- The SSC launched the process following the Ministry of Finance’s issuance of Decision No. 96.
- Banks and brokers, including SSI, VIX, and major lenders, are preparing to apply.
- Rules include a minimum capital of 10 trillion dong, 65% institutional ownership, and a 49% foreign ownership cap.
Vietnam has officially moved closer to implementing a regulated cryptocurrency market by opening applications for licenses to operate digital asset trading platforms.
This step puts the long-planned national pilot program into motion, preparing the ground for approved exchanges to operate under direct regulatory oversight.
The State Securities Commission of Vietnam (SSC) said the licensing window opened on Tuesday, following the introduction of a new administrative procedure based on Decision No. 96 issued by the Ministry of Finance.
The decision implements the resolution to pilot a regulated crypto asset market that Vietnam has been developing for years.
Even with the licensing process now active, the market remains at an early stage.
No platforms have been licensed yet, and the regulator has not announced any approvals since the application window opened.
SSC opens licensing window under new procedure
The SSC confirmed that applications under the new administrative procedure will be accepted starting on January 20, 2026.
Vietnam’s Ministry of Finance issued Decision No. 96 as part of implementing the state resolution to pilot a regulated crypto asset market.
The SSC framed the move as an effort to bring crypto under formal regulatory supervision.
The opening of the licensing window also follows a major legal shift. Vietnam’s Law on the Digital Technology Industry took effect on January 1, defining digital and crypto assets in law for the first time.
Under the law, Vietnam recognizes crypto assets as property, but explicitly excludes them from being lawful means of payment.
The country also maintains restrictions on using crypto as a payment method, keeping the pilot focused on regulated market activity rather than consumer transactions.
Domestic banks and securities firms prepare applications
While the licensing window marks progress, the regulated Vietnamese crypto market is still awaiting actual approvals.
Nevertheless, early interest from domestic financial firms appears to be emerging.
Vietnam News reported on Wednesday that around 10 securities firms and banks have publicly announced plans and readiness to participate in the crypto asset market once licensed.
The report stressed that these institutions are preparing applications rather than already operating approved platforms.
Among the named firms is SSI Securities, which established SSI Digital in 2022.
Another is VIX Securities, which has invested in the digital asset exchange unit VIXEX.
Several major banks are also listed, including Military Bank, Techcombank, and VPBank.
These institutions indicate they plan to start operations only after receiving regulatory approval.
No licensed crypto exchanges have entered operational pilot phase
Although Vietnam has opened the licensing window, the pilot framework remains at an early practical stage.
Earlier doubts about the pilot were tied to Vietnam’s high capital thresholds and strict eligibility rules, which set challenging entry standards for potential operators.
That context is important because the new application process does not automatically mean platforms will be launched quickly.
The Vietnamese regulator has not announced any acceptances or approvals since the licensing window opened, so the number of applicants and their progress remain unclear.
For investors and market participants, this suggests Vietnam is moving in a controlled, gradual manner, advancing formal procedures before any exchange can legally operate under the pilot regime.
Vietnam’s strict licensing framework shapes market entry
Vietnam’s crypto licensing framework is among the strictest in the region, reflecting the government’s cautious approach to market development.
Applicants must be Vietnamese entities with a minimum paid-in capital of 10 trillion dong, roughly $380 million.
At least 65% of capital must be held by institutional shareholders, setting a high barrier that favors well-established domestic firms.
Foreign ownership is capped at 49%, limiting outside participation and reinforcing Vietnam’s control over licensed operators.
Overall, these conditions indicate Vietnam prioritizes large-scale, institution-led platforms with strong capital bases.
The focus appears to be on controlling systemic risk and ensuring compliance standards from the outset, rather than permitting rapid, open growth across the crypto sector.