Vietnam Limits Crypto Pilot to Five Licensed Exchanges Ahead of 2026 Launch
Vietnam is taking a cautious step into regulated digital assets by announcing that its upcoming cryptocurrency exchange pilot will be restricted to just five licensed operators.
Deputy Finance Minister Nguyen Duc Chi told reporters that the Ministry of Finance has yet to receive any applications, despite anticipating strong interest from both local and regional firms.
Why Vietnam is Restricting Its Crypto Experiment to Five Platforms
The pilot aims to carefully monitor cryptocurrency trading under domestic oversight before broader legalisation.
“The ministry has not received any proposals from enterprises,” Chi said, but clarified that “the pilot will allow a maximum of five participants.”
Officials have yet to name potential exchanges, though insiders suggest domestic fintech startups and international players are preparing applications to meet the licensing requirements.
Each platform will face strict standards, including domestic licensing, anti-money laundering measures, and detailed reporting obligations.
Beginning in 2026, exchanges will be required to support trading pairs denominated in the Vietnamese dong, while foreign investors will only access crypto assets through approved CASPs.
Regulatory demands are high: licensed CASPs must have a minimum capital of 10 trillion dong ($379 million), with funding coming from at least two qualified institutions such as banks, securities firms, insurance companies, fund managers, or technology enterprises.
Shareholders and capital providers must also demonstrate two consecutive years of profitable business operations.
Tight Regulations Reflect Focus on Market Integrity and Investor Protection
Authorities hope the narrow pilot will foster transparency and operational stability.
Vietnam’s Finance Ministry is coordinating with the State Bank, the Ministry of Public Security, and other agencies to finalise licensing and regulatory policies, including tax treatment, transaction fees, and accounting rules for digital assets.
Chi emphasised that the government aims to license qualified businesses and have them operational before 2026, depending on their readiness.
Analysts say the controlled approach could prevent speculative excesses while establishing formal protections for the country’s 17 million crypto users, who currently generate more than $100 billion annually through overseas platforms such as Binance and Bybit.
Financial analyst Phan Dũng Khánh noted,
“Vietnam has a large investor base ready to comply with tax and regulatory requirements if offered safe and legal trading platforms.”
How Vietnam Compares to Regional Crypto Regulations
Vietnam’s limited pilot stands in contrast to neighbours like Singapore and Japan, where over a dozen exchanges operate under full licensing frameworks.
Officials are reportedly studying Singapore’s Payment Services Act and Japan’s Financial Instruments and Exchange Act as benchmarks, suggesting the pilot could serve as a foundation for broader regional regulatory alignment.
The government is also leveraging recent legal and technological initiatives.
The Digital Technology Industry Law, passed in June 2025, grants legal status to digital assets and mandates licensing for service providers.
Vietnam also launched NDAChain, a proprietary blockchain for tokenising assets like bonds and carbon credits, which supports the integration of digital assets into the national financial system.
Will Limited Licenses Lead to Market Consolidation and Institutional Confidence
Experts expect the pilot to strengthen trust and attract institutional participation.
Only the most capable operators are likely to meet licensing requirements, potentially driving market consolidation and operational efficiency.
Authorities envision a framework where digital assets, including Bitcoin, can be integrated into insurance companies, pension funds, and similar institutions, anchoring crypto trading within Vietnam’s economy and reducing reliance on foreign exchanges.
Can Vietnam’s Cautious Pilot Trigger Broader Market Confidence
From Coinlive’s perspective, Vietnam’s selective licensing sends a strong signal to both investors and international players that compliance and transparency are key.
By tightly controlling the number of exchanges and enforcing rigorous capital and operational standards, authorities may build trust in the local market while limiting exposure to speculative risks.
This measured approach presents a key question for the region: will it attract serious long-term investment, or will high barriers delay Vietnam’s emergence as a crypto hub?
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