Vietnam has launched a pilot program to license cryptocurrency exchanges, aiming to carry the quickly rising market into a proper authorized framework after years of regulatory uncertainty.
Vietnam’s Crypto Licensing Pilot Begins
On Tuesday, Vietnam started its pilot licensing regime to formally regulate crypto buying and selling platforms within the nation for the primary time, in an effort to steadily transfer the sector from the shadows right into a correctly supervised framework underneath the native monetary authorities.
In keeping with native reportsthe Ministry of Finance issued Determination No. 96/QD-BTC on January 20, introducing procedures crucial for the implementation of Authorities Decision No. 05/2025/NQ-CP.
The three new administrative procedures cowl the issuance, modification, and revocation of licenses for entities working crypto asset buying and selling platforms. The Ministry introduced that it started accepting functions from companies searching for to supply crypto asset buying and selling providers.
For context, the nation’s cryptocurrency market lacked a transparent authorized framework, present in an unsupervised, “grey space.” Final 12 months, the Nationwide Meeting handed the “Legislation on Digital Expertise Trade,” which took impact on January 1, 2026, to create a basis for authorities to develop appropriate administration insurance policies.
In September, Vietnam’s Deputy Prime Minister Ho Duc Phoc signed Authorities Decision No. 05/2025/NQ-CP, permitting a five-year pilot program for the issuance and buying and selling of crypto property.
As reported by Bitcoinist, underneath Decision No. 05, organizations searching for to offer providers for crypto buying and selling markets have to be registered with the monetary authorities and absolutely adjust to a strict algorithm, together with a minimal contributed constitution capital of VND10 trillion, price round $380.66 million.
Notably, no less than 65% of the constitution capital have to be held by institutional traders, with greater than 35% contributed by no less than two establishments akin to business banks, securities corporations, fund administration corporations, insurance coverage corporations, or know-how enterprises.
The overall director will need to have no less than two years of expertise in finance, whereas the CTO will need to have no less than 5 years of expertise in info know-how. Furthermore, companies should rent no less than 10 know-how workers with cybersecurity certificates and no less than 10 workers with securities follow certificates working in different departments.
Monetary Establishments Dive Into Digital Belongings
Following the issuance of Decision No. 05, main monetary gamers, together with securities corporations and banking establishments, have introduced their intention to take part within the pilot and enter the sector, famous the report.
In June, two SSI’s subsidiaries, SSI Digital Expertise JSC and SSI Asset Administration Firm Restricted, signed Memorandums of Understanding with Tether, U2U Community, and Amazon Net Companies to develop a digital monetary ecosystem in Vietnam primarily based on blockchain and cloud computing platforms.
As well as, VIX Securities contributed capital to determine the VIX Crypto Asset Alternate and partnered with tech big FPT Corp. to arrange its technological infrastructure.
In the meantime, the banking sector noticed MBBank enter a technical cooperation settlement with Dunamu, the operator of the Korean change Upbit, to determine a crypto change in Vietnam whereas collectively creating the authorized framework and investor safety mechanisms.
Techcombank additionally established the Techcom Crypto Asset Alternate with a constitution capital of a number of hundred billion VND. Equally, VPBank said that it’s absolutely ready to start operations as quickly because it receives regulatory approval.
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