Vietnam Targets 2026 for First Licensed Crypto Exchanges

Deputy Minister of Finance Nguyen Duc Chi confirmed the timeline during a September meeting in Vienna with Mariana Kühnel, Executive Director of the Austrian Financial Market Authority. While five companies have successfully passed initial assessments, the State Securities Commission has yet to issue a definitive operating license. The current pilot framework, established under Resolution No. 05/2025/NQ-CP, demands stringent capital requirements; applicants must hold at least 10 trillion dong—approximately $383 million—in paid-in charter capital, with institutional shareholders contributing at least 65% of that figure.

Financial groups, including affiliates of VPBank, Techcombank, and LPBank, are already positioning themselves for the regulated market. To ensure stability, the government has capped foreign ownership at 49% for any exchange. Alongside the licensing rollout, authorities have implemented Decree No. 284/2026/ND-CP, which introduces fines of up to 200 million dong for unauthorized services or failure to meet compliance standards. Once the first license is issued, a six-month transition period will trigger, after which domestic investors will be required to conduct all trading through approved platforms. By aligning these domestic rules with international standards, Vietnam aims to create a transparent environment that prioritizes investor asset protection and robust cybersecurity.