Vietnam Greenlights New Crypto Trading Platform Pilot Program

Vietnam has taken a significant step forward in digital asset regulation by greenlights a controlled pilot framework for crypto exchanges, with authorities targeting January 15, 2026 for final approval. The initiative emerged from a high-level finance sector meeting held on January 6, 2026, marking a watershed moment in the nation’s approach to cryptocurrency oversight and signaling a shift toward structured market development rather than outright restriction.

Five Licensed Operators Set for Initial Approval

The Vietnamese government will authorize five qualified companies to operate as pilot crypto exchanges under this groundbreaking framework. Each selected operator must maintain a minimum charter capital requirement of VND10 trillion—a substantial threshold designed to filter out undercapitalized players and ensure only financially robust firms gain market entry.

Government regulators emphasized that this selective approach serves a dual purpose: confirming the operational readiness of participating exchanges while simultaneously containing systemic risks during the trial phase. Officials stressed at the national finance conference that “this represents a controlled experiment, not an unrestricted market opening,” underscoring the authorities’ commitment to methodical, data-driven policy development before any broader market liberalization.

Stringent Capital and Ownership Rules for Market Entry

To qualify under this new framework, prospective operators face rigorous ownership criteria that prioritize institutional participation. The regulations mandate that institutional investors hold at least 65 percent of equity, with a further requirement that two qualifying institutions—such as licensed banks or insurance companies—collectively maintain no less than 35 percent ownership. All qualifying institutions must also demonstrate two consecutive years of profitability, supported by independently audited financial statements.

This multi-layered ownership structure reflects policymakers’ intent to encourage participation from established financial entities with proven operational track records, thereby reducing the risk of speculation or market manipulation by retail-focused entities.

Advanced Cybersecurity Standards and Multi-Agency Oversight

Vietnam has mandated that all approved exchanges achieve Level 4 IT security standards, representing one of the highest national benchmarks and reflecting lessons learned from regional cybersecurity incidents. The strict requirement aims to protect user assets and trading integrity while minimizing breach vulnerabilities and operational manipulation risks.

Supervisory responsibility will be distributed across three government agencies. The Ministry of Finance will assume primary oversight of day-to-day exchange operations, focusing on trading compliance and regulatory reporting. The State Bank of Vietnam will govern capital movement controls and enforce anti-money-laundering protocols while monitoring foreign exchange activities. The Ministry of Public Security will handle cybercrime investigations and address platform-based abuse, ensuring comprehensive legal accountability throughout the pilot period.

Vietnam Follows Global Best Practices in Crypto Regulation

Vietnam’s structured approach mirrors regulatory strategies employed by Singapore and Hong Kong, both of which deployed sandbox frameworks as stepping stones toward formalized crypto licensing regimes. By adopting this proven methodology, Vietnamese authorities aim to accumulate operational data and market intelligence before deciding whether to expand market access beyond the pilot cohort.

Officials confirmed that government assessment of pilot results will determine any future market evolution, with no predetermined timeline for full legalization currently established. This measured stance reflects a commitment to evidence-based policymaking rather than rushed liberalization, positioning Vietnam alongside jurisdictions that have successfully balanced innovation encouragement with investor protection and systemic stability.