Vietnam Embarks on Ambitious Listing of Five Exchanges for Crypto Pilot With Strict Licensing

Vietnam has announced a landmark five-year pilot program to establish a regulated crypto market, marking a significant departure from years of regulatory ambiguity. The initiative will strictly limit operations to five licensed exchanges and set some of the world’s most rigorous requirements for participation.

Key Takeaways

• Only five Vietnamese enterprises will be licensed as crypto exchanges during the pilot period.

• Authorized platforms must meet high capital and institutional requirements, favoring major banks and financial firms.

• All crypto trading must be settled in Vietnamese dong and exclude fiat-backed and securities-backed tokens.

• The program aims to modernize Vietnam’s financial sector while maintaining strong regulatory oversight.
  
  

Overview of the Pilot Program

The pilot, launched under a new government resolution in September 2025, follows the nation’s first comprehensive law recognizing digital assets. For the first time, digital currencies will operate under clear guidelines, but only Vietnamese enterprises — specifically limited liability companies or joint stock companies — can apply for licenses to run crypto exchanges.

Applications are subject to a strict cap: only five operators will receive approval, according to statements from senior government officials. Plans are underway to finalize licensing procedures and begin exchange operations by 2026, pending the readiness of eligible businesses.

Entry Barriers and Requirements

The regulatory framework draws a sharp line between traditional Web3 startups and institutional players. To qualify, platforms must:

1. Hold a minimum charter capital of 10 trillion Vietnamese dong (about $379 million), contributed by at least two institutional entities such as banks, securities firms, or tech companies.

2. Maintain over 65% institutional ownership, with at least a 35% stake split between two or more qualifying organizations.

3. Demonstrate two consecutive years of profitable operations backed by audited financial statements.

4. Appoint a CEO with at least two years of relevant experience and a CTO with five years in information technology.

5. Employ at least ten technology specialists with certifications in cybersecurity and an additional ten staff licensed for securities operations.

Foreign companies face additional hurdles — they may only participate as minority partners within joint ventures and cannot own more than 49% of any licensed exchange.

Trading Rules and Market Scope

The pilot limits crypto asset issuance and trading to those backed by real, tangible assets. Fiat-backed and securities-backed tokens are excluded. Trading and settlements are restricted to the Vietnamese dong, and no form of crypto payment will be allowed for goods or services.

Margin and derivatives trading are not permitted, signaling a cautious, tightly controlled approach. The pilot is expected to primarily serve institutional investors and professional traders rather than the retail sector.

Domestic vs. Global Players

Several local financial institutions and technology firms are positioning themselves to meet the high capital and partnership requirements. However, with most current exchanges falling short of the threshold, securing institutional backing will be crucial.

Global exchanges interested in the Vietnamese market, such as Binance and Bybit, are actively seeking local partnerships and have held talks with Vietnamese leadership. Yet, their prospects depend entirely on forming alliances with qualifying domestic firms, underscoring the government’s preference for local control and oversight.

Strategic Outlook

Vietnam’s cautious yet forward-looking approach offers clear rules for a previously gray market, likely attracting major institutional players and positioning the country as an emerging regional financial hub. However, the high entry barriers and limited licenses may sideline crypto-native startups unless future regulation is broadened. The next few years will be a critical test of both Vietnam’s regulatory model and its ability to balance innovation with robust oversight.

Sources

• The Game Is Changing for Vietnam’s Centralized Exchange Licenses, Tiger Research Reports.

• Only up to 5 enterprises to be licensed for pilot crypto asset exchange: deputy minister, Vietnam Economic Times.

• Vietnam Tests Crypto Trading Market With Five-Year Trial, Bloomberg.com.

• Vietnam Launches 5-Year Crypto Market Pilot, Cointelegraph.

This article was created with support from AI-driven technology, drawing on multiple reputable sources. The final content has been thoroughly reviewed and edited by BlockzHub's editorial team to ensure accuracy, clarity, and coherence. Original reporting sources are credited whenever appropriate and as required. The opinions expressed in this article do not necessarily represent the official views or positions of BlockzHub. This article is intended for informational purposes only and should not be considered financial or professional advice. Investing involves risk, and you should consult a qualified financial advisor before making any investment decisions.