reported that about 10 securities companies and banks publicly announced plans and their readiness to participate in the crypto asset market once licensed.
The report emphasized that the institutions are preparing applications rather than operating approved platforms.
The companies include SSI Securities, which established SSI Digital in 2022; VIX Securities, which has invested in its VIXEX digital asset exchange unit; and several major banks, including Military Bank, Techcombank and VPBank. The institutions indicated that they will launch operations after receiving regulatory approval.
Despite the procedural milestone, no crypto exchange has yet been licensed under the pilot regime. Vietnamese regulators have not announced any receipt or approvals of applications since the licensing window opened.
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Vietnam’s restrictive crypto licensing framework
Vietnam’s crypto licensing framework is among the most restrictive in the region. On Sept. 9, 2025, Vietnam launched its five-year crypto market pilot, which introduces strict requirements for the industry, including banning the issuance of assets backed by fiat currencies or securities.
Under Vietnam’s laws, applicants must be Vietnamese entities with a minimum paid-in capital of 10 trillion dong (about $380 million), while at least 65% of the capital must be held by institutional shareholders. Foreign ownership is capped at 49%.
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