Vietnam Aims for First Licensed Crypto Service Providers to Launch in 2026

Vietnam’s regulators have set a target for the first licensed crypto‑asset service providers to begin operating in 2026. The timeline was announced by Deputy Minister of Finance Nguyen Duc Chi during a meeting with the Austrian Financial Market Authority in Vienna.

Five‑Year Pilot Framework

The country’s crypto market is being developed under a five‑year pilot introduced by Resolution No. 05/2025/NQ‑CP. The pilot covers crypto‑asset issuance, trading, custody and licensed service providers. New enforcement rules under Decree No. 284/2026/ND‑CP took effect on September 1, establishing fines for unauthorized activities and compliance failures.

Licensing Process and Requirements

Since January, the Ministry of Finance has administered an administrative procedure for crypto‑exchange licenses. Applicants must be Vietnamese enterprises with at least 10 trillion VND in paid‑in charter capital, with a minimum of 65 % of that capital coming from institutional shareholders. Foreign ownership is capped at 49 % and at least 35 % of capital must be contributed by two or more qualifying organizations such as banks, securities firms, fund managers, insurers or technology companies.

Five companies have passed an initial assessment under the pilot, but no final exchange license had been issued as of August 30. Passing the assessment does not yet authorize operation of a trading platform.

Key Applicants

• VPBank‑linked CAEX, backed by OKX Ventures and HashKey Capital.
• SSI Digital Technology, partnering with South Korean exchange Bithumb.
• Affiliates of Techcombank, VPBank, LPBank, VIX Securities and Sun Group.

Regulatory Focus

The State Securities Commission (SSC) is drafting supervision rules that emphasize risk management, investor‑asset protection and anti‑money‑laundering (AML) controls, drawing on Financial Action Task Force (FATF) recommendations. Vietnam is seeking regulatory experience from Austria and the European Union, with plans for technical exchanges through IOSCO and direct expert meetings.

Penalties and Transition

Organizations providing crypto services without a license can face fines of 180 million to 200 million VND. Licensed providers may be penalized for failures in asset segregation, transaction monitoring, account verification and AML compliance. Domestic investors will be required to trade only through licensed platforms after the first license is issued, triggering a six‑month transition period.

Outlook

SSC Chairwoman Vu Thi Chan Phuong indicated that the framework aims to protect investors and ensure market integrity. If the licensing process proceeds as planned, the first regulated crypto‑exchange activity could commence as early as the third quarter of 2026.