The licensing plan has moved forward during 2026. Five companies have already passed an initial assessment under the pilot, although none had received a final exchange license as of Aug. 30. Passing the assessment does not authorize a company to operate a crypto trading platform.
Vietnam crypto licenses remain under review
Vietnam formally opened its licensing process in January, when the Ministry of Finance introduced administrative procedures covering the issuance, adjustment and revocation of licenses for crypto asset trading platforms.
As crypto.news previously reported, applicants must be Vietnamese enterprises with at least 10 trillion dong, roughly $383 million, in paid in charter capital. At least 65% of the capital must come from institutional shareholders, while companies must meet requirements covering governance, staffing, infrastructure and cybersecurity.
Foreign investors cannot own more than 49% of an exchange under the pilot. More than 35% of an applicant’s capital must come from at least two qualifying organizations such as commercial banks, securities companies, fund managers, insurers or technology companies.
Several financial groups have prepared businesses for the regulated market. VPBank linked CAEX secured backing from OKX Ventures and HashKey Capital in April as it worked toward the capital requirements for a license. CAEX’s pilot application involves VPBank Securities and LynkiD alongside the two investors.
SSI Digital Technology has pursued a separate route, signing an agreement with South Korean exchange Bithumb to explore a local digital asset exchange business. Their planned cooperation covers technology, wallets, custody, security, risk controls and compliance, while any exchange operation remains subject to Vietnamese approval.
In May, Chi said the country’s first official regulated crypto market activity could begin as early as the third quarter of 2026. Affiliates of Techcombank, VPBank and LPBank, along with VIX Securities and Sun Group, were among companies reported to have moved through initial screening. Five firms entered the licensing process, although authorities had not issued their first final license at the end of August.
FATF recommendations shape Vietnam crypto supervision
Alongside licensing, the State Securities Commission is developing a mechanism to supervise service providers and investor transactions using recommendations from the Financial Action Task Force.
SSC Chairwoman Vu Thi Chan Phuong said the framework places emphasis on risk management, protection of investor assets and anti money laundering controls. Vietnam wants to draw on the experience of the FMA and other European Union regulators while refining its rules for crypto assets.
The Austrian authority’s role includes oversight of crypto asset service providers alongside banks, insurers, pension funds, securities firms, investment funds, stock exchanges and other parts of the financial system. It handles responsibilities involving market supervision, investor protection, anti money laundering controls and unauthorized financial activity.
Kühnel told the Vietnamese delegation that many financial regulations applied in Austria are determined at the EU level, with the FMA responsible for their implementation domestically. She proposed more exchanges between the two countries through the International Organization of Securities Commissions and online technical meetings between experts.
Chi agreed with the proposed cooperation format, saying the channels could turn information sharing and technical support between the two authorities into concrete activities.
New penalties accompany the five year crypto pilot
Vietnam’s regulatory work is taking place under a five year pilot introduced through Resolution No. 05/2025/NQ-CP in September 2025. The framework covers crypto asset issuance, trading, custody and licensed service providers.
New enforcement rules took effect Sept. 1 under Decree No. 284/2026/ND-CP, setting penalties for unauthorized services, improper crypto asset issuance, inadequate customer checks and failures involving anti money laundering requirements.The crypto penalty framework was approved in July as authorities prepared for licensed domestic platforms.
Organizations that provide crypto services or advertise an exchange without authorization can face fines ranging from 180 million to 200 million dong. Licensed providers can face separate penalties for failures involving customer asset segregation, transaction monitoring, account information and customer verification.
Domestic investors will eventually be required to conduct covered trading through Ministry of Finance licensed providers. Decree 284 provides an organizational fine of between 30 million and 50 million dong for trading outside approved platforms, while the general half rate provision indicates lower penalties for individuals.
The restriction does not immediately apply simply because the decree took effect in September. Resolution 05 gives domestic investors a six month transition period beginning only after the Ministry of Finance issues its first crypto asset service provider license. With no final license issued by Aug. 30, that countdown had not yet started.
Vietnam looks to Austria for regulatory experience
Crypto formed part of a larger regulatory discussion between Vietnamese and Austrian officials. Chi said small and medium sized enterprises represent roughly 99% of operating businesses in Vietnam, with support policies being refined around governance, financial capacity, compliance and digital transformation.
Phuong said authorities are considering restructuring stock trading boards, including arrangements for small and medium sized businesses. Regulators are working on listed product quality, transparency and disclosure requirements while strengthening supervision against market manipulation and price rigging.
The Vienna meeting ended with the two sides agreeing to pursue technical exchanges through IOSCO and direct meetings between experts as Vietnam continues developing its financial and crypto asset supervision framework.
