The SSC launched the method after the Ministry of Finance issued Determination No. 96.
Banks and brokers, together with SSI, VIX, and main lenders, are getting ready to use.
Guidelines embody 10 trillion dong capital, 65% institutional possession, and a 49% international cap.
Vietnam has formally moved nearer to operating a regulated crypto market after opening purposes for licences to function digital asset buying and selling platforms.
The step brings the nation’s long-planned pilot programme into motion, setting the stage for authorized exchanges to function beneath direct regulatory oversight.
The State Securities Fee of Vietnam (SSC) stated the licensing window opened on Tuesday, following the introduction of recent administrative procedures beneath Determination No. 96 by the Ministry of Finance.
The choice implements a decision on piloting a regulated crypto asset market, which Vietnam has been growing for years.
Even with the licensing course of now dwell, the market continues to be in its early section.
No platform has but been licensed, and regulators haven’t introduced approvals for the reason that software window opened.
SSC opens licensing window beneath new procedures
The SSC confirmed that purposes beneath the brand new administrative procedures might be accepted starting January 20, 2026.
Vietnam’s Ministry of Finance issued Determination No. 96 as a part of implementing the nation’s decision to pilot a regulated crypto asset market.
The SSC framed the transfer as a step in the direction of bringing crypto beneath formal regulatory supervision.
The opening of the licensing window additionally follows a key authorized shift. Vietnam’s Legislation on the Digital Expertise Business entered into pressure on Jan. 1, defining digital and crypto belongings in statute for the primary time.
Below the legislation, Vietnam recognises crypto belongings as property. Nevertheless, it explicitly excludes them from authorized tender standing.
The nation additionally maintains restrictions on the usage of crypto as a method of cost, holding the pilot targeted on regulated market exercise somewhat than client transactions.
Home banks and securities corporations put together purposes
Whereas the licensing window marks progress, Vietnam’s regulated crypto market continues to be ready for precise approvals.
That stated, early curiosity from home monetary corporations seems to be rising.
Vietnam Information reported on Wednesday that round 10 securities firms and banks have publicly introduced plans and their readiness to take part within the crypto asset market as soon as licensed.
The report pressured that these establishments are getting ready purposes somewhat than already working authorized platforms.
Among the many corporations named was SSI Securities, which established SSI Digital in 2022.
One other is VIX Securities, which has invested in its VIXEX digital asset change unit.
A number of main banks have been additionally listed, together with Army Financial institution, Techcombank, and VPBank.
The establishments indicated they plan to start operations solely after receiving regulatory approval.
No crypto change licensed as pilot enters operational section
Despite the fact that Vietnam has opened the licensing window, the pilot framework stays on the beginning line in sensible phrases.
That context issues as a result of the most recent software course of doesn’t routinely imply platforms will launch rapidly.
Vietnamese regulators haven’t introduced any receipt or approvals of purposes for the reason that licensing window opened, which means the variety of candidates and their progress stays unclear.
For traders and market contributors, this implies Vietnam is transferring in a managed and staged manner, with formal procedures advancing earlier than any change can legally function beneath the pilot regime.
Vietnam’s strict licensing framework shapes market entry
Vietnam’s crypto licensing framework is among the many most restrictive within the area, reflecting the federal government’s cautious method to market growth.
Candidates have to be Vietnamese entities with a minimal paid-in capital of 10 trillion dong, roughly $380 million.
Not less than 65% of the capital have to be held by institutional shareholders, setting a excessive barrier that favours established home corporations.
Overseas possession is capped at 49%, limiting abroad participation and reinforcing Vietnamese management of licensed operators.
Taken collectively, these circumstances present Vietnam is prioritising large-scale, institution-led platforms with robust capital bases.
The main focus seems to be on controlling systemic threat and guaranteeing compliance requirements from the beginning, somewhat than permitting quick, open-ended progress throughout the crypto sector.
