Vietnam has begun accepting license applications for digital asset trading platforms, marking the operational launch of its long-anticipated pilot program for a regulated crypto market.
The State Securities Commission of Vietnam (SSC) opened the licensing window on Tuesday after the Ministry of Finance issued new administrative procedures under Decision No. 96, which implements a government resolution on piloting a regulated crypto asset market. According to the SSC, applications will be accepted starting Jan. 20, 2026, as part of broader efforts to bring crypto activities under formal regulatory oversight.
The move follows the implementation of Vietnam’s Law on the Digital Technology Industry, which took effect on Jan. 1 and, for the first time, legally defines digital and crypto assets. While the law recognizes crypto assets as property, it excludes them from legal tender status and continues to prohibit their use as a means of payment.
Banks and securities firms show early interest
As of Oct. 6, 2025, the Ministry of Finance had confirmed that no companies had applied to join the five-year crypto pilot, citing high capital thresholds and stringent eligibility requirements. However, interest from domestic financial institutions now appears to be growing.
Vietnam News reported on Wednesday that around 10 securities firms and banks have publicly announced plans and readiness to participate in the crypto asset market once licensed. These institutions are currently preparing applications rather than operating approved platforms.
Among them are SSI Securities, which launched SSI Digital in 2022; VIX Securities, through its investment in the VIXEX digital asset exchange unit; and major banks such as Military Bank, Techcombank and VPBank. All indicated that operations would begin only after receiving regulatory approval.
Despite this progress, no crypto exchange has yet been licensed under the pilot framework, and regulators have not announced the receipt or approval of any applications since the window opened.
A tightly controlled licensing regime
Vietnam’s crypto licensing framework is one of the most restrictive in the region. The five-year pilot program, launched on Sept. 9, 2025, imposes strict conditions, including a ban on issuing crypto assets backed by fiat currencies or securities.
Applicants must be Vietnamese entities with a minimum paid-in capital of 10 trillion dong (approximately $380 million), with at least 65% held by institutional shareholders. Foreign ownership is capped at 49%, further limiting participation from overseas firms.
