Vietnam Opens Licensing Window for Regulated Crypto Exchanges, Imposes High Capital and Institutional Requirements
Vietnam has opened an application window for licenses to operate digital-asset trading platforms, launching a five-year pilot to formally regulate crypto exchanges. The Ministry of Finance’s Decision No.96 (implementing Government Resolution No.05) and the State Securities Commission began accepting applications on Jan. 20, 2026. This follows the Law on the Digital Technology Industry (effective Jan.1), which defines digital and crypto assets, excludes them from legal tender, and bans their use as payment. The pilot enforces strict eligibility and operational requirements: applicants must be Vietnamese entities with at least VND 10 trillion (~USD 380M) in paid-in capital; 65% of capital must be held by institutional shareholders and foreign ownership capped (reported at 49%); no issuance of assets backed by fiat or securities is allowed. Management and staffing rules require experienced finance and IT leads and minimum certified cybersecurity and securities-practice personnel. Major domestic banks, securities firms and tech companies — including SSI Digital, VIX Securities (VIXEX), Military Bank (MBBank), Techcombank, VPBank and partners like Dunamu, Tether and AWS — have signaled preparations or MoUs to participate, though regulators have not confirmed any received or approved licenses yet. Traders should note the move institutionalizes Vietnam’s previously grey-market crypto sector, raises barriers to entry, and is likely to concentrate trading volumes among well-capitalized, regulated firms. The framework may reduce retail-driven volatility but could limit market breadth and token listings short term; market access and product availability will depend on which domestic consortia secure licenses.
Neutral
The licensing pilot is likely neutral for immediate price action of any single cryptocurrency mentioned because it is a regulatory and market-structure development rather than a protocol-level change. For traders, the move creates clearer onshore venues and potentially higher-quality order books once well-capitalized licensed operators launch, which can reduce counterparty and operational risk and dampen retail-driven volatility (bullish for liquidity and institutional participation). However, very high capital and institutional requirements limit the number of entrants and could constrain token listings and competition, keeping market breadth and innovation restrained (bearish for short-term token availability and retail volume). In the short term, expect muted price reaction absent specific license approvals or announcements of major exchange launches. In the medium-to-long term, regulated, institution-led exchanges may improve liquidity and trust — supportive for sustained institutional flows — but the high barriers could concentrate market power and slow product expansion. Overall, these offsetting effects justify a neutral classification for price impact.