TL;DR
- Vietnam’s SSC started taking license functions for digital asset buying and selling platforms on Jan. 20, 2026, below Ministry of Finance Choice No. 96.
- It follows the Jan. 1 Digital Expertise Trade legislation defining digital and crypto property as property, whereas excluding them from authorized tender.
- Restrictive pilot: 5 yr program bans fiat or securities backed issuance, requires 10 trillion dong ($380 million) capital, 65% institutional possession, and 49% international cap.
Vietnam has begun accepting license functions for digital asset buying and selling platforms, a transfer that successfully switches on its pilot for a regulated crypto asset market. By turning a coverage pilot into an open utility course of, regulators are signaling that oversight is shifting from idea to execution. The State Securities Fee (SSC) stated functions below new administrative procedures shall be accepted beginning Jan. 20, 2026, after Vietnam’s Ministry of Finance issued Choice No. 96. The step positions the SSC because the gatekeeper. Officers haven’t confirmed receiving or approving any alternate functions to this point.
Licensing window and guardrails
The licensing window additionally follows a broader authorized milestone that units the perimeter for supervision. By defining digital and crypto property in statute, Vietnam is constructing a clearer compliance baseline for market contributors. The Regulation on the Digital Expertise Trade took impact on Jan. 1 and, for the primary time, defines digital and crypto property in Vietnamese legislation. The framework acknowledges crypto property as property, however explicitly excludes them from authorized tender standing and retains restrictions on utilizing them as a way of fee. That distinction preserves financial coverage whereas permitting regulated buying and selling exercise.
Momentum seems to be constructing amongst home incumbents, however the regime stays cautious by design. Monetary establishments are lining as much as take part, whereas making it clear they are going to look forward to approvals earlier than launching. On Oct. 6, 2025, the Ministry of Finance stated no firms had utilized to the 5 yr pilot, citing excessive capital necessities and strict eligibility situations. A Vietnam Information report stated round 10 securities companies and banks signaled readiness, together with SSI Securities, VIX Securities, Army Financial institution, Techcombank, and VPBank. The report stated these teams are getting ready functions, not working licensed platforms.
Entry phrases underline why regulators see this as a managed rollout reasonably than a free for all. Vietnam’s pilot framework units a excessive bar that favors effectively capitalized native entities and limits international possession. The 5 yr pilot launched Sept. 9, 2025 and bans issuing property backed by fiat currencies or securities. Candidates have to be Vietnamese entities with paid in capital of 10 trillion dong, $380 million, and a minimum of 65% of capital held by institutional shareholders. Overseas possession is capped at 49%, and no approvals have been introduced because the window opened.
