From January 20, 2026, the State Securities Commission will begin accepting applications for licenses from organizations providing services to organize cryptocurrency trading markets.
This marks the first time Vietnam has brought cryptocurrency trading under official regulation, instead of allowing the market to remain in a gray area as it had for many years.
For investors, this is not just legal news, but a fundamental shift in how the crypto market will operate in the future. Here's what we need to understand:
1. What types of businesses is the government currently licensing?
According to Decision 96/QD- BTC of the Ministry of Finance, three new administrative procedures have been implemented:
- Issuing licenses for providing services to organize cryptocurrency trading markets.
- Adjust the issued license.
- Revocation of license in case of violation
This means:
👉 Only exchanges licensed by the Ministry of Finance are permitted to operate legally in Vietnam.
👉 Unlicensed trading platforms are not subject to the management and protection of Vietnamese law.
2. Which organizations are preparing to apply for licenses?
According to initial announcements, approximately 10 securities companies and banks have indicated their readiness to participate in the market once licensed.
Securities companies
➤ SSI Securities: Established SSI Digital (SSID) in 2022 and has been implementing collaborations on blockchain and digital financial infrastructure.
➤ VIX Securities: Contributed Capital to establish VIXEX, and also collaborated with FPT to build a technology system.
Banking sector
➤ Military Bank (MB): Technical collaboration with Upbit to prepare the infrastructure for a cryptocurrency exchange in Vietnam.
➤ Techcombank: Established TCEX exchange with hundreds of billions of VND in charter Capital ; TCBS platform has integrated a cryptocurrency asset tracking feature.
➤ VPBank: Announces that it has fully prepared the necessary resources and is ready to deploy once the license is granted.
👉 The common point among these entities is that they all belong to the formal financial system, possess financial capacity, and have operational experience.
3. What are the licensing requirements and why are so few exchanges able to participate?
According to Resolution 05/2025/NQ-CP, organizations wishing to operate a cryptocurrency exchange must meet the following conditions:
➤ As a Vietnamese enterprise, it operates under the Enterprise Law.
➤ Minimum charter Capital of 10,000 billion VND, contributed in Vietnamese Dong.
➤ At least 65% of the Capital must be contributed by institutions, with over 35% coming from banks, securities companies, funds, insurance companies, or technology businesses.
➤ Each organization or individual is only allowed to Capital in one exchange.
➤ Has a suitable headquarters, technology system, and security infrastructure.
➤ Management and technology personnel meet the experience and certification requirements.
👉 With these criteria, the market will not have many licensed exchanges, and it will not be a "anyone can open an exchange" model.
4. Where should investors trade legally?
This is the most easily misunderstood part, so it needs to be explained clearly and accurately.
🔻 The platform is licensed in Vietnam.
- Operating legally under Vietnamese law.
- Subject to management and supervision by state agencies.
- Investors have legal grounds in case of disputes.
🔻 International trading platforms not yet licensed in Vietnam
- It is technically accessible and tradable.
- Not protected by Vietnamese law in the event of a dispute.
- There is a risk of administrative penalties when the penalty decrees are fully implemented.
- The legal risks are higher, especially with: large-scale transactions, organized activities, promotional activities, intermediaries, soliciting others to trade, etc.
