- The SSC initiated the process after the Ministry of Finance issued Decision No. 96.
- Banks and brokerages, including SSI, VIX and several major lenders, are preparing to submit applications.
- The rules require VND 10 trillion in capital, 65% institutional ownership, and a 49% foreign ownership cap.
Vietnam has taken a formal step toward creating a regulated cryptocurrency market by opening the application window for licenses to operate digital asset trading platforms.
This move implements the country’s long‑planned pilot program and sets the stage for licensed exchanges to operate under direct regulatory supervision.
The State Securities Commission of Vietnam (SSC) said the licensing window was opened on Tuesday after new administrative procedures were implemented in line with Ministry of Finance Decision No. 96.
The decision enacts the government resolution establishing a pilot program for a regulated crypto‑asset market that Vietnam has been developing for several years.
Although the licensing process is now active, the market remains in its early stages.
No platform has yet been licensed, and regulators have not announced any approvals since the application window opened.
SSC opens licensing window under new procedures
The SSC confirmed that applications under the new administrative procedures will be accepted beginning January 20, 2026.
The Ministry of Finance issued Decision No. 96 as part of implementing the government resolution on the regulated crypto‑asset market pilot.
The SSC framed the move as a step toward formal regulatory oversight of digital assets.
Opening the licensing window also follows a major legal change. Vietnam’s Digital Technology Industry Law took effect on January 1 and, for the first time, provides legal definitions of digital and crypto assets.
Under the law, Vietnam recognizes crypto assets as property, while explicitly excluding them from the status of legal tender.
The country also maintains restrictions on the use of cryptocurrencies as a means of payment, so the pilot focuses on regulated market activity rather than retail payment use.
Domestic banks and securities firms prepare applications
While the licensing window marks progress, the regulated Vietnamese crypto market is still awaiting actual approvals.
Initial interest from domestic financial firms appears to be emerging.
Vietnam News reported that roughly 10 securities companies and banks publicly announced plans and readiness to participate in the crypto‑asset market once they obtain licenses.
The report emphasized that these institutions are preparing applications, not yet operating licensed platforms.
Named firms include SSI Securities, which established SSI Digital in 2022, and VIX Securities, which has invested in its digital asset exchange VIXEX.
Several major banks were also listed, including Military Bank, Techcombank and VPBank.
These institutions said they plan to commence operations only after receiving regulatory approval.
No crypto exchange has yet entered operation under the pilot
Even though Vietnam opened the licensing window, the pilot framework remains at the starting line from a practical standpoint.
Earlier hesitation over the pilot related to high capital thresholds and strict eligibility rules, which set a demanding entry bar for potential operators.
This background matters because the current application process does not guarantee rapid platform launches.
Vietnamese regulators have not announced receipt or approval of any applications since the window opened, leaving the number of applicants and the pace of progress unclear.
For investors and market participants, that signals a cautious, phased approach: formal procedures are being put in place 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 most restrictive in the region, reflecting a conservative government stance on market development.
Applicants must be Vietnamese entities with a minimum capital contribution of VND 10 trillion, roughly US$380 million.
At least 65% of capital must be held by institutional shareholders, creating a high barrier that favors established domestic firms.
Foreign ownership is capped at 49%, limiting foreign participation and ensuring Vietnamese control over licensed operators.
Taken together, these requirements indicate a preference for large, institutionally managed platforms with substantial capital buffers.
The framework appears designed to control systemic risk and enforce compliance standards from the outset, rather than enable rapid, open expansion across the crypto sector.