Jan 21, 2026
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Vietnam Issues Crypto Exchange Licenses; Major Banks Ready for Entry
Vietnam has officially begun accepting applications for crypto exchange licenses under a new pilot program, aiming to regulate a market previously in a legal gray area.
- The Ministry of Finance issued procedures on Jan. 20 for licensing, including issuance, amendment, and revocation.
- Applications require complete documentation and can be processed within 30 days, but IT security certification from the Ministry of Public Security may extend timelines.
- Organizations must meet a funding minimum of VND 10 trillion ($380 million), with at least 65% from institutional shareholders. At least two institutional investors must contribute over 35%.
Major Banks Entering the Market
- Five major banks and investment firms plan to participate once licensed.
- MBBank has a technical cooperation agreement with Dunamu, operator of South Korea’s Upbit exchange.
- SSI Securities partnered with Tether and Amazon Web Services on crypto technology systems.
- VIX Securities established the VIX Digital Asset Exchange, and Techcombank set up its own exchange entity.
- VPBank is prepared to launch pending regulatory approval.
Regulatory Framework Development
- Vietnam ranks fourth globally in crypto adoption, described as "everyday infrastructure for remittances, gaming, and savings."
- The Law on Digital Technology Industry took effect on Jan. 1, 2026, bringing digital assets under government oversight.
- Foreign investors face a 49% ownership limit in licensed crypto service providers.
- The pilot program is expected to run for five years, approving approximately five exchanges.
- Vietnam's capital requirement of $380 million is significantly higher than Hong Kong's HKD 5 million minimum.
