Vietnam Launches Application Process for Cryptocurrency Exchange Licensing
Following extensive regulatory preparation, Vietnam's financial oversight authority has begun accepting applications from cryptocurrency trading platforms seeking official authorization.
The nation of Vietnam has commenced receiving applications from entities seeking authorization to run digital asset trading platforms, signaling the practical commencement of the country's extensively planned pilot initiative for establishing a regulated cryptocurrency marketplace.
On Tuesday, the State Securities Commission of Vietnam (SSC) formally launched the licensing application process, coming after the introduction of fresh administrative protocols under Decision No. 96 issued by the Ministry of Finance of Vietnam, which puts into action a resolution focused on testing a regulated crypto asset marketplace.
"Applications for the aforementioned administrative procedures will be accepted beginning January 20, 2026," the SSC said, positioning the development as a component of a more comprehensive initiative to incorporate crypto within official regulatory supervision.
The launch of the licensing application period comes after Vietnam's Law on the Digital Technology Industry became effective on Jan. 1, which establishes definitions for digital and crypto assets in legislative form for the initial time.
Although the nation acknowledges crypto assets as a form of property, it specifically denies them the status of legal tender and upholds limitations on their utilization as a payment method.
Banks and securities firms signal interest in applying
On Oct. 6, 2025, the Ministry of Finance of Vietnam verified that zero companies had submitted applications to take part in the five-year cryptocurrency pilot program at that point in time, referencing elevated capital prerequisites and stringent eligibility criteria.
Enthusiasm from local financial organizations now seems to be developing. On Wednesday, a report from Vietnam News indicated that approximately 10 securities firms and banking institutions have publicly declared their intentions and preparedness to enter the crypto asset marketplace upon receiving licensure.
The coverage underscored that these financial organizations are in the process of preparing their applications instead of running approved platforms at this stage.
Among the companies are SSI Securities, which founded SSI Digital in 2022; VIX Securities, which has made investments in its VIXEX digital asset exchange division; and multiple prominent banks, including Military Bank, Techcombank and VPBank. These financial institutions have stated that they plan to commence operations following the receipt of regulatory authorization.
Notwithstanding the procedural achievement, not a single crypto exchange has received licensing under the pilot program thus far. Vietnam's regulatory authorities have not made any announcements regarding the receipt or approval of applications since the licensing window became accessible.
Vietnam's restrictive crypto licensing framework
The crypto licensing structure established by Vietnam ranks among the most stringent in the regional area. On Sept. 9, 2025, Vietnam initiated its five-year cryptocurrency market pilot program, which establishes rigorous requirements for the sector, including a prohibition on the creation of assets that are backed by fiat currencies or securities.
According to Vietnam's legal framework, entities seeking approval must be Vietnamese organizations possessing a minimum paid-in capital of 10 trillion dong (approximately $380 million), whereas a minimum of 65% of the capital must be controlled by institutional shareholders. The maximum allowable foreign ownership stands at 49%.