- The SSC initiated this process after the Ministry of Finance issued Decision No. 96.
- Banks and brokerages, including SSI, VIX and major lenders, are preparing to submit applications.
- The rules require a capital base of 10,000 billion VND, 65% institutional ownership and a 49% foreign ownership cap.
Vietnam has officially moved closer to operating a regulated crypto market by opening license applications for platforms that want to run digital asset trading services.
This step implements the country’s long-planned pilot program and prepares the ground for approved exchanges to operate under direct regulatory supervision.
The State Securities Commission of Vietnam (SSC) stated that the licensing window opened on Tuesday, following the introduction of new administrative procedures under the Ministry of Finance’s Decision No. 96.
The decision puts into effect a resolution to pilot a regulated crypto-asset market that Vietnam has been developing for years.
Although the licensing process is now underway, the market is still in its early stages.
No platform has yet been authorized, and regulators have not announced any approvals since the application period opened.
The SSC opens a licensing window with new procedures
The SSC confirmed that applications under the new administrative procedures will be accepted starting January 20, 2026.
The Vietnamese Ministry of Finance issued Decision No. 96 as part of implementing the government resolution to pilot a regulated crypto-asset market.
The SSC has presented this measure as a step toward bringing cryptocurrency under formal regulatory oversight.
The opening of the licensing window also follows a major legal change. 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. However, the law explicitly excludes them from the status of legal tender.
The country also maintains restrictions on using crypto as a means of payment, keeping the pilot focused on regulated market activity rather than consumer payment transactions.
National banks and securities firms prepare applications
While the licensing window marks progress, the regulated crypto market in Vietnam is still awaiting actual approvals.
That said, early interest from domestic financial firms appears to be emerging.
Vietnam News reported that around 10 securities firms and banks have publicly announced plans and intentions to participate in the crypto-asset market once licensed.
The report emphasized that these institutions are preparing applications rather than already operating approved platforms.
Among those mentioned was SSI Securities, which launched SSI Digital in 2022.
Another is VIX Securities, which has invested in its digital asset exchange arm VIXEX.
Several large banks were also listed, including Military Bank, Techcombank and VPBank.
These institutions indicated they plan to begin operations only after receiving regulatory approval.
No licensed pilot exchanges have begun operations
Even though Vietnam has opened the licensing window, the pilot framework remains effectively at the starting line.
Earlier hesitations around the pilot related to Vietnam’s high capital thresholds and strict eligibility rules, which created a significant barrier to entry for potential operators.
This context matters because the current application process does not guarantee rapid launches of platforms.
Vietnamese regulators have not announced any receipt or approval of applications since the licensing period opened, leaving the number of applicants and their progress uncertain.
For investors and market participants, this indicates that Vietnam is advancing cautiously and in stages, with formal procedures moving forward before any exchange can legally operate under the pilot regime.
Vietnam’s strict licensing framework shapes market entry
Vietnam’s crypto licensing framework is one of the most restrictive in the region, reflecting the government’s cautious approach to developing the market.
Applicants must be Vietnamese entities with a minimum charter capital of 10,000 billion VND, roughly equivalent to $380 million.
At least 65% of that capital must be held by institutional shareholders, creating a high barrier favoring established domestic firms.
Foreign ownership is capped at 49%, limiting foreign participation and reinforcing Vietnamese control over licensed operators.
Taken together, these requirements indicate that Vietnam favors large-scale platforms led by institutions with strong capital bases.
The emphasis appears to be on controlling systemic risk and ensuring compliance standards from the outset, rather than enabling rapid, unchecked growth across the crypto sector.