Vietnam Crypto Market Advances as Five Firms Pass Exchange Review

Vietnam is moving closer to a regulated crypto market after five companies passed an initial exchange assessment, although no applicant has received a license yet.

The pilot program requires heavy capital, institutional ownership, Level 4 security standards, and anti-money laundering controls before any exchange can operate. New administrative penalties take effect September 1, while domestic traders using offshore platforms face no automatic fines until the first license is issued.

Five Firms Clear Vietnam’s Initial Exchange Review

Five companies have passed Vietnam’s first assessment, marking progress toward a structured digital asset market under the country’s five-year pilot. Officials confirmed the development at the Vietnam RWA Summit 2026, although regulators have not identified applicants or announced licensing timelines.

Under Resolution No. 05, each applicant must contribute at least 10 trillion Vietnamese dong, worth approximately $383 million. That requirement represents contributed charter capital rather than a government licensing fee, while ownership rules emphasize institutional participation and financial capacity.

At least 65% of capital must come from institutional shareholders, while qualifying organizations must provide more than 35% collectively. The capital bar builds on earlier Vietnam exchange licensing rules that set a high bar for market entry.

Wu Blockchain reported the assessment milestone as regulators continue screening applicants under the pilot framework.

Meanwhile, applicants must satisfy Level 4 information-system security standards before exchanges can receive operational approval from Vietnamese authorities.

The Ministry of Public Security will conduct security assessments, while requirements cover custody, monitoring, internal controls, complaints, and investor identification procedures.

Applicants must also establish anti-money laundering systems and safeguards designed to protect customer assets and sensitive account information.

New Penalties Strengthen Vietnam’s Crypto Framework

Decree No. 284/2026/ND-CP takes effect September 1, introducing administrative penalties for several violations involving crypto assets and markets. Unlicensed providers and platforms advertising exchange services can face organizational fines between 180 million and 200 million Vietnamese dong.

Authorities can also order the removal of websites, applications, and trading systems linked to unauthorized crypto activities, strengthening enforcement against unlicensed operators.

Licensed providers can face penalties for weak customer verification, inadequate transaction monitoring, poor asset segregation, or insufficient account protection. Domestic investors face a separate transition arrangement because the requirement to use licensed platforms starts only after licensing begins.

The six-month countdown begins only after the Ministry of Finance issues Vietnam’s first crypto asset service provider license.

With no exchange licensed yet, domestic traders will not automatically face penalties on September 1 for using offshore platforms. The pilot limits issued assets to foreign investors and requires real-world backing, positioning Vietnam within a tokenization market projected to surpass $14 trillion.

The licensing push fits a broader pattern of governments building formal crypto regulation frameworks as trading volumes grow and enforcement tools tighten.