Vietnam expects its first licensed crypto asset service providers to begin operations in 2026 as regulators develop oversight rules under the country's five-year digital asset market pilot. According to the State Securities Commission of Vietnam, Deputy Finance Minister Nguyen Duc Chi provided this timeline during remarks flagged by CoinMarketCap on September 21, 2026. The Deputy Finance Minister's statement sets an expectation rather than a finished rule, with the exact scope, capital thresholds, and application process to be determined through implementing regulations that follow the headline commitment.
Five companies have passed an initial assessment under Vietnam's pilot framework, though no final exchange license had been issued as of August 30. As reported by crypto.news, applicants must be Vietnamese enterprises with at least ₹2,500 crore in paid-in charter capital, roughly $383 million. At least 65% of the capital must come from institutional shareholders, while companies must meet requirements covering governance, staffing, infrastructure and cybersecurity. Foreign investors cannot own more than 49% of an exchange under the pilot, and more than 35% of an applicant's capital must come from at least two qualifying organizations such as commercial banks, securities companies, fund managers, insurers or technology companies.
The State Securities Commission is developing a mechanism to supervise service providers and investor transactions using recommendations from the Financial Action Task Force. SSC Chairwoman Vu Thi Chan Phuong said the framework places emphasis on risk management, protection of investor assets and anti money laundering controls. Vietnam is seeking regulatory experience from Austria and the EU as it prepares its domestic crypto market framework. The Austrian authority's role includes oversight of crypto asset service providers alongside banks, insurers, pension funds, securities firms and other financial system parts.
New enforcement rules took effect September 1 under Decree No. 284/2026/ND-CP, setting penalties for unauthorized services, improper crypto asset issuance, inadequate customer checks and failures involving anti money laundering requirements. Organizations providing crypto services without authorization can face fines ranging from ₹1.6 crore to ₹2 crore. Licensed providers face separate penalties for failures involving customer asset segregation, transaction monitoring, account information and customer verification. Domestic investors will eventually be required to conduct covered trading through Ministry of Finance licensed providers, with trading outside approved platforms facing fines between ₹2.5 crore and ₹4.25 crore.
Vietnam's regulatory work is taking place under a five-year pilot introduced through Resolution No. 05/2025/NQ-CP in September 2025. The framework covers crypto asset issuance, trading, custody and licensed service providers. Deputy Finance Minister Chi's statement signals that the government intends to convert an unsupervised market into one with named, accountable operators. For the exchanges, brokers, and payment firms operating there, a license regime changes the terms of doing business from informal tolerance to supervised activity. Vietnam consistently ranks near the top of global crypto adoption surveys, driven by remittances, savings behavior, and heavy peer-to-peer trading, with the move bringing one of the world's busiest retail crypto markets inside a licensing perimeter for the first time.
