Crypto Goes Legit in Vietnam. Wallets Required. Big Ones.

The clatter of keyboards fills Vietnamese banking headquarters as financial giants race to complete applications for something once considered untouchable: official cryptocurrency exchange licenses. What operated in shadows for years now has a government stamp—provided applicants can muster a staggering $380 million entry fee.

Vietnamese officials started processing crypto exchange license applications on January 20, in an attempt to make the unregulated digital asset market more formal and structured. The Ministry of Finance released procedures to govern how exchanges will receive, modify, or lose their operating permits through the State Securities Commission.

Massive Capital Requirements Set the Bar

Aspiring exchanges face serious financial hurdles. Companies must raise VND 10 trillion ($380 million) in minimum capital, with institutional shareholders controlling at least 65 percent of that amount. Regulators are demanding that two or more institutional investors from banking, securities, fund management, insurance, or technology sectors contribute over 35 percent of the total capital.

The ministry is promising 30-day processing times for complete applications, though mandatory IT security certification from the Ministry of Public Security will probably stretch actual approval periods.

Banks Line Up for Launch

Five major financial institutions have said they are ready to enter the market. These include MBBank, SSI Securities, VIX Securities, Techcombank, and VP Bank.

The five-year pilot program will authorize about five exchanges. Vietnam’s regulatory framework comes from the Law on Digital Technology Industry, which took effect on January 1, 2026, putting digital assets under official government supervision. Foreign investors can’t hold more than 49 percent ownership in licensed providers.

As per Chainalysis, Vietnam ranked fourth globally for crypto adoption, with citizens using digital currencies for remittances, gaming, and savings.