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January 22, 2026

Vietnam Begins Accepting License Applications for Crypto Asset Trading Platforms

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On January 20, 2026, Vietnam’s Ministry of Finance (MOF) issued Decision No. 96/QD-BTC to formally launch pilot administrative procedures for licensing crypto asset trading market services in Vietnam. The decision took immediate effect and implements the government’s pilot crypto asset market program under Resolution No. 05/2025/NQ-CP.

Notably, competent authorities have now begun accepting license applications, marking the first time Vietnam has operationalized a licensing pathway for crypto trading market operators.

Administrative Procedures and Applications

The decision stipulates procedures for (i) granting, (ii) adjusting, and (iii) revoking licenses to provide services for organizing crypto asset trading markets. It provides detailed, step-by-step guidance for each procedure, including dossier composition, internal review stages, coordination mechanisms, and statutory timelines. These procedures apply specifically to entities seeking to organize and operate crypto asset trading markets within Vietnam’s pilot regulatory framework.

The MOF is the authority responsible for reviewing and deciding on the above procedures, with the State Securities Commission acting as the receiving, coordinating, and procedural focal point. For licensing applications, the MOF will coordinate with multiple authorities, including the State Bank of Vietnam and the Ministry of Public Security, particularly in relation to anti-money laundering, cybersecurity, system safety, and risk control requirements.

Applications may be submitted in person, by post, or electronically via the National Public Service Portal or the administrative procedure information system, in line with applicable regulations.

Statutory processing timelines vary depending on the specific procedure and stage involved. For applications to obtain a license to organize a crypto asset trading market, the process is conducted in multiple phases: The MOF will issue an initial written response within 20 working days from receipt of a complete and valid initial dossier, following which, upon submission of the full set of required documents, the MOF will complete substantive review and issue the license (or a refusal with stated reasons) within 30 working days. License adjustments are processed within 7 working days, while license revocation requests are handled within 5 working days, in each case calculated from the date of receipt of a complete and valid dossier.

No state fees or administrative charges apply to any of the procedures during the pilot phase.

Market Implications

This decision establishes the first formal administrative and licensing framework for entities seeking to participate in Vietnam’s pilot crypto asset trading market. The new procedures are highly detailed and prescriptive, particularly in relation to: (i) minimum capital requirements; (ii) personnel qualifications and organizational structure; (iii) internal governance, compliance, and risk management frameworks; and (iv) information technology systems, cybersecurity safeguards, and operational resilience.

This signals a cautious, tightly supervised, and regulator-led approach to market entry, consistent with Vietnam’s pilot-first regulatory strategy. Only well-prepared, compliance-ready operators are likely to succeed under the initial phase of the pilot program.

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