TL;DR
- Vietnam’s SSC began taking license applications for digital asset trading platforms on Jan. 20, 2026, under Ministry of Finance Decision No. 96.
- It follows the Jan. 1 Digital Technology Industry law defining digital and crypto assets as property, while excluding them from legal tender.
- Restrictive pilot: five year program bans fiat or securities backed issuance, requires 10 trillion dong ($380 million) capital, 65% institutional ownership, and 49% foreign cap.
Vietnam has begun accepting license applications for digital asset trading platforms, a move that effectively switches on its pilot for a regulated crypto asset market. By turning a policy pilot into an open application process, regulators are signaling that oversight is moving from theory to execution. The State Securities Commission (SSC) said applications under new administrative procedures will be accepted starting Jan. 20, 2026, after Vietnam’s Ministry of Finance issued Decision No. 96. The step positions the SSC as the gatekeeper. Officials have not confirmed receiving or approving any exchange applications so far.
Vietnam’s Licensing window and guardrails
The licensing window also follows a broader legal milestone that sets the perimeter for supervision. By defining digital and crypto assets in statute, Vietnam is building a clearer compliance baseline for market participants. The Law on the Digital Technology Industry took effect on Jan. 1 and, for the first time, defines digital and crypto assets in Vietnamese law. The framework recognizes crypto assets as property, but explicitly excludes them from legal tender status and keeps restrictions on using them as a means of payment. That distinction preserves monetary policy while allowing regulated trading activity.
Momentum appears to be building among domestic incumbents, but the regime remains cautious by design. Financial institutions are lining up to participate, while making it clear they will wait for approvals before launching. On Oct. 6, 2025, the Ministry of Finance said no companies had applied to the five year pilot, citing high capital requirements and strict eligibility conditions. A Vietnam News report said around 10 securities firms and banks signaled readiness, including SSI Securities, VIX Securities, Military Bank, Techcombank, and VPBank. The report said these groups are preparing applications, not operating licensed platforms.
Entry terms underline why regulators see this as a controlled rollout rather than a free for all. Vietnam’s pilot framework sets a high bar that favors well capitalized local entities and limits foreign ownership. The five year pilot launched Sept. 9, 2025 and bans issuing assets backed by fiat currencies or securities. Applicants must be Vietnamese entities with paid in capital of 10 trillion dong, $380 million, and at least 65% of capital held by institutional shareholders. Foreign ownership is capped at 49%, and no approvals have been announced since the window opened.
