Vietnam to License Digital Asset Exchange Pilots

TLDR

• Vietnam will issue digital asset exchange pilot licences before January 15 under a new sandbox framework.
• Five companies will join the initial pilot phase, chosen by the State Securities Commission for risk-managed testing.
• Applicants need VND10 trillion in charter capital, with 65% held by qualified institutional investors.
• Participating exchanges must meet level-4 IT safety standards and adhere to anti-fraud and custody rules.
• The Ministry of Finance, State Bank, and Public Security Ministry will jointly supervise market operations and compliance.

Vietnam will launch pilot digital asset exchanges under a regulatory sandbox before January 15, following instructions from Prime Minister Pham Minh Chinh. The initiative aims to manage risks while integrating cryptoassets into Vietnam’s economy under a controlled legal structure. The plan was announced during a national finance conference reviewing 2025 performance and setting priorities for 2026.

Government Approves Pilot Licensing to Manage Risk and Build Infrastructure

Prime Minister Pham Minh Chinh directed ministries to issue licences to selected digital asset firms before January 15 under the sandbox model. The framework was included in one of eight strategic tasks outlined during the January 6 conference on Vietnam’s financial system. The government expects licensed firms to operate under tight conditions while supporting future regulatory development.

The Ministry of Finance and other agencies will supervise the pilot phase, which follows the recent introduction of the Law on Digital Technology Industry. The law took effect on January 1 and provides legal backing for digital innovation, including cryptoasset testing. Vietnam’s Resolution 05 also supports digital market experimentation through structured oversight mechanisms.

Five Companies to Join Initial Phase with Strict Conditions

The State Securities Commission confirmed that five companies will participate in the initial test phase of the digital asset exchange program. To Tran Hoa, deputy head of the Cryptoasset Trading Market Management Board, said this number balances innovation with risk control. “This is an appropriate scale to test new operating models while keeping risks within controllable limits,” Hoa stated.

Entry requirements include a minimum charter capital of VND10 trillion or $400 million and strict shareholder criteria. At least 65% of capital must come from institutions, including two entities such as banks, securities firms, or insurers. Institutional shareholders must also show two years of profit with audited financials and unqualified audit opinions.

Oversight to Include Cybersecurity and Multi-Agency Supervision

Each participant’s IT systems must meet level-4 safety standards, according to a five-level national cybersecurity scale. Licensing conditions also cover custody operations, issuance advisory, and fraud prevention mechanisms. The Ministry of Public Security will monitor cybercrime, while the State Bank will supervise capital flows to detect laundering.

Hoa explained that product quality, liquidity, and system safety will determine the market’s appeal, not lax regulatory enforcement. The Ministry of Finance will coordinate service operations and evaluate pilot outcomes for long-term regulation. Authorities will assess the sandbox’s performance before considering broader digital asset market expansion.