The SSC launched the process after the Ministry of Finance issued Decision No. 96.
Banks and brokers, including SSI, VIX, and major lenders, are preparing to apply.
Rules include 10 trillion dong capital, 65% institutional ownership, and a 49% foreign cap.
Vietnam has formally moved closer to running a regulated crypto market after opening applications for licences to operate digital asset trading platforms.
The step brings the country’s long-planned pilot programme into action, setting the stage for approved exchanges to operate under direct regulatory oversight.
The State Securities Commission of Vietnam (SSC) said the licensing window opened on Tuesday, following the introduction of new administrative procedures under Decision No. 96 by the Ministry of Finance.
The decision implements a resolution on piloting a regulated crypto asset market, which Vietnam has been developing for years.
Even with the licensing process now live, the market is still in its early phase.
No platform has yet been licensed, and regulators have not announced approvals since the application window opened.
SSC opens licensing window under new procedures
The SSC confirmed that applications under the new administrative procedures will be accepted beginning January 20, 2026.
Vietnam’s Ministry of Finance issued Decision No. 96 as part of implementing the country’s resolution to pilot a regulated crypto asset market.
The SSC framed the move as a step towards bringing crypto under formal regulatory supervision.
The opening of the licensing window also follows a key legal shift. Vietnam’s Law on the Digital Technology Industry entered into force on Jan. 1, defining digital and crypto assets in statute for the first time.
Under the law, Vietnam recognises crypto assets as property. However, it explicitly excludes them from legal tender status.
The country also maintains restrictions on the use of crypto as a means of payment, keeping the pilot focused on regulated market activity rather than consumer transactions.
Domestic banks and securities firms prepare applications
While the licensing window marks progress, Vietnam’s regulated crypto market is still waiting for actual approvals.
That said, early interest from domestic financial firms appears to be emerging.
Vietnam News reported on Wednesday that around 10 securities companies and banks have publicly announced plans and their readiness to participate in the crypto asset market once licensed.
The report stressed that these institutions are preparing applications rather than already operating approved platforms.
Among the firms named was SSI Securities, which established SSI Digital in 2022.
Another is VIX Securities, which has invested in its VIXEX digital asset exchange unit.
Several major banks were also listed, including Military Bank, Techcombank, and VPBank.
The institutions indicated they plan to begin operations only after receiving regulatory approval.
No crypto exchange licensed as pilot enters operational phase
Even though Vietnam has opened the licensing window, the pilot framework remains at the starting line in practical terms.
Earlier hesitancy around the pilot has been linked to Vietnam’s high capital threshold and strict eligibility rules, which set a tough entry bar for potential operators.
That context matters because the latest application process does not automatically mean platforms will launch quickly.
Vietnamese regulators have not announced any receipt or approvals of applications since the licensing window opened, meaning the number of applicants and their progress remains unclear.
For investors and market participants, this suggests Vietnam is moving in a controlled and staged way, with formal procedures advancing before any exchange can legally operate under the pilot regime.
Vietnam’s strict licensing framework shapes market entry
Vietnam’s crypto licensing framework is among the most restrictive in the region, reflecting the government’s cautious approach to market development.
Applicants must be Vietnamese entities with a minimum paid-in capital of 10 trillion dong, roughly $380 million.
At least 65% of the capital must be held by institutional shareholders, setting a high barrier that favours established domestic firms.
Foreign ownership is capped at 49%, restricting overseas participation and reinforcing Vietnamese control of licensed operators.
Taken together, these conditions show Vietnam is prioritising large-scale, institution-led platforms with strong capital bases.
The focus appears to be on controlling systemic risk and ensuring compliance standards from the start, rather than allowing fast, open-ended growth across the crypto sector.
