- The SSC launched the licensing process after the Ministry of Finance issued Decision No. 96.
- Banks and brokerages, including SSI, VIX and major lenders, are preparing to apply.
- Regulations require 10 trillion dong in capital, 65% institutional ownership, and a 49% foreign ownership cap.
Vietnam has officially moved closer to establishing a regulated cryptocurrency market by opening the application window for licenses to operate digital asset trading platforms.
This step puts the long-planned national pilot program into motion, creating a framework 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 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 program Vietnam has been developing for several years.
Even with the licensing process now formally opened, the market remains at an early stage.
No platforms have yet been licensed, and regulators have not announced any approvals since the application window began.
SSC opens licensing window under new procedures
The SSC confirmed that applications under the new administrative procedures will be accepted starting 20 January 2026.
The Ministry of Finance issued Decision No. 96 as part of implementing the state resolution to pilot a regulated crypto asset market.
The SSC described the move as a step toward bringing cryptocurrencies 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 1 January, defining digital assets and crypto in statute for the first time.
Under the law, Vietnam recognizes crypto assets as property while explicitly excluding them from legal tender status.
The country also maintains restrictions on the use of crypto as a means of payment, keeping the pilot focused on regulated market activities rather than consumer payments.
Domestic banks and securities firms preparing applications
Although the licensing window marks progress, Vietnam’s regulated crypto market is still waiting for actual approvals.
Early interest from domestic financial firms is already visible.
Vietnam News reported that around 10 securities firms and banks have publicly announced plans and readiness to participate in the crypto asset market once licenses are granted.
The report emphasized that these institutions are preparing applications rather than already operating approved platforms.
Named firms include SSI Securities, which set up SSI Digital in 2022.
Another is VIX Securities, which has invested in the VIXEX digital asset exchange unit.
Several large banks are also listed, including Military Bank, Techcombank and VPBank.
These institutions have indicated they will begin operations only after receiving regulatory approval.
No licensed exchanges yet as pilot enters operational phase
Even with the licensing window open, the pilot framework remains practically at the starting line.
Earlier skepticism about the pilot centered on Vietnam’s high capital thresholds and strict eligibility rules, which set a tough entry bar for potential operators.
That context matters because the current application process does not guarantee rapid platform launches.
Vietnamese regulators have not announced any accepted or approved applications since the licensing window opened, so the number of applicants and their progress remain unclear.
For investors and market participants, this signals that Vietnam is moving cautiously and incrementally, advancing official procedures before any exchanges can lawfully 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, raising the entry bar in favor of established domestic firms.
Foreign ownership is capped at 49%, limiting overseas participation and reinforcing Vietnam’s control over licensed operators.
Taken together, these requirements indicate Vietnam is prioritizing large-scale, institution-led platforms with solid capital bases.
The emphasis appears to be on controlling systemic risk and ensuring compliance standards from the outset, rather than allowing rapid, open expansion across the crypto sector.