Vietnam’s State Securities Commission officially opened the licensing window for virtual asset trading platforms on January 20, marking the operational start of a high-stakes five-year pilot programme.

The move, sanctioned by the Ministry of Finance under its Decision 96, aims to bring one of the world’s most active unregulated digital asset markets into a formal legal framework while addressing international pressure over financial transparency.

The newly issued administrative procedures establish three clear protocols for the sector: the issuance of licences to organize a virtual asset trading market, the adjustment of existing licenses and the framework for their revocation.

This regulatory leap follows the Law on Digital Technology Industry, which took full effect on January 1 2026. The legislation provides the first statutory definitions for “digital assets” and “crypto assets” in Vietnam, classifying them as property protected under the Civil Code while explicitly distinguishing them from legal tender or traditional securities.

Strict entry barriers, institutional dominance

To ensure market stability, the government has set exceptionally high barriers to entry under its Resolution 05/2025. Applicants must be Vietnamese enterprises with a minimum charter capital of 10 trillion dong ( US$390 million ).

Furthermore, the shareholder structure must be institutional-heavy, requiring at least 65% of capital to be held by organizations, with a specific mandate that over 35% must come from at least two established financial or technology institutions. Foreign ownership is strictly capped at 49%.

The technical mandates are equally stringent, requiring licensed entities to operate information technology systems certified at security level 4, the highest domestic standard for financial services.

This high threshold has triggered a race among Vietnam’s financial heavyweights. VIX Securities, for example, has recently authorized a plan to use proceeds from a 919-million-share offering to inject 1,000 billion dong into a specialized virtual asset subsidiary, Vixex, aiming for a second-quarter 2026 launch.

Other major players, including Techcombank’s Techcom Securities and SSI Securities, are reportedly finalizing their dossiers to secure a first-mover advantage.

Global compliance

The drive for regulation is a strategic move to satisfy the Financial Action Task Force ( FATF ) – an intergovernmental organization founded in 1989 on the initiative of the G7 ( Canada, France, Germany, Italy, Japan, the UK and US ) – to develop policies to combat money laundering and to maintain certain interest. Vietnam has been on the FATF “gray list” since June 2023 due to strategic deficiencies in its anti-money laundering and counter-terrorist financing protections.

By implementing this licensing regime, the government is demonstrating the enforcement capabilities required to exit the list and restore full confidence in its international financial standing.

While the new law unlocks ownership and inheritance rights for an estimated 17 million Vietnamese digital asset holders, regulators remain cautious. The pilot programme maintains that virtual assets cannot be used as a means of payment.

Instead, the focus is on creating a supervised investment environment that protects retail investors from fraud, while attracting institutional foreign capital and fostering the export of domestic blockchain technology.