Key Notes
- Applicants need at least $380 million in funding, with 65% from institutions and 35% from banks or tech companies.
- At least five major banks and securities firms, including MBBank, Techcombank, and VPBank, have announced preparations to launch crypto exchanges.
- Vietnam ranks among Asia-Pacific’s top three crypto markets with over $220 billion in annual transaction volume.
Vietnam began accepting applications for crypto exchange licenses on Jan. 20 under a new pilot program. The move makes official a market that has operated in a legal gray area for years.
The Ministry of Finance issued new procedures on Jan. 20 covering license issuance, amendment, and revocation, according to the State Securities Commission.
Applications with complete documentation can be processed within 30 days. However, the full review includes IT security certification from the Ministry of Public Security, which may extend actual timelines considerably.
Organizations seeking licenses must meet strict funding requirements. The minimum is VND 10 trillion ($380 million), with at least 65% coming from institutional shareholders.
Of that amount, more than 35% must be contributed by at least two institutional investors operating in the banking, securities, fund management, insurance, or technology sectors.
Major Banks Prepare for Market Entry
At least five major banks and investment firms have announced plans to participate once licensed, according to Vietnam News.
MBBank signed a technical cooperation agreement with Dunamu, operator of South Korea’s Upbit exchange, in August 2025.
SSI Securities established SSI Digital Technology JSC in 2022. The firm has since partnered with stablecoin issuer Tether and Amazon Web Services on crypto technology systems.
VIX Securities established the VIX Digital Asset Exchange. Techcombank set up its own exchange entity. VPBank stated it has prepared resources and is ready to launch pending regulatory approval.
Regulatory Framework Takes Shape
Vietnam ranked fourth globally and third in Asia-Pacific in the Chainalysis 2025 Global Crypto Adoption Index, which described Vietnamese crypto usage as “everyday infrastructure for remittances, gaming, and savings.”
The Law on Digital Technology Industry took effect on Jan. 1, 2026, formally bringing digital assets under government oversight for the first time.
Foreign investors face a 49% ownership limit in licensed crypto service providers.
Vietnam ranks fourth globally, behind India, the United States, and Pakistan. | Source: Chainalysis Report.
The pilot program is expected to run for five years and approve approximately five exchanges. Hong Kong is also advancing similar crypto licensing rules expected in 2026.
However, Vietnam’s $380 million capital requirement dwarfs Hong Kong’s HKD 5 million minimum (approximately $640,000), making Vietnam’s barrier to entry nearly 600 times higher.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.
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Source: https://www.coinspeaker.com/vietnam-opens-crypto-exchange-licensing-as-major-banks-prepare-market-entry/
