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- Vietnam sets $400M capital requirement for licensed crypto exchanges.
- New crypto licensing framework targets strict regulations for exchanges.
- Vietnamese financial firms prepare for regulatory shift in crypto market.
Vietnam has officially begun accepting applications for firms aiming to operate licensed cryptocurrency trading platforms, ushering in a tightly regulated pilot market. The new move, which started this week, is outlined in the Ministry of Finance’s Resolution No. 05/2025/NQ-CP and represents a significant step toward formalizing the country’s cryptocurrency market.
In this model, companies must meet strict requirements to obtain a license. It is important to note that they are required to hold a minimum contributed charter capital of 10 trillion Vietnamese dong, or practically, $400 million. This capital requirement makes Vietnam one of the most difficult regulatory jurisdictions in Asia, and even more so than regional financial centres such as Hong Kong and Singapore, which have lower capital requirements but place much emphasis on supervision.
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Moreover, foreign ownership in licensed exchanges will be limited to 49%, with only Vietnamese firms making applications.
The authorization is a consequence of legislation adopted by the National Assembly of Vietnam in June 2025, which recognized cryptocurrencies as civil law property. The new legal framework is a groundbreaker in regulating digital assets, and the new resolution will establish a sandbox-like market structure to enforce the regulations.
Financial Institutions Prepare for Regulatory Shift
It has already been announced that several large domestic financial institutions would seek the new licenses. A minimum of 10 securities firms and banks have shown interest, with some already gathering their infrastructure.
An example is SSI Securities, which in 2022 founded its digital asset subsidiary, SSI Digital, and has partnered with such companies as Tether and Amazon Web Services. Moreover, Military Commercial Joint Stock Bank and Techcombank have both invested in crypto exchange platforms, indicating they are ready to enter the new market.
Although such regulatory changes can help create a safer cryptocurrency market, they may not lead to immediate market adoption. A proportion of users might still prefer foreign exchanges, as domestic platforms might still fall behind in liquidity, fees, and products. This may lead to a fragmented market in the early stages.
The regulatory change in Vietnam is also intended to address issues of investor protection and anti-money laundering, as the country remains under the scrutiny of the Financial Action Task Force. Although the introduction of the licensing framework is a good move for the local crypto ecosystem, its success will depend on its effective implementation and on attracting a broader user base.
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