Vietnam Opens Crypto Licensing With Tough $400M Capital Rule

TLDR

• Vietnam opens crypto licensing with some of Asia’s toughest entry rules.
• New framework demands $400M capital and limits foreign platform ownership.
• Banks and securities firms lead preparations for Vietnam’s regulated market.
• Licensed exchanges must use Level 4 security and operate only in dong.
• Pilot program signals Vietnam’s long-term move toward a controlled crypto sector.

Vietnam began a new phase of digital asset oversight as authorities opened applications for licensed crypto trading platforms. The State Securities Commission activated the process under a controlled pilot program, and the move created one of the region’s strictest operating standards. Vietnam now positions its digital asset framework as a regulated market with high entry demands and defined operational limits.

High Capital Threshold Defines the New Licensing Structure

Vietnam set a minimum charter capital of 10 trillion dong for all applicants, and the rule equates to nearly $400 million. The framework restricts participation to domestic enterprises, and it also caps foreign ownership at 49 percent. Vietnam introduced these measures to build strong oversight while shaping a controlled market environment.

Eligibility conditions require regulated shareholding structures, and institutional partners must hold at least 65 percent of total capital. Vietnam also mandates that remaining capital comes from at least two additional shareholders, and banks or technology firms must participate. This design aims to ensure strong corporate backing while supporting long-term market development.

Vietnam further requires licensed platforms to host headquarters within the country, and they must deploy Level 4 security systems. The rule applies to all trading systems and related infrastructure, and it enforces tight control over digital asset operations. Vietnam limits all trading and payment activities to the Vietnamese dong, and this supports domestic financial stability.

Major Firms Prepare for Market Entry Under New Rules

Vietnam saw early signals of interest from banks and securities companies, and several groups prepared systems ahead of the licensing window. SSI Securities created SSI Digital and built partnerships with global platforms, and VIX Securities invested in tools for a domestic exchange. Vietnam also saw banks such as Military Bank, Techcombank, and VPBank confirm readiness to apply once approvals begin.

These institutions spent years developing compliant systems, and they aim to meet technical and capital requirements. Vietnam expects only a small number of firms to qualify initially due to strict thresholds. However, the presence of major financial groups could accelerate operational readiness and platform reliability.

Vietnam also anticipates a gradual shift in user activity as licensed exchanges roll out services. Some domestic users may move to regulated platforms, and others may continue using international services until local options reach stronger liquidity levels. Vietnam hopes that regulated operators will build credibility through transparent rules and standardized processes.

Regulatory Structure Signals Long-Term Market Direction

Vietnam introduced the pilot under a law that recognized digital assets as property while restricting payment use. The September resolution converted that recognition into a controlled market model, and this week’s launch placed the rules into force. Vietnam therefore enters a new stage of digital asset supervision with defined statutes and operating requirements.

Authorities banned the issuance of tokens backed by fiat currencies or securities, and this rule reflects broader risk controls. Vietnam also aims to support tokenization and future blockchain services under regulated oversight. These measures ensure growth occurs within a monitored framework that aligns with national financial goals.

Vietnam will assess applications before issuing any licenses, and regulators will monitor early operations throughout the pilot period. The country expects gradual expansion once platforms prove compliance and operational security. Vietnam therefore advances a structured path toward a regulated crypto market built on strong capital rules and domestic governance.

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