Vietnam has not issued its first crypto exchange license, but five companies have passed an initial assessment under the country's five-year digital asset market pilot. According to reports from the Vietnam News Agency, To Tran Hoa, deputy standing head of the Digital Asset Trading Market Board under Vietnam's State Securities Commission, disclosed this progress at the Vietnam RWA Summit 2026. The authorities did not name the five applicants or confirm when final licensing decisions will be issued. Passing the initial assessment does not authorize any company to operate an exchange.
Vietnam's Resolution No. 05/2025/NQ-CP establishes a ₹383 million ($383 million) threshold for exchange applicants, requiring at least 10 trillion Vietnamese dong in contributed charter capital. As reported by the Vietnam News Agency, at least 65% of that capital must come from institutional shareholders, with more than 35% contributed by at least two qualifying organizations including commercial banks, securities companies, fund managers, insurers or technology companies. Applicants must also obtain an appraisal showing their technology meets Level 4 information-system security standards, with the Ministry of Public Security handling the required security assessment before operation can begin.
Decree No. 284/2026/ND-CP takes effect on September 1 and establishes penalties for crypto-market violations during Vietnam's pilot program. According to the Vietnam News Agency report, organizations providing crypto services or advertising exchanges without licenses face fines of between 180 million and 200 million dong. Licensed service providers face fines for failing to separate customer assets, monitor transactions or protect account information, with failure to verify customers attracting fines ranging from 50 million to 70 million dong. The decree generally states organizational fine levels, with individuals facing half the stated amounts.
Domestic traders face no immediate fines for using offshore platforms, as Article 9 sets an organizational fine of 30 million to 50 million dong for domestic investors trading outside a Ministry of Finance-licensed provider. As reported by the Vietnam News Agency, the six-month transition period begins only when the Ministry of Finance licenses its first service provider. Because Vietnam has not licensed any provider, the six-month clock has not started, meaning domestic investors will not be fined from September 1 solely for continuing to use overseas platforms. Dr. Tran Quy clarified that September 1 does not mean domestic crypto investors will automatically start receiving fines, as the transition period is designed to gradually shift investors from informal platforms to regulated exchanges.
