Vietnam launches pilot licensing for crypto exchanges

Vietnam launches a pilot licensing regime for crypto exchanges, requiring strict standards. Major banks and securities firms are preparing to join, aiming to standardize and stabilize the sector.

Vietnam has introduced a pilot licensing regime for cryptocurrency exchanges, ending years of legal uncertainty and establishing a clear regulatory framework. Under Decision No. 96/QD-BTC, the Ministry of Finance and State Securities Commission have set out detailed procedures for licensing, adjusting, and revoking crypto exchange permits. Applicants must be Vietnamese enterprises with substantial paid-in capital, transparent shareholder structures, and strong governance, technology, and staffing standards. This move has attracted interest from major banks and securities firms, with about 10 institutions preparing to enter the market once licensed. The five-year pilot program aims to standardize the digital asset sector, protect investors, and align with global regulatory trends. The initiative is expected to evolve under the Law on Digital Technology Industry, effective January 2026, with immediate focus on clear guidance and the launch of the first licensed operators.