Vietnam Introduces Licensing Framework for Cryptocurrency Exchanges

Podcast Discussion: Deep Dive Into This Article.

Vietnam has taken a major step toward regulating cryptocurrency trading by introducing its first licensing regime for exchanges under Resolution No. 05/2025/NQ-CP. The new framework establishes capital, ownership, and compliance requirements within a five-year pilot program, building on the Law on Digital Technology Industry passed in June 2025.

This move marks a clear effort by the Vietnamese government to bring crypto activities into a structured regulatory environment, strengthen oversight of digital financial markets, and align with international standards for anti-money laundering and financial compliance.

Regulatory Context

• The licensing framework is part of Vietnam’s broader digital economy strategy.
• The Digital Technology Law recognized digital assets as a legitimate form of property under the Civil Code, allowing ownership, transfer, inheritance, and protection under civil rights.
• Resolution 5 launches a five-year sandbox regime, giving policymakers flexibility to refine rules and close gaps as the market evolves.
• Oversight is shared among multiple agencies: Ministry of Finance (MOF), State Securities Commission (SSC), State Bank of Vietnam (SBV), and Ministry of Public Security (MPS).

The goals are clear: protect investors, enforce AML/CTF compliance, limit risks in the crypto market, and position Vietnam in line with FATF standards.

Licensing Procedure for Cryptocurrency Exchanges

The resolution outlines a structured licensing process for companies operating crypto exchanges in Vietnam:

1. Initial Submission – File an application with the SSC, including business charter, registration documents, personnel list, and operational procedures.
2. MOF Review – The Ministry of Finance reviews the dossier within 20 working days and requests revisions if incomplete.
3. Supplemental Dossier – Within 12 months, applicants submit shareholder lists, proof of capital (minimum VND 10,000 billion / US$378 million), foreign ownership limits (≤49%), security appraisal by MPS, registered headquarters, and audited financial statements.
4. Appraisal & License Issuance – MOF coordinates with SBV and MPS to approve the application. License is issued within 30 days if requirements are met.
5. Post-Licensing Disclosures – Exchanges must publish licenses publicly and disclose key operational and financial information for transparency.
6. Commencement of Operations – Licensed exchanges must begin operations within 30 days of approval.

Key Compliance and Business Requirements

• Capital – Minimum charter capital of VND 10,000 billion (US$378 million).
• Ownership Structure – At least 65% of equity held by domestic institutional investors; foreign ownership capped at 49%.
• Personnel – Key staff must have expertise in both finance and IT.
• System Security – Exchanges must meet Level 4 cybersecurity certification, ensuring robust protection of data and operations.
• Transaction Currency – All trading and issuance must be conducted in Vietnamese Dong (VND).

Opportunities and Challenges

• Vietnam’s framework offers legal clarity while maintaining state oversight, positioning the country as an emerging but credible destination for digital asset investment.
• The pilot program balances innovation and caution, with strict capital and compliance requirements ensuring only credible institutions participate.
• Unresolved questions remain, including the eventual use of crypto for payments, token categorization, and integration into the country’s AML framework.
• By reserving the right to suspend the program if systemic risks arise, Vietnam demonstrates a cautious, forward-looking approach to market development.

Conclusion

Vietnam’s licensing regime represents a significant step toward bringing cryptocurrency into a regulated environment. With legal recognition of digital assets, structured licensing, and clear compliance requirements, the country is creating a transparent, controlled market that balances investor protection with innovation.

For investors and businesses, this framework offers opportunities for engagement under a credible and evolving regulatory system, signaling Vietnam’s intent to become a notable player in the Southeast Asian crypto landscape.

This article reflects the opinions of the publisher based on available information at the time of writing. It is not intended to provide financial advice, and it does not necessarily represent the views of the news site or its affiliates. Readers are encouraged to conduct further research or consult with a financial advisor before making any investment decisions.