Vietnam Enforces Stringent Licensing Rules for Cryptocurrency Exchanges

Vietnam has launched a comprehensive pilot licensing program for cryptocurrency exchanges, while banks, brokers, and Tether are working on regulatory frameworks for digital asset platforms.

Vietnam has kicked off a pilot licensing initiative for cryptocurrency exchanges, shifting the industry from an unregulated environment to a structured legal framework, as indicated in recently released government documents.

The Ministry of Finance has issued Decision No. 96/QD-BTC, detailing three administrative procedures regarding the issuance, modification, and revocation of licenses for entities operating crypto asset trading platforms. The State Securities Commission will oversee this sector and has provided comprehensive guidelines on application criteria and processes.

This new framework signifies a significant transformation from past years when cryptocurrency trading took place without clear legal acknowledgment. Reports indicate that around ten securities firms and banks are keen to enter the market once they obtain their licenses.

In 2022, SSI Securities launched SSI Digital Technology JSC to explore blockchain initiatives. Their digital subsidiary has recently teamed up with Tether, U2U Network, and Amazon Web Services to develop blockchain-based financial systems in Vietnam. VIX Securities has also invested in launching the VIX Crypto Asset Exchange and is partnering with FPT Corp. for technological innovations.

Banking institutions have expressed their intentions to participate as well. MBBank has entered a technical cooperation agreement with Dunamu, the operator of the South Korean exchange Upbit, to explore establishing a regulated exchange in Vietnam. Techcombank has developed the Techcom Crypto Asset Exchange, and VPBank is prepared to begin operations upon receiving regulatory approval.

According to Government Resolution No. 05/2025/NQ-CP, stringent eligibility criteria have been established for participants in this pilot program. Applicants must be Vietnamese enterprises with a minimum paid-up charter capital of VND10 trillion, primarily sourced from institutional investors. Additionally, companies must satisfy extensive requirements related to infrastructure, governance, staffing, and cybersecurity measures conducted by licensed securities professionals.

Vietnam’s cryptocurrency transaction volumes are projected to reach record levels between July 2024 and June 2025, positioning the country among the top three crypto markets in the Asia-Pacific region, as reported by blockchain analytics firm Chainalysis.

Previously, digital asset operations existed without explicit legal recognition until the Law on Digital Technology Industry came into effect on January 1, 2026, instituting regulatory oversight for digital assets.

Tether is actively pursuing partnerships with Vietnamese companies to enhance cryptocurrency adoption within the country. Representatives from the company indicate that Vietnam is seen as one of Tether’s most promising and strategic markets, due to its youthful demographic, growing economy, and substantial remittance flows that favor digital asset growth.

During conversations with Deputy Prime Minister Ho Duc Phoc, Tether representatives expressed their readiness to share expertise in crafting legal frameworks that support cryptocurrency transactions and economic development. The deputy prime minister emphasized Vietnam’s ambition to establish a professionally regulated investment environment to attract international capital, as noted in official statements.