Vietnam Launches Pilot Crypto Exchange Licensing Program

• The Ministry of Finance issued “Decision No. 96/QD-BTC”, introducing three new procedures.
• Licensed crypto exchanges could begin operations as early as March if all rules are met.
• A number of banks and investment firms have already shown interest in joining the market.

Vietnam has officially begun accepting applications from crypto exchanges for pilot licenses, the first time the country is bringing crypto trading platforms under a formal regulatory framework. This marks a big shift, bringing the exchanges under government rules and ending a long stretch where their legal standing was unclear.

The Ministry of Finance issued “Decision No. 96/QD-BTC”, introducing three new administrative procedures:

• Allowing companies to apply for a license to operate
• Adjusting existing licenses
• Revoking licenses when necessary

Applications are now officially accepted, and licensed crypto exchanges could begin operations as early as March 2026 if all requirements are met.

A number of banks and investment firms, including SSI Securities, Techcombank, and VPBank, have already shown they are interested in joining the market once licensing begins.

The pilot program is based on a government resolution (No. 05/2025/NQ-CP) passed in September 2025 that established a five-year test period for crypto trading and services. The new license program is a key part of this overall plan to bring the market under regulation and protect people who invest.

Strict Entry Requirements

Companies that want a license to run a crypto exchange in Vietnam face strict rules. They must:

• Be a legally registered business in Vietnam
• Have at least 10 trillion VND (about $380 million) in starting capital from approved large investors
• Ensure most of this money (over 65%) comes from institutions like banks, investment firms, or insurance companies
• Be compliant with cybersecurity, anti-money-laundering, and governance standards

The rules are designed to make sure only well-capitalized and professionally managed companies operate regulated crypto markets in Vietnam.

The country has one of the busiest crypto markets in the Asia-Pacific region. According to Chainalysis data, from mid-2024 to mid-2025, the total trading value was between $220 and $230 billion. That’s over $600 million worth of crypto traded every single day on average, showing a huge number of active users.

By licensing local trading platforms, the Vietnamese government seeks to bring all this activity under official rules, which is meant to support safer and more stable growth for the industry in the future.

Related: Vietnam to License Only Five Crypto Exchanges in Pilot Program Before 2026