Vietnam Opens Crypto Exchange Licensing Window Under Stringent Five-Year Framework
Vietnam has opened its window for crypto exchange licensing under a five-year regulated market framework. The State Securities Commission began accepting applications on January 20, following Ministry of Finance Decision No. 96, which implements administrative procedures for the market pilot.
The Law on the Digital Technology Industry took effect on January 1, establishing statutory definitions for digital and crypto assets in Vietnamese law. Vietnamese law treats crypto assets as property while excluding them from legal tender classification and restricting payment usage.
Roughly 10 securities firms and banking institutions have publicly declared intentions to enter the licensed cryptocurrency market. These entities are preparing submissions rather than operating under approved licenses. SSI Securities operates SSI Digital, established in 2022, while VIX Securities developed its VIXEX digital asset exchange division.
The licensing process requires Vietnamese corporate status with a minimum capitalization of 10 trillion dong (approximately $380 million). Institutional shareholders must control at least 65% of capital, while foreign ownership faces a 49% ceiling under the regulatory structure.