- The State Securities Commission (SSC) launched the licensing process after the Ministry of Finance issued Decision No. 96.
- Banks and brokerage firms, including SSI, VIX, and several major lenders, are preparing to submit applications.
- Rules require a minimum charter capital of 10 trillion dong, at least 65% institutional ownership, and a 49% cap on foreign investment.
Vietnam has taken a formal step toward establishing a regulated market for crypto assets by opening the application window for licenses to operate digital asset trading platforms. This move activates the long-planned pilot program and prepares the framework for exchanges to operate under direct regulatory supervision.
The State Securities Commission of Vietnam (SSC) announced that the licensing window opened on Tuesday, following the adoption of new administrative procedures under Decision No. 96 issued by the Ministry of Finance. The decision implements the government’s resolution to pilot a regulated crypto asset market, a policy Vietnam has been developing over recent years.
Although the licensing process is now officially available, the market remains at an early stage. As of the announcement, no platform has yet been granted a license, and regulators have not reported any approvals since applications began to be accepted.
SSC opens licensing window under new procedures
The SSC confirmed that applications submitted under the new administrative procedures will be accepted beginning January 20, 2026. Decision No. 96 is part of the Ministry of Finance’s efforts to implement the pilot for a regulated crypto asset market, and the SSC characterized the move as a step toward bringing crypto activity under formal regulatory oversight.
The licensing window’s opening follows a broader legal update: Vietnam’s Law on the Digital Technology Industry came into force on January 1, defining digital and crypto assets in statute for the first time. Under that law, crypto assets are recognized as property but are explicitly excluded from legal tender status. The legislation also maintains restrictions on using crypto as a means of payment, keeping the pilot focused on supervised market activity rather than general consumer payments.
Domestic banks and securities firms prepare applications
While launching the licensing window signals regulatory progress, the pilot still awaits actual licensing approvals. Early interest from domestic financial institutions has emerged: local reporting indicates about ten securities firms and banks have publicly announced plans to participate in the crypto asset market once they obtain licenses.
These institutions are preparing and readying applications rather than operating licensed platforms today. Among the firms mentioned are SSI Securities, which created SSI Digital in 2022, and VIX Securities, which has invested in a VIXEX digital asset exchange unit. Several major banks, including Military Bank, Techcombank, and VPBank, were also named as potential participants. All have indicated they intend to begin operations only after receiving regulatory approval.
No crypto exchange licensed as pilot enters operational phase
Despite the formal opening of the licensing window, the pilot framework remains at a practical starting point. Earlier hesitancy among potential operators has been linked to Vietnam’s high capital requirements and strict eligibility rules, which set a significant entry barrier. That background helps explain why the presence of an application channel does not guarantee rapid platform launches.
Regulators have not yet announced receipt of applications or issued approvals since the licensing process began, leaving the total number of applicants and their progress unclear. For investors and market participants, this implies that Vietnam is advancing in a controlled, staged manner—establishing formal procedures and oversight before any exchange can lawfully operate under the pilot regime.
Vietnam’s strict licensing framework shapes market entry
Vietnam’s licensing framework ranks among the most stringent in the region, reflecting a cautious governmental approach to market development. Applicants must be Vietnamese legal entities with a minimum paid-in charter capital of 10 trillion dong (roughly $380 million). At least 65% of that capital must be held by institutional shareholders, favoring well-established domestic organizations. Foreign shareholding is capped at 49%, limiting overseas control and ensuring Vietnamese majority influence over licensed operators.
Taken together, these requirements indicate that Vietnam is prioritizing large-scale, institution-led platforms with substantial capital and strong governance. The regulatory emphasis appears to be on containing systemic risk and enforcing compliance standards from the outset, rather than encouraging fast, open-ended expansion across the crypto sector.