Vietnam pilots strict licensing regime for crypto exchanges

Vietnam launches a strict pilot licensing regime for crypto exchanges as banks, brokers, and Tether move to build regulated digital asset platforms.

Vietnam has initiated a pilot licensing program for cryptocurrency exchanges, moving the sector from an informal regulatory status into a formal legal framework, according to government documents released this week.

The Ministry of Finance issued Decision No. 96/QD-BTC, introducing three administrative procedures covering the issuance, adjustment, and revocation of licenses for organizations operating crypto asset trading platforms. The State Securities Commission will oversee the sector and has published detailed guidance on application requirements and procedures.

The framework represents a departure from previous years during which cryptocurrency trading activity operated without explicit legal authorization. Approximately ten securities firms and banks have announced intentions to enter the market upon receiving licensing approvals, according to industry reports.

SSI Securities established SSI Digital Technology JSC in 2022 to pursue blockchain initiatives. The digital subsidiary recently formed partnerships with Tether, U2U Network, and Amazon Web Services to develop blockchain-based financial infrastructure in Vietnam, according to company statements. VIX Securities has invested capital to launch the VIX Crypto Asset Exchange and partnered with FPT Corp. on technology development.

Banking institutions have also announced plans to participate. MBBank signed a technical cooperation agreement with Dunamu, the operator of South Korean exchange Upbit, to explore launching a regulated exchange in Vietnam. Techcombank established the Techcom Crypto Asset Exchange, while VPBank stated it is prepared to commence operations pending regulatory approval.

Government Resolution No. 05/2025/NQ-CP establishes strict eligibility criteria for pilot program participants. Applicants must be Vietnamese enterprises with minimum paid-in charter capital of VND10 trillion, predominantly funded by institutional investors. Companies must also satisfy detailed standards on infrastructure, governance, and staffing, including cybersecurity capabilities and licensed securities professionals.

Cryptocurrency transaction volumes in Vietnam reached an estimated record level between July 2024 and June 2025, placing the country among the top three crypto markets in the Asia-Pacific region, according to blockchain analytics firm Chainalysis.

Digital asset activity previously operated without explicit legal authorization until the Law on Digital Technology Industry took effect on Jan. 1, 2026, formally establishing regulatory oversight for digital assets.

Stablecoin issuer Tether is exploring partnerships with Vietnamese companies to expand cryptocurrency adoption in the country, according to company representatives. A Tether vice president described Vietnam as one of the company’s most promising and strategic markets, citing the country’s young population, expanding economy, and high remittance volumes as favorable conditions for digital asset growth.

During a meeting with Deputy Prime Minister Ho Duc Phoc, Tether representatives stated the company is prepared to share expertise in developing legal frameworks supporting cryptocurrency transactions and economic development. The deputy prime minister emphasized Vietnam’s objective to establish a professionally regulated investment environment and attract international capital, according to official statements.