Vietnam Set to Launch First Regulated Crypto Exchanges in Q3 2026

Vietnam is approaching a major financial milestone: as early as Q3 2026, the country is expected to launch its first officially licensed crypto-asset trading platforms. The announcement was made by Deputy Finance Minister Nguyen Duc Chi during the “Digital Trust in Finance 2026” forum in Hanoi, marking the culmination of a regulatory process that formally began with the Law on Digital Technology Industry, which came into effect on January 1, 2026.

For years, Vietnam has been one of the most unusual markets in global crypto adoption: extremely high grassroots usage paired with a lack of domestic regulatory infrastructure. An estimated 21 million Vietnamese adults—around 17% of the adult population—have used cryptocurrencies, largely through offshore exchanges such as Binance, OKX, and Bybit. Annual transaction volume through these unregulated channels has been estimated at over $100 billion. That phase is now moving toward formal regulation.

From Regulatory Gray Zone to Full Legal Framework

The legal foundation was built through a sequence of measures in 2025 and 2026. The Law on Digital Technology Industry, passed in June 2025, formally recognized digital assets as property. In September 2025, Resolution No. 05/2025/NQ-CP introduced a five-year pilot program for licensed crypto-asset trading markets. In January 2026, the Ministry of Finance issued Decision No. 96/QĐ-BTC, defining licensing procedures, capital requirements, and governance standards.

Entry requirements are exceptionally strict. Applicants must hold a minimum charter capital of VND 10 trillion (approximately $380–400 million), a threshold higher than many commercial banks in Vietnam. At least 65% of capital must come from domestic institutional investors in banking, securities, insurance, fund management, or technology sectors, while foreign ownership is capped at 49%.

Operational requirements are equally demanding, including experienced executive leadership, dedicated cybersecurity teams, and full compliance with Vietnam’s highest cybersecurity classification (Level 4), with continuous monitoring and audits.

Only a Handful of Licensed Exchanges

Applications opened in January 2026, with seven submissions received and five advancing past initial review. The pilot program is expected to cap the number of licensed exchanges at around five nationwide, intentionally concentrating market structure around established financial institutions rather than crypto-native startups.

Reported candidates include banking and financial groups such as Techcombank, VPBank, LPBank, VIX Securities, and Sun Group.

All trading, settlement, and issuance under the pilot must be conducted exclusively in Vietnamese dong (VND). Stablecoins such as USDT are excluded from the regulated framework, and only Vietnamese enterprises will be permitted to issue crypto assets, which must be backed by real underlying assets.

Tax Rules and Transition Period

Until a dedicated crypto tax regime is introduced, transactions will be taxed under existing securities laws. Individuals face a 0.1% personal income tax on total transaction value, regardless of profit or loss. Corporations are subject to a 20% corporate income tax on crypto-related profits. Foreign entities operating through licensed platforms are also subject to a 0.1% transaction-based tax.

Once the first license is issued, a six-month transition period will begin. During this time, approximately 20 million Vietnamese crypto wallets currently active on offshore exchanges are expected to migrate to domestic licensed platforms. After the transition window closes, use of unlicensed exchanges may result in civil or even criminal penalties.

Regional Significance

Vietnam’s approach differs significantly from lighter regulatory frameworks seen elsewhere in Asia. Instead of banning crypto activity or adopting a fully liberal model, the country is pursuing a controlled absorption strategy: formalize the market, restrict participation to heavily capitalized institutions, and channel activity through a small number of licensed entities.

Whether this model can successfully transition millions of users from global exchanges into a dong-only, domestically controlled trading environment within a short timeframe will be one of the most closely watched regulatory experiments in the region once trading begins in 2026.

Souces:

• Resolution No. 05/2025/NQ-CP (official legal text):
  Resolution 05/2025/NQ-CP
• Decision No. 96/QĐ-BTC 2026 (Ministry of Finance administrative framework):
  Decision 96/QĐ-BTC 2026
• Official government announcement via Vietnam Government Portal:
  Vietnam Government Portal Announcement
• Statement reported by VnEconomy on the planned Q3 2026 launch:
  VnEconomy Report on Crypto Market Launch

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