Vietnam launches 5-year trial licensing for crypto asset exchanges

The ministry said it started receiving applications from prospective crypto asset exchange operators on Tuesday under procedures set out in Decision No. 96/QD-BTC, issued the same day.

As per the decision, three new administrative procedures have been introduced, covering the issuance, adjustment, and revocation of licenses for entities providing crypto asset trading platform services.

The move follows Government Resolution No. 05/2025/NQ-CP, issued in September last year, which allows a five-year pilot program for crypto asset exchanges in Vietnam.

According to the Vietnam Government Portal, around 10 securities firms and banks have so far announced plans to offer crypto asset exchange services once licensed by regulators.

Crypto assets are defined as assets that exist in a digital environment and are created and recorded using cryptographic technology.

The roll-out reflects Vietnam’s shift toward a supervised, trial-based approach to managing crypto assets, bringing the sector under state oversight after years without a clear regulatory framework.

Common types include cryptocurrencies such as Bitcoin and Ethereum; tokens representing value or rights, including the right to use services, financial rights, or assets backed by gold or real estate; and non-fungible tokens, which are unique digital assets used to represent and verify ownership in the digital space.

According to blockchain analytics firm Chainalysis, the value of cryptocurrency transactions in Vietnam was estimated at US$220–230 billion between July 2024 and June 2025, averaging more than $600 million per day.

This volume places Vietnam among the three largest crypto markets in the Asia-Pacific region, behind only India and South Korea, and accounts for nearly 10 percent of the total regional transaction value.

Chainalysis noted that digital currencies in Vietnam are increasingly used for remittances, gaming, and savings.

For many years, activities related to digital and crypto assets in Vietnam lacked a clear legal basis.

That gap is expected to narrow following the passage of the Law on Digital Technology Industry by the National Assembly, which took effect on January 1, 2026.

The legislation brings digital assets under regulation for the first time and provides a legal foundation for tax authorities to develop appropriate management and taxation policies.

The new law, together with Government Resolution No. 05 allowing the pilot issuance and trading of crypto assets, is expected to open new pathways for market development while keeping the sector under regulatory oversight.

Dang Nguyet Minh, head of research at Dragon Capital, one of Vietnam’s leading fund management companies, said the trial licensing scheme is a critical step in guiding the market’s development.

She said the framework is expected to curb speculative risks, rein in unregulated platforms, and gradually position Vietnam as a managed crypto asset hub in Asia.

Minh added that Vietnam currently ranks fifth globally in crypto adoption, with estimated crypto asset holdings of around $100 billion.