Vietnam Opens Crypto Exchange Licensing Under New Finance Rules

Source: CryptoTale Original Title: Vietnam Opens Crypto Exchange Licensing Under New Finance Rules Original Link: Vietnam will begin formally licensing cryptocurrency trading market operators from January 20, 2026, marking a key step in its pilot framework for a regulated digital asset market. The Vietnam State Securities Commission confirmed the timeline after the Ministry of Finance issued new administrative procedures governing crypto exchange licensing.

The move follows Government Resolution No. 05/2025/NQ-CP, which approved a controlled pilot for cryptocurrency trading services in Vietnam. According to the SSC, applications will be accepted under Decision No. 96/QD-BTC, dated January 20, 2026, which defines the scope, process, and oversight responsibilities for the sector.

New Licensing Framework Takes Effect

Decision No. 96/QD-BTC introduces three administrative procedures under the Ministry of Finance’s authority. These cover licensing, license adjustments, and license revocation for organizations operating cryptocurrency trading markets.

The SSC stated that applicants must follow the standardized process outlined in the new appendix. The appendix lists required documents, application steps, and compliance obligations for each procedure. The framework supports the government’s pilot approach rather than a full market rollout.

Financial Institutions Prepare for Market Entry

Industry data shows that about 10 securities firms and banks have announced plans to enter the crypto exchange market. These institutions expect to launch operations after securing regulatory approval. Within the securities sector, SSI Securities formed SSI Digital Technology Joint Stock Company in 2022. The unit, known as SSID, has expanded its digital asset initiatives in recent years.

SSID and SSI Fund Management Company signed cooperation agreements with Tether, U2U Network, and Amazon Web Services. The partnerships aim to develop a blockchain-based digital finance ecosystem using cloud infrastructure.

Meanwhile, VIX Securities contributed capital to establish the VIX Cryptocurrency Exchange, known as VIXEX. The firm also signed a cooperation agreement with FPT to prepare its technology systems.

Banks Align With Pilot Market Rules

Several banks have also announced readiness to participate once licenses are issued. Military Commercial Joint Stock Bank, known as MB, has partnered with Dunamu, the operator of a major exchange platform.

The collaboration focuses on building a Vietnam-based cryptocurrency exchange. It also covers legal frameworks, operational processes, and investor protection measures. Techcombank has established the Techcom Cryptocurrency Exchange, or TCEX, with charter capital reaching hundreds of billions of dong. Its TCBS trading platform already displays a dedicated cryptocurrency section tracking major digital assets.

VPBank has also confirmed it has prepared internal resources and systems. The bank said it will begin operations immediately after receiving regulatory approval. With capital thresholds set at 10,000 billion VND and strict ownership and staffing rules, how many firms will ultimately qualify for Vietnam’s tightly controlled crypto market pilot?

Licensing Conditions Under the Pilot Program

Resolution No. 05/2025/NQ-CP sets detailed entry requirements for service providers.

Applicants must operate as Vietnamese enterprises under the Enterprise Law. Charter capital must be fully contributed in Vietnamese dong. At least 65% of that capital must come from organizations. More than 35% must be contributed by at least two eligible institutions. These include banks, securities firms, fund managers, insurers, or technology companies.

Each entity or individual may invest in only one licensed provider. Applicants must also maintain registered offices with adequate facilities and secure technology systems.

Senior management must meet experience standards. The General Director requires at least two years in finance or related fields, while the Chief Technology Officer needs five years in information technology.

Organizations must employ at least 10 cybersecurity-certified technology staff. They must also maintain at least 10 employees holding securities professional certifications across operational departments.