Key Highlights
- Vietnam’s SSC has opened the window for firms to apply for crypto exchange licenses.
- Applicants must hold a minimum paid-in charter capital of VND 10,000 billion to qualify.
- The framework prioritizes institutional ownership and specialized staff with proven financial expertise.
The Vietnamese State Securities Commission (SSC) officially started accepting license applications for organizing cryptocurrency trading markets on January 20. This step, taken under the Ministry of Finance’s new rules, seeks to make the digital asset sector official by moving from a grey market to a regulated pilot program.
Following Decision No. 96/QD-BTC, the regulator is now reviewing requests for granting, adjusting, and revoking licenses for entities wanting to run legal trading platforms. The new regulatory framework sets high barriers for potential market operators.
Strict capital requirements
As stated in Government Resolution No. 05/2025/NQ-CP, any organization looking to provide these services must be a Vietnamese enterprise with a minimum paid capital of 10,000 billion VND, fully contributed in Vietnamese Dong. The shareholder structure is also tightly defined, requiring at least 65% of the capital to be owned by organizations.
Within that share, over 35% must come from at least two institutional investors, such as commercial banks, securities firms, fund managers, insurance companies, or tech firms. Additionally, the rules prevent any individual or entity from holding stakes in more than one licensed cryptocurrency service provider.
Professional staffing standards
The requirements for personnel and infrastructure are also strict. The General Director must have at least two years of experience in traditional finance sectors, including banking or insurance.
The Chief Technology Officer needs a minimum of five years of experience in information technology. Operations must include at least ten tech staff members with cybersecurity certifications and another ten personnel holding professional securities certifications.
Vietnam’s approach to crypto market
The licensing phase follows several years of preparation by private companies. Since 2022, major financial entities in Vietnam have been preparing for this change.
SSI Securities established its digital technology unit, SSI Digital, which has formed partnerships with Tether, U2U Network, and Amazon Web Services. Similarly, VIX Securities has invested in its own exchange, VIXEX, while banks such as MB and Techcombank have formed technical partnerships and incorporated cryptocurrency tracking capabilities into their existing infrastructure.
This regulation causes the previously unregulated space to become a structured pilot program administered by the Ministry of Finance.
Future market implications
The framework signals a future where digital assets are part of the broader Vietnamese financial system under strict state oversight. By requiring capital and the involvement of established financial institutions, the government seems to prioritize market stability and investor protection over quick, decentralized growth.
As the SSC starts reviewing the first applications, the outcome of this pilot may determine whether Vietnam becomes a regional hub for regulated digital finance or continues to limit broader retail adoption.
Also Read: Moldova Plans to Regulate Crypto Trading With First Law in 2026
