Vietnam has started accepting applications for licenses to operate digital asset trading platforms, marking the practical launch of its long-anticipated pilot program for a regulated cryptocurrency market.

The State Securities Commission of Vietnam confirmed on Tuesday that it had opened the licensing window following the introduction of new administrative procedures under Decision No. 96 issued by the Ministry of Finance, which implements a government resolution on piloting crypto asset regulation.

“Applications for the aforementioned administrative procedures will be accepted beginning January 20, 2026,” the SSC said, describing the move as part of a broader effort to bring crypto activity under formal regulatory supervision.

The step follows the entry into force of Vietnam’s Law on the Digital Technology Industry on Jan. 1, which for the first time defines digital and crypto assets in national legislation. While cryptocurrencies are recognized as property, they remain excluded from legal tender status, and their use as a payment instrument is still restricted.

Financial institutions prepare to participate

Until recently, uptake of the pilot program appeared limited. In October 2025, the Ministry of Finance said no companies had applied to join the five-year crypto pilot, pointing to high capital thresholds and tight eligibility rules as key deterrents. That picture now seems to be shifting.

According to a Wednesday report by Vietnam News, around 10 securities firms and banks have publicly stated their intention and readiness to enter the crypto asset market once licensed. The report stressed that these institutions are in the process of preparing applications, rather than already operating approved platforms.

Among them are SSI Securities, which launched SSI Digital in 2022, VIX Securities with its VIXEX digital asset exchange unit, and major banks such as Military Bank, Techcombank and VPBank. All indicated that any crypto-related operations would begin only after receiving regulatory approval.

Despite the opening of the licensing window, no crypto exchange has yet been authorized under the pilot regime. Regulators have not disclosed whether any applications have been formally received or approved so far.

High barriers define Vietnam’s licensing model

Vietnam’s approach to crypto regulation remains one of the strictest in the region. The five-year pilot program, launched in September 2025, introduced a tightly controlled framework that includes a ban on issuing digital assets backed by fiat currencies or securities.

Under current rules, applicants must be Vietnamese legal entities with minimum paid-in capital of 10 trillion dong, or roughly $380 million. At least 65% of that capital must be held by institutional shareholders, while foreign ownership is limited to a maximum of 49%. These conditions have shaped a cautious rollout, even as authorities move forward with formalizing oversight of the country’s emerging digital asset market.

Sources:

https://vietnamnews.vn/economy/1764223/applications-for-licences-of-crypto-asset-exchanges-to-be-accepted.html

https://ssc.gov.vn/webcenter/portal/ssc/pages_r/l/chitit?dDocName=APPSSCGOVVN1620163246

https://www.theasset.com/article/55719/vietnam-triggers-licensing-for-virtual-asset-exchanges

https://cointelegraph.com/news/vietnam-opens-crypto-exchange-licensing-window-pilot