Crypto exchanges eye Vietnam as five-license pilot opens

Fact-check: Vietnam cryptocurrency exchange license approvals , none verified

Vietnam cryptocurrency exchange license approvals remain unconfirmed. Despite claims that many applied and five passed a preliminary review, there is no verified approval to date. as reported by Cointelegraph, as of October 2025 no formal applications had been submitted, underscoring that approvals were not yet possible.

The five-license pilot program appears to have been misread as five approvals. Market chatter about likely candidates does not equal regulatory clearance. Without an official notice, any list of “approved” exchanges is unsubstantiated.

Why the five-license pilot program and strict bar matter

The five-license pilot program caps participation and intensifies scrutiny of applicants. As reported by Decrypt, only up to five exchanges can be licensed under the pilot, concentrating oversight and forcing higher operational standards from would-be entrants.

Officials have stressed that authorizations hinge on readiness, not interest. After outlining the narrow scope and high bar, Deputy Finance Minister Nguyen Duc Chi said “no businesses had submitted official proposals,” reflecting the program’s deliberately measured pace.

Based on data from Vietnam.vn, eligibility conditions are stringent, including a VND 10 trillion charter capital threshold and limits on foreign ownership, alongside defined institutional ownership requirements. These parameters set a steep entry bar for domestic and foreign applicants.

The compliance lift is substantial. Firms are preparing technical infrastructure, governance, and legal frameworks to align with pilot standards, but public disclosures to date indicate preparations rather than approvals.

Who is preparing and what comes next

Bank-backed candidates: VPBank CAEX and Techcombank TCEX

Bank-affiliated platforms are widely viewed as competitive contenders during the pilot. As reported by Vietnam Insiders, VPBank’s CAEX and Techcombank’s TCEX are frequently cited among potential applicants given their capital resources and institutional backing.

Their banking ties may help satisfy capital and control requirements, but readiness does not guarantee licensing. Final decisions will depend on demonstrable compliance with the pilot’s stringent conditions.

Application window and oversight by Ministry of Finance

The pilot features a formal application window administered by the Ministry of Finance. Approvals are expected to proceed case by case as applicants substantiate full adherence to the program’s requirements.

Oversight will emphasize capital sufficiency and risk controls, with detailed procedures aligned to the pilot’s limited scope. Timelines will vary according to each applicant’s ability to meet documented conditions.

FAQ about Vietnam cryptocurrency exchange license

When is the application window for Vietnam’s crypto exchange pilot and what is the timeline for approvals?

The five-license pilot’s application window is active during the pilot period. Approvals follow once conditions are met under Ministry of Finance review.

What are the eligibility requirements to obtain a Vietnam crypto exchange license (capital, ownership, compliance)?

The core criteria include VND 10 trillion charter capital, institutional ownership thresholds, foreign ownership caps, and strong technical, legal, and procedural compliance.