Points of Focus  

• Vietnam launches crypto exchange licensing pilot with ~$400M capital requirement.  
• Only domestic firms are eligible. Foreign ownership capped at 49%.  
• Major banks and securities firms are already preparing applications.

Vietnam’s State Securities Commission began accepting applications for licensed cryptocurrency trading platforms on January 21, 2026, under a tightly controlled pilot regime that sets a minimum charter capital requirement of 10 trillion Vietnamese dong ($400 million), effectively limiting participation to large domestic banks and securities firms.

What the Crypto Asset framework is about 

The framework, operationalizing Resolution No. 05/2025/NQ-CP and last year’s crypto law recognizing digital assets as property, restricts eligibility to Vietnamese enterprises with foreign ownership capped at 49%. Applicants must meet stringent staffing, infrastructure, and compliance standards, reflecting Vietnam’s focus on investor protection and AML oversight while transitioning from legal recognition to active supervision.

At least 10 major domestic institutions have signaled interest, including SSI Securities (via subsidiary SSI Digital), VIX Securities, Military Commercial Joint Stock Bank (partnered with Upbit operator Dunamu), Techcombank, and VPBank, many of which have spent years preparing infrastructure and partnerships in anticipation of clearance.

Remitano, a regional exchange operating in Vietnam since 2014, described the development as a net positive: “Vietnam’s recent regulatory developments are a net positive for the crypto ecosystem, with clear long-term potential to support the country’s ambition of becoming a regional blockchain hub. That said, implementation will be critical.” The firm expects an initial split market, with some users migrating to licensed platforms while others continue using international exchanges until local liquidity, fees, and products improve.

The high capital barrier and domestic-only rules is the direct opposite of lighter regimes seen in Hong Kong and Singapore, where control is placed above broad participation. Vietnam remains on the FATF grey list, highlighting ongoing AML concerns despite high retail crypto adoption. The pilot will test whether strict oversight can foster a compliant market without stifling growth.

Restricted access and institutional dominance

For users in Vietnam, the $400 million capital threshold and domestic-only rules signal a highly restricted market. From all indications, access will likely be limited to platforms backed by large institutions, offering better AML compliance and investor protection but potentially higher fees and lower liquidity than global exchanges. 

While the pilot could legitimize crypto activity and attract institutional participation, it risks pushing retail users toward unregulated offshore platforms or self-custody until local offerings mature.

Vietnam could yet emerge from this as a regional hub under strict oversight, but only if licensed exchanges are able to deliver competitive products. However, if barriers squeeze out competition, adoption may remain fragmented. The high entry cost effectively creates a small, bank-dominated market, which would have institutions scrambling to secure licenses and build usable platforms.