Vietnam has not yet granted its first crypto exchange license, but five companies have successfully passed the initial assessment stage under the country’s five-year digital asset market pilot program.
The update was shared by To Tran Hoa, deputy standing head of the Digital Asset Trading Market Board under Vietnam’s State Securities Commission, during the Vietnam RWA Summit 2026.
While the five applicants cleared the first review stage, authorities have not revealed their names or provided a timeline for final approval. Passing the assessment does not give any company permission to operate a crypto exchange.
Companies seeking a license must meet strict financial and technical requirements. Each applicant must have at least 10 trillion Vietnamese dong, or roughly $383 million, in charter capital. The funds must be contributed in Vietnamese dong and largely come from institutional investors.
At least 65% of the capital must be provided by institutional shareholders, while more than 35% must come from at least two qualified organizations such as banks, securities firms, insurance companies, fund managers, or technology companies.
Applicants must also prove that their technology systems meet Level 4 information security standards. The Ministry of Public Security is responsible for conducting the required security assessment before an exchange can receive approval.
In addition, companies must demonstrate strong anti-money laundering procedures, customer identity verification systems, transaction monitoring capabilities, custody arrangements, internal controls, and complaint-handling processes.
Vietnam is also preparing to enforce new crypto-related regulations. Decree 284 will take effect on Sept. 1 and establishes penalties for a range of violations during the pilot program.
Under the new rules, organizations that operate or promote crypto services without a license can face fines ranging from 180 million to 200 million dong. Authorities may also order the removal of websites, software, and trading platforms involved in violations.
Licensed companies could also face penalties if they fail to properly protect customer assets, verify user identities, monitor transactions, or safeguard account information.
However, Vietnamese crypto traders will not immediately face penalties for using overseas exchanges.
Although the regulations include fines for trading through platforms that are not licensed by the Ministry of Finance, those penalties will not take effect right away. A separate six-month transition period applies, and that countdown will only begin after Vietnam grants its first crypto service provider license.
Since no company has received a license yet, the transition period has not started. As a result, individual traders can continue using foreign or unlicensed platforms without facing those specific penalties for now.
Vietnam launched its five-year regulated crypto market pilot in September 2025 to create a legal framework for digital assets, including issuance, custody, trading, and licensed service providers.
The government has previously indicated that only a limited number of exchanges will be approved. While five companies have passed the initial review, there is no guarantee that all of them will ultimately receive licenses.
The next major milestone will be the Ministry of Finance’s approval of the first licensed crypto service provider. Once that happens, the six-month transition period will begin, eventually requiring domestic investors to conduct covered crypto trading through licensed Vietnamese platforms.
Until then, investors and businesses will need to monitor official announcements from the Ministry of Finance and the State Securities Commission, as preliminary approval does not authorize any company to begin operating.
