Vietnam opens crypto exchange licensing with nearly $400 million capital barrier to entry

Vietnam has begun accepting applications from firms seeking to operate licensed cryptocurrency trading platforms, activating a tightly controlled pilot market framework that sets one of the region's highest capital thresholds for crypto exchanges.

The State Securities Commission said it began accepting applications as of Tuesday under new administrative procedures issued by the Ministry of Finance, implementing 'Resolution No. 05/2025/NQ-CP' on piloting the country's cryptocurrency market.

Under the framework, applicants must have a minimum contributed charter capital of 10 trillion Vietnamese dong, equivalent to nearly $400 million, alongside strict ownership, staffing, and infrastructure requirements. Only Vietnamese enterprises are eligible to apply, while foreign ownership in licensed exchanges is capped at 49%.

This approach differs from other regional Asian hubs such as Hong Kong and Singapore, which impose comparatively modest minimum capital requirements but rely on intensive supervision.

The licensing rollout operationalizes legislation passed by the National Assembly of Vietnam in June 2025, which formally recognized cryptocurrencies as property under civil law and laid the legal foundation for regulating digital assets.

The September resolution translated that recognition into a sandbox-style market structure, with this week's intake marking the start of implementation.

Remitano, a regional exchange that has operated in Vietnam since 2014, said the regulatory shift could strengthen the country's position in Asia over time. "Vietnam's recent regulatory developments are a net positive for the crypto ecosystem, with clear long-term potential to support the country's ambition of becoming a regional blockchain hub," a Remitano spokesperson told The Block. "That said, implementation will be critical."

Gears in motion

According to the Ministry of Finance, at least 10 domestic securities firms and banks have already signaled interest in applying once licensing opens. Several major financial institutions have spent the past two years preparing infrastructure and partnerships in anticipation of regulatory approval.

Within the securities sector, SSI Securities established its digital asset subsidiary SSI Digital in 2022 and has since announced partnerships with firms including Tether, U2U Network, and Amazon Web Services. VIX Securities has also invested in building a domestic crypto exchange platform.

Banks have taken similar preparatory steps. Military Commercial Joint Stock Bank has partnered with Dunamu, the operator of South Korea's Upbit exchange, while Techcombank has launched a crypto exchange subsidiary and integrated crypto price tracking into its securities platform. VPBank has said it is operationally ready pending regulatory clearance.

Still, user behavior may take longer to shift. A spokesperson for Remitano said the firm expects a split market in the early stages, with some users migrating to licensed domestic platforms while others continue using international exchanges until local offerings become more competitive in terms of liquidity, fees, and product breadth.

The licensing rollout comes as Vietnam continues to address long-standing concerns around investor protection and anti-money laundering oversight, which have kept the country on the Financial Action Task Force's grey list despite high levels of retail crypto adoption.

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