The State Securities Commission announced that, starting from January 20th, the acceptance of applications for licenses to provide services for organizing cryptocurrency trading markets in Vietnam will officially be implemented according to the new administrative procedures issued by the Ministry of Finance.
Previously, the Ministry of Finance officially announced a pilot administrative procedure framework for licensing cryptocurrency exchanges in Vietnam, marking a significant step in the process of legalizing and managing the domestic crypto market. Accordingly, businesses wishing to participate in the pilot program must meet very high financial capacity requirements, with a minimum charter Capital of up to 10,000 billion VND, and key personnel must have extensive experience in finance, technology, and risk management.
According to the Decision, three new administrative procedures will be applied during the pilot phase: granting licenses to provide services for organizing cryptocurrency trading markets, adjusting licenses in cases where businesses change their business model or scope of operations, and revoking licenses when organizations violate regulations or no longer meet the required conditions. The acceptance of applications for these procedures officially began on January 20, 2026, opening up opportunities for eligible businesses to apply to participate in the market.
Against the backdrop of Vietnam's accelerated digital transformation and development into a regional financial center, the pilot program for a cryptocurrency exchange is considered a strategic move by experts. The global crypto market has witnessed significant volatility in recent years, particularly after the US under President Donald Trump, who won the election in late 2024 and is currently in office, adopted a clearer stance on digital asset management, emphasizing transparency and risk control while encouraging technological innovation. This trend is also influencing the policies of many countries, including Vietnam, where regulators are opting for a cautious approach through pilot programs rather than a massive open market.
Statistics to date show that approximately 10 major domestic securities companies and banks have publicly announced plans to participate in providing cryptocurrency exchange services as soon as they receive licenses. These are all organizations with strong financial foundations, market operation experience, and a willingness to make long-term investments in technological infrastructure.
Within the securities sector, SSI is XEM one of the pioneers, having established SSI Digital Technology Joint Stock Company in 2022, commonly known as SSI Digital. Recently, SSI Digital, together with SSI Fund Management Company Limited, has signed numerous strategic cooperation agreements with major international and technology partners such as Tether, U2U Network, and Amazon Web Services. The goal of these collaborations is to build a digital financial ecosystem in Vietnam, combining blockchain, crypto assets, and cloud computing, serving both individual and institutional investors.
VIX Securities also joined the movement by contributing Capital to establish the VIX Cryptocurrency Exchange, commonly known as VIXEX. Simultaneously, the company signed a cooperation agreement with FPT to prepare the technological infrastructure, from trading and custody systems to cybersecurity solutions, meeting the stringent requirements of regulatory authorities during the pilot phase.
In the banking sector, MB is considered a pioneer in establishing a technical partnership with Dunamu, the operator of Upbit – the largest cryptocurrency exchange in South Korea. This cooperation agreement not only aims to establish a cryptocurrency exchange in Vietnam but also includes coordinating the development of a legal framework, standardized operating procedures, and mechanisms to protect investors, especially individual investors.
Techcombank has also prepared early for this new playing field by establishing the Techcom Cryptocurrency Exchange with a charter Capital of hundreds of billions of VND. Notably, the bank's TCBS platform has now integrated a cryptocurrency tracking section, allowing users to update price movements of many popular cryptocurrencies, demonstrating its readiness in terms of products and user experience.
