Vietnam has begun transferring cryptocurrency exchanges out of a long-standing authorized grey space by piloting a proper licensing regime for crypto asset buying and selling platforms.
Key Takeaways:
- Vietnam has begun formally licensing crypto exchanges after years of authorized uncertainty.
- Banks and securities companies are lining as much as enter the market underneath strict necessities.
- The transfer follows fast progress in crypto utilization throughout the nation.
Beneath Choice No. 96/QD-BTC, issued this week by the Ministry of Finance, authorities launched three new administrative procedures protecting the issuance, adjustment, and revocation of licenses for organizations that function crypto asset buying and selling platforms, in response to studies by native information retailers.
The framework locations the sector underneath the supervision of the State Securities Fee, which printed detailed steering on utility dossiers and procedures.
Vietnam’s Crypto Licensing Pilot Attracts Curiosity From Banks
The transfer alerts a shift away from years of casual tolerance, throughout which crypto buying and selling exercise flourished with no clear authorized foundation.
A number of main monetary establishments have already signaled curiosity. Round 10 securities companies and banks have introduced plans to enter the market as soon as licensing approvals are granted.
Amongst securities companies, SSI Securities established SSI Digital Expertise JSC in 2022 and has since expanded its blockchain ambitions.
Its digital unit lately partnered with Tether, U2U Community, and Amazon Internet Companies to develop blockchain-based monetary infrastructure in Vietnam.
VIX Securities has additionally contributed capital to launch the VIX Crypto Asset Change, whereas teaming up with FPT Corp. to construct out its expertise stack.
Banks are transferring in parallel. MBBank has signed a technical cooperation settlement with Dunamu, the operator of Upbit, to discover launching a regulated alternate in Vietnam.
Techcombank has already arrange the Techcom Crypto Asset Change, whereas VPBank mentioned it is able to start operations pending regulatory approval.
Participation within the pilot program comes with strict necessities underneath Authorities Decision No. 05/2025/NQ-CP.
Candidates have to be Vietnamese enterprises with a minimal paid-in constitution capital of VND10 trillion ($380 million), largely funded by institutional buyers.
They need to additionally meet detailed requirements on infrastructure, governance, and staffing, together with cybersecurity and licensed securities professionals.
The regulatory push comes as crypto utilization in Vietnam continues to increase.
JUST IN:
Vietnam launches nationwide blockchain NDAChain to energy digital IDs, good contracts & authorities data with hybrid decentralization. pic.twitter.com/FiTZpkluqE
— Whale Insider (@WhaleInsider) July 25, 2025
In accordance with Chainalysis, crypto transaction volumes in Vietnam reached an estimated $220–230 billion between July 2024 and June 2025, putting the nation among the many prime three crypto markets within the Asia-Pacific area.
Till lately, digital asset exercise operated with no clear authorized framework.
That modified with the Legislation on Digital Expertise Trade, which took impact on Jan. 1, 2026, formally bringing digital property underneath regulatory oversight.
Tether Eyes Vietnam as Subsequent Key Market
As reported, stablecoin issuer Tether is exploring partnerships with Vietnamese firms to increase crypto adoption within the nation.
Vice President Marco Dal Lago referred to as Vietnam one in every of Tether’s most “promising and strategic markets,” citing its youthful inhabitants, fast-growing financial system, and excessive remittance volumes as sturdy fundamentals for digital asset progress.
Throughout a gathering with Deputy Prime Minister Ho Duc Phoc, Lago mentioned Tether is able to share its international experience in constructing authorized frameworks that assist sustainable crypto transactions and financial improvement.
The Deputy PM emphasised Vietnam’s ambition to create an expert, well-regulated funding setting and entice worldwide capital.
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