Vietnam is moving closer to launching its regulated crypto exchange market, but the first license has yet to arrive. Five companies have now passed an initial assessment under the country’s five-year digital asset pilot, marking an important step towards approval. Still, clearing the review does not allow any of the applicants to begin operating.
Five firms move forward
To Tran Hoa, deputy standing head of the Digital Asset Trading Market Board under Vietnam’s State Securities Commission, revealed the progress at the Vietnam RWA Summit 2026. Authorities have not identified the five companies or given a timeline for final licensing decisions.
Under Resolution No. 05/2025/NQ-CP, applicants need at least 10 trillion Vietnamese dong, or roughly $383 million, in contributed charter capital. Institutional shareholders must provide at least 65%, while more than 35% needs to come from at least two qualifying organizations such as banks, securities firms, insurers, fund managers or technology companies.
Security requirements add another hurdle. Applicants must meet Level 4 information-system security standards before operating. Other rules cover custody, transaction monitoring, internal controls and customer complaints, alongside anti-money laundering and investor verification requirements.
Penalties start September 1
Decree No. 284/2026/ND-CP takes effect on September 1, introducing fines for violations during Vietnam’s crypto pilot. Organizations operating or advertising an exchange without a license can face penalties of 180 million to 200 million dong, while authorities may also order offending websites, software and trading systems to be removed.
Domestic traders, however, will not immediately be penalised simply for using overseas or unlicensed platforms. A separate six-month transition period begins only after the Ministry of Finance approves Vietnam’s first crypto asset service provider.
Because no license has been issued, that countdown has not started. Once the first provider receives approval, Vietnamese investors will have six months before covered crypto trading must move to licensed domestic platforms.
