Vietnam launches crypto exchange licensing with an entry threshold of around $400 million

Key points:

• Launching a crypto exchange requires share capital of roughly $400 million..
• Only companies registered in Vietnam are eligible to apply.
• Foreign participation in licensed platforms is restricted.

Vietnamese authorities have opened applications for companies seeking to operate as licensed cryptocurrency trading platforms. The process is being rolled out under an experimental framework approved by the Ministry of Finance and is designed to create a tightly controlled digital asset market with a limited number of participants.

Applicants must demonstrate paid-in capital of at least 10 trillion Vietnamese dong, equivalent to nearly $400 million. Participation in the pilot program is limited to Vietnamese legal entities, while foreign ownership in a licensed crypto exchange may not exceed 49%.

How the regulatory model is structured

The pilot regime introduces expanded requirements for corporate governance, staffing and technological infrastructure. This approach differs markedly from models used in several Asian financial hubs, where regulators focus more on ongoing supervision rather than strict entry barriers.

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In practice, the framework represents the implementation of Vietnam’s digital assets law passed by parliament in the summer of 2025. The legislation formally recognized cryptocurrencies as a form of property and granted the state direct regulatory authority over the sector.

Who is preparing to enter the market

According to officials, at least ten domestic banks and investment firms have already expressed interest in joining the pilot program. Major financial groups began preparing for entry well in advance, investing in technology infrastructure and setting up dedicated subsidiaries.

Authorities expect the market to develop in a limited format during the initial phase, with participation restricted to a small group of large players. Broader access to licensing is likely only after regulators assess the results of the pilot regime.