Vietnam launches pilot licensing for crypto-asset market operators
Wednesday, 07:21, 21/01/2026
VOV.VN – Vietnam has begun a pilot licensing programme for crypto-asset market service providers, marking a significant step toward bringing the fast-growing sector under formal state regulation after years of operating in a legal grey area.
From January 20, 2026 authorities started accepting applications for licences related to the organisation and operation of crypto-asset trading markets. The pilot is being implemented under a government resolution aimed at testing regulatory mechanisms before broader application.
The Ministry of Finance said it has introduced three new administrative procedures on a trial basis: the issuance, amendment and revocation of licences for entities providing crypto-asset market services. The move signals a cautious but structured approach aligned with international regulatory practices, while strengthening state oversight of a rapidly expanding market.
Crypto assets are digital assets created and recorded using cryptographic technology, including cryptocurrencies such as Bitcoin and Ethereum, various tokens representing value or financial rights, and non-fungible tokens (NFTs) that certify ownership of unique digital assets.
According to blockchain analytics firm Chainalysis, Vietnam recorded an estimated US$220-230 billion in cryptocurrency transaction value between July 2024 and June 2025, averaging more than US$600 million per day. That places Vietnam among the three largest crypto markets in the Asia-Pacific region, behind only India and the Republic of Korea, accounting for nearly 10% of regional transaction volume.
Crypto assets are increasingly used in Vietnam for remittances, online gaming and asset accumulation. However, the absence of a clear legal framework has long raised concerns over investor protection, market integrity and financial risks.
The pilot licensing scheme coincides with broader legislative efforts. Vietnam’s National Assembly has passed the Law on Digital Technology Industry, in effect on January 1, 2026, which for the first time formally brings digital assets within the scope of national law.
In parallel, the government’s Resolution No. 05 allows a five-year pilot for the issuance and trading of crypto assets, providing room for policy testing, risk assessment and refinement of regulatory models before nationwide implementation.
Analysts said placing crypto assets within a legal framework will help steer Vietnam’s crypto market toward greater transparency and sustainability. It is expected to curb speculative risks, tighten oversight of unregulated platforms and support Vietnam’s ambition to position itself as a regulated crypto-asset hub in Asia.
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