Vietnam has officially initiated the regulation of its cryptocurrency sector, as the Ministry of Finance and the State Securities Commission have started accepting applications for crypto exchange licenses. This development is governed by Government Resolution No. 05/2025/NQ-CP, representing a significant move away from the previous legal ambiguity towards a structured regulatory framework.
The licensing process will run as a pilot program for five years, aimed at bringing Vietnam”s burgeoning digital asset market under regulatory oversight. The criteria for applicants include a substantial financial barrier, with a required minimum charter capital of 10 trillion VND, equivalent to approximately $380–$400 million. This capital must be fully paid in cash and in Vietnamese dong, a requirement that sets one of the highest thresholds globally for entrants into the crypto market.
Ownership regulations favor larger domestic institutions, stipulating that at least 65% of the capital must come from institutional investors. Furthermore, over 35% of this capital needs to be contributed by at least two qualifying organizations, such as commercial banks or major tech firms, which must have demonstrated profitability for at least two consecutive years. This effectively excludes smaller startups from entering the market.
Licenses will be granted solely to Vietnamese legal entities, maintaining local control over the trading infrastructure. Foreign ownership is permitted but limited to a maximum of 49%, ensuring that no single foreign entity can dominate. Additionally, all transactions on licensed exchanges must be conducted in Vietnamese dong, which restricts crypto-to-crypto trading and foreign currency exchanges.
During the pilot phase, the government plans to issue licenses to no more than five exchanges, making the approval process competitive. Despite the stringent requirements, interest from established financial institutions in Vietnam is strong. At least ten local banks and securities firms are reportedly preparing applications or creating dedicated subsidiaries for crypto operations.
Prominent institutions such as Military Bank (MBBank), Techcombank, SSI Securities, VPBank, and VIX Securities are among those that have begun formalizing their applications. VIX Securities, in particular, aims to launch a specialized virtual asset subsidiary named Vixex in the second quarter of 2026. This trend indicates that the future of cryptocurrency in Vietnam will likely be shaped by established financial entities rather than new crypto-native startups.
Licensed exchanges will face rigorous compliance with cybersecurity standards, specifically Level 4 Information System Security, which is typically applied to critical financial and governmental systems. Management requirements are also stringent, as the General Director of a licensed exchange must possess a minimum of two years of finance experience, while the Chief Technology Officer is required to have at least five years in the fintech sector.
Once the first license is awarded, a six-month grace period will commence. After this period, Vietnamese citizens using unlicensed offshore platforms may encounter legal repercussions, effectively urging the shift of domestic crypto activities towards regulated exchanges. This cautious regulatory approach outlines Vietnam”s intention to integrate cryptocurrencies into its financial framework while preventing unregulated growth.
