Lede
The State Securities Commission of Vietnam (SSC) has officially opened the licensing window for digital asset trading platforms, marking a pivotal step in the operational start of the country’s regulated crypto market pilot. Vietnam has began accepting applications for these licenses as part of a long-planned initiative to oversee digital asset commerce within its borders. This development follows the SSC’s official opening of the licensing window on Tuesday. While the process is now formally underway, the SSC has specified that applications for the required administrative procedures will be accepted beginning January 20, 2026. This move aims to bring digital asset activities under a structured regulatory framework, allowing the government to monitor and govern the sector more closely.
This process is a key component of the state’s strategy to balance technological innovation with financial oversight, ensuring that the development of the digital asset sector does not occur in a regulatory vacuum. The initiative provides a legal pathway for companies to operate exchanges, provided they can meet the rigorous standards established by the commission. By formalizing this window, the SSC is providing a clear timeline for businesses to prepare their documentation and align their operations with national standards. The announcement serves as a signal to the broader industry that Vietnam is transitioning toward a more governed approach to digital asset management. This transition is expected to transform how digital asset trading is conducted, moving it from an unregulated space into a formalized environment that aligns with the nation’s broader digital technology goals.
Context
The current licensing phase follows several significant legislative developments aimed at defining the role of crypto assets in Vietnam. On January 1, the country’s Law on the Digital Technology Industry came into force, defining digital and crypto assets in statute for the first time. Under this law, the country recognizes crypto assets as property but explicitly excludes them from legal tender status. This distinction means that while digital assets can be owned, they are restricted from being used as a lawful means of payment. This foundation was established to provide clear boundaries for the market before the commencement of formal licensing procedures.
The legislative groundwork also includes a five-year crypto market pilot, which Vietnam launched on September 9, 2025. This pilot program was designed to test the feasibility of a regulated market and evaluate potential risks to the financial system. Despite the launch of the program, a report from Vietnam’s Ministry of Finance on October 6, 2025, confirmed that no companies had applied to participate in the five-year crypto pilot at that time. Regulators attributed this lack of early applications to the high capital requirements and strict eligibility conditions that potential operators must meet. By establishing these legal parameters, the government has attempted to create a controlled environment that ensures digital assets remain strictly categorized as property while moving forward with the administrative phases of the newly opened licensing window.
Impact
The formal opening of the licensing window has prompted a notable response from established domestic financial institutions. Approximately 10 securities companies and banks have publicly announced their plans and readiness to participate in the crypto asset market once they are officially licensed. These organizations are currently preparing their applications to ensure they meet the State Securities Commission’s rigorous requirements. Notable entities that have signaled their intent to enter the market include:
- SSI Securities, which proactively established its digital unit, SSI Digital, in 2022.
- VIX Securities, which has made significant investments in its VIXEX digital asset exchange unit.
- Major banking institutions, including Military Bank, Techcombank, and VPBank.
These institutions have indicated that they will launch their digital asset operations only after they have received the necessary regulatory approvals from the state. The move toward a regulated market is expected to encourage a more structured environment for digital asset trading, as these major institutions bring their established infrastructure and compliance standards to the sector. This collective interest from the traditional financial sector suggests that the high entry requirements are not a barrier for the country’s largest players, who are positioning themselves to lead the transition into a regulated digital asset environment. The preparation of these applications is a critical step toward the 2026 submission date, as these firms look to secure a dominant position in the governed market.
Outlook
The future of Vietnam’s digital asset landscape will be defined by the restrictive conditions of its licensing framework and the ongoing five-year pilot program. To qualify for a license, applicants must be Vietnamese entities with a minimum paid-in capital of 10 trillion dong, which is approximately $380 million. The ownership structure of these platforms is also tightly controlled; at least 65% of the capital must be held by institutional shareholders, and foreign ownership is strictly capped at 49%. These requirements ensure that only well-capitalized domestic institutions can lead the development of the regulated market.
Furthermore, the pilot program maintains specific prohibitions to protect the broader financial system. This includes banning the issuance of digital assets that are backed by fiat currencies or traditional securities. Such restrictions significantly narrow the scope of the products that can be offered, reflecting a cautious regulatory philosophy that prioritizes stability. As the January 20, 2026, date for accepting administrative procedures approaches, the market will monitor how many of the 10 interested firms can successfully navigate these high capital hurdles. These conditions represent a significant barrier to entry designed to ensure only the most stable and well-funded entities operate within the country’s regulated framework. Whether these requirements will be adjusted as the five-year pilot progresses remains to be seen, but they currently establish a high threshold for participation in the nation’s burgeoning digital asset sector.
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