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- Vietnam expects its first licensed crypto asset service providers to begin operating in 2026 under a five-year pilot program.
- Five companies have received in-principle acceptance but must meet capital, cybersecurity and operational requirements before receiving final licenses.
- The Ministry of Finance proposed draft rules requiring custody providers to submit customer-asset data weekly and file audited reports twice a year.
Vietnam expects its first licensed crypto asset service providers to begin operating in 2026 as regulators complete rules for a five-year pilot covering domestic trading platforms.
Five companies have received in-principle acceptance for the first phase of the program, but none has received a final operating license. The launch depends on applicants completing capital, cybersecurity and operational requirements set under Vietnam’s regulatory framework.
Five Applicants Move Toward Final Crypto Licenses
The five applicants are VIX Crypto Asset Exchange, Sacom Crypto Asset Exchange, Vietnam Prosperity Crypto Asset Exchange, Techcom Crypto Asset Exchange and Vietnam Digital Assets. Their progress through the initial review does not authorize them to begin serving customers.
Applicants must have at least VND10 trillion in paid-up charter capital, equivalent to roughly $380 million. At least 65% of charter capital must be held domestically, including at least 35% held by a minimum of two qualifying financial or technology organizations. Foreign ownership cannot exceed 49%.
Trading systems must also meet Vietnam’s Level 4 information-security standard and comply with requirements covering governance, staffing, anti-money laundering controls and custody.
Weekly Custody Reports Proposed Before First Exchanges Launch
The Ministry of Finance is also developing reporting and disclosure rules for licensed operators. A draft issued in September would require custody providers to submit customer-asset data weekly and file audited reports twice a year. Those reports would include wallet addresses, asset balances, hot and cold wallet classifications and proof-of-reserves information.
Shareholders holding at least 1% of a provider would face advance disclosure requirements when changing their ownership stakes. Senior executives and related persons would also have to provide advance notice before certain crypto transactions.
Platforms would be required to report decisions to list or delist crypto assets to designated authorities within 24 hours.
Six-Month Transition Starts After First License is Granted
Vietnam’s five-year crypto market pilot took effect on Sept. 9, 2025 and gives the Ministry of Finance authority to license up to five crypto asset service providers.
Domestic investors receive a six-month transition period beginning when the first provider is licensed. After that period, trading crypto outside a Ministry of Finance-licensed provider can trigger penalties under Vietnamese law.
The government had previously targeted the third quarter of 2026 for the market’s first activity. No final license has yet been announced, while current regulatory reporting still expects the first licensed providers to begin operating before the end of 2026.
