The Ministry of Finance announced that it has received seven applications for licenses to provide services for organizing cryptocurrency trading markets. These applications are currently being compiled and preliminarily reviewed before being submitted for assessment by the Ministry of Public Security and the State Bank of Vietnam.
Simultaneously, the Ministry of Finance is drafting circulars providing guidance on taxation and accounting for the cryptocurrency market; and is also submitting to the Government a Decree on administrative penalties for violations in this field.
This information was stated by the Ministry of Finance in its report on solutions for managing fiscal policy and developing the stock market, cryptocurrency market, and corporate bond market in 2026.
The Ministry of Finance has received 7 applications to open digital asset trading platforms.
Previously, the Minister of Finance signed Decision No. 96/QD- BTC, announcing three new administrative procedures to be piloted in the field of cryptocurrency assets, including: licensing, adjustment, and revocation of licenses for cryptocurrency exchanges.
According to the decision, eligible businesses can submit their applications to participate in the crypto market pilot program starting January 20, 2026.
The first names
Among the major financial institutions, many have already signaled their participation – or clearly defined Vai roles – in the digital asset market.
At Techcombank Securities Joint Stock Company (TCBS), Chairman of the Board of Directors Nguyen Xuan Minh stated that the company has submitted an application for a license to trade digital assets and expects approval within three months.
According to Mr. Minh, TCBS has completed its technological infrastructure, operating systems, and internal processes, and is ready to deploy services as soon as it receives the license.
Regarding VPBank's and the VPBank ecosystem, the bank's leadership affirmed that they are preparing resources to participate in new areas such as digital assets. VPBank is approaching the market cautiously, considering it a long-term growth driver, and will choose a suitable model when the legal framework is complete.
Meanwhile, MBBank has chosen a different approach. Chairman Luu Trung Thai emphasized that the bank "does not invest in digital assets, only provides services." According to him, digital asset transactions require a technology platform and security standards far exceeding those of traditional banking transactions; therefore, safety must be the top priority if participating.
Besides major banks and securities companies, the market is also awaiting new moves from many other legal entities such as: VIX Cryptocurrency Exchange Joint Stock Company (VIXEX), HD Cryptocurrency Exchange Joint Stock Company (HDEX), Loc Phat Vietnam Cryptocurrency Exchange Joint Stock Company (LPEX), and SSI Securities Joint Stock Company.
The list of potential candidates shows that the race for licenses to open digital asset exchanges is heating up every day.
Capital requirement of 10,000 billion VND and operational pressure.
According to Resolution 05, only domestic organizations with a minimum charter Capital of 10,000 billion VND, and involving the banking, securities, and technology sectors, will be XEM for licensing.
Commenting on this criterion, Mr. Phan Duc Trung – Chairman of the Vietnam Blockchain and Digital Asset Association (VBA) – said that Vietnam is choosing a capacity-based approach to ensure system security.
Unlike some other countries, Vietnam prioritizes financially strong businesses that can both operate the exchange and meet the insurance and risk compensation requirements for investors.
According to Mr. Trung, during the pilot phase, the biggest pressure on licensed businesses is not only Capital, but also the ability to operate safely, offer competitive fees, attract users, and especially the ability to compensate for losses, while the State only plays a supervisory Vai and does not guarantee the exchanges.
News summary.
