Vietnam Announces Five Crypto Exchange Applicants Pass Initial Review

Vietnam’s State Securities Commission reported that five cryptocurrency‑exchange applicants have passed an initial assessment required by the country’s five‑year digital‑asset market pilot. The companies still need to meet further requirements before a license can be granted.

Key requirements for licensing

• Each applicant must raise at least 10 trillion Vietnamese dong (about $383 million) in charter capital, contributed in dong.
• At least 65 % of the capital must come from institutional shareholders, with a minimum of 35 % contributed by at least two qualifying organisations such as commercial banks, securities firms, fund managers, insurers or technology companies.
• Applicants must obtain a Level 4 information‑system security certification, assessed by the Ministry of Public Security.
• Additional criteria cover management qualifications, custody arrangements, transaction monitoring, internal controls, conflict‑of‑interest management, customer‑complaint handling, anti‑money‑laundering systems and investor‑identity verification.

New penalties under Decree 284

Effective September 1, Decree No. 284/2026/ND‑CP introduces fines for violations of the pilot’s rules. Organizations providing unlicensed services, advertising unauthorized exchanges, or failing in AML and customer‑data safeguards face penalties ranging from 180 million to 200 million dong. Licensed providers can be fined for not separating customer assets or for inadequate transaction monitoring.

Impact on domestic traders

Domestic investors are not immediately subject to fines for using offshore platforms. Article 9 of the decree sets a fine of 30 million to 50 million dong for organisations, with half that amount for individuals, but this only becomes enforceable six months after the Ministry of Finance issues its first exchange license. Since no license has been granted, the six‑month countdown has not started.

Next steps

The Ministry of Finance’s issuance of the first crypto‑exchange license will trigger the six‑month transition period, after which domestic traders must route covered crypto trading through licensed Vietnamese providers. No timeline has been announced for final licensing decisions, and the identities of the five firms have not been disclosed.