Five exchanges cleared Vietnam's first regulatory screen for pilot cryptocurrency licences in March, and a Q3 2026 market opening is now the government's stated aim. Deputy Finance Minister Nguyen Duc Chi set out that aim at the Digital Trust in Finance 2026 forum in Hanoi on 14 May 2026, after crypto assets gained legal status under the Law on Digital Technology Industry, in force from 1 January 2026.
The Five That Made the Cut
The Ministry of Finance, working alongside the Ministry of Public Security and the State Bank of Vietnam, advanced five applicants under Government Resolution No. 05 — the country's governing pilot framework for digital assets:
- VIX Digital Asset Exchange JSC (VIXEX) — CEO Nguyen Thanh Que; charter capital VND 1 trillion (~US$38 million)
- Sacom Crypto Asset Exchange (SCEX) — formerly Loc Phat Vietnam Crypto Asset Exchange (LPEX); charter capital raised from VND 6.8 billion to VND 360 billion (~US$13.7 million) following a rebrand
- Vietnam Prosperity Crypto Asset Exchange JSC (CAEX) — CEO Nguyen Hong Trung; VPBank Securities holds 11%; charter capital VND 25 billion (~US$950,000)
- Techcom Digital Asset Exchange JSC (TCEX) — chairman Nguyen Xuan Minh holds 89%; Techcom Securities 9.9% and Techcom Capital Management 1.1%; charter capital VND 101 billion (~US$3.84 million)
- Vietnam Digital Assets JSC — Sun Group JSC holds 64%; charter capital VND 1 trillion (~US$38 million)
Two applicants did not pass the initial review. The Ministry of Finance found that the application from Dolphinex Encrypted Asset Services JSC lacked complete and valid documentation on its company charter and personnel qualifications, including some technology staff diplomas. SSI Digital Technology JSC (SSID), despite holding VND 1 trillion in charter capital, did not meet the requirements for the application form, and its charter and personnel documents were incomplete and invalid.
What the Framework Actually Requires
The bar set by Resolution No. 05 is deliberately high. Under the licensing framework, exchanges must ultimately hold charter capital of VND 10 trillion (~US$380 million) — with at least 65% sourced from institutional investors such as banks, securities firms, insurance companies, or technology enterprises. Foreign shareholders are capped at 49% of any licensed exchange. None of the five shortlisted entities currently meets the VND 10 trillion threshold, and all will require significant capital-raising or restructuring before final licences are granted.
On the tax side, individuals trading through licensed platforms pay 0.1% personal income tax on the gross value of each transaction, regardless of whether the trade is profitable. Corporate entities fall under the standard 20% corporate income tax on net profits. Crypto remains prohibited as legal tender; all settlements must be denominated in Vietnamese dong.
What Remains Unfinished
Passing the initial documentary review is not the same as receiving a pilot licence. The Ministry of Finance has said it will coordinate with relevant authorities to inspect infrastructure conditions before formal approvals are granted. Detailed anti-money laundering and know-your-customer rules are still being finalised. Nguyen Duc Chi's statement sets a directional deadline, not a confirmed opening date: "We believe that, as early as the third quarter, Vietnam could witness the first official activities of its crypto asset market."
Why the Stakes Are High
Vietnam ranks among Southeast Asia's deepest crypto markets. Chainalysis data covering July 2024 to June 2025 puts the country's crypto transaction volume at around US$220 billion — a 55% year-on-year increase — and the country placed fourth in the 2025 Chainalysis Global Crypto Adoption Index. Industry estimates from Triple-A put the number of Vietnamese crypto owners at roughly 18.6 million, the bulk of whom have operated through offshore platforms such as Binance. The 49% foreign-ownership cap and domestic-registration requirements are designed to route that activity onto local, regulated infrastructure. Hanoi's approach broadly mirrors the playbook used in Indonesia and Thailand: build a locally-controlled licensed layer first, then negotiate foreign-exchange partnerships from a position of regulatory leverage.
Regional Significance
Vietnam's move adds a significant new regulated market to Southeast Asia's digital-asset landscape — joining Singapore, Thailand, and Indonesia as jurisdictions with formal exchange licensing regimes. The Q3 2026 window, if met, would make Vietnam one of the faster movers globally from legalisation to live regulated trading: within nine months of the law taking effect on 1 January. How strictly the AML and KYC rules land will determine whether the framework attracts institutional liquidity or remains a domestic retail venue.
Correction, 18 October 2026: An earlier version said Vietnam legalised crypto assets on 27 January; their legal status comes from the Law on Digital Technology Industry, in force from 1 January 2026, and the shortlist itself dates from March. An unsupported link between SCEX and LPBank and Sacombank has been removed, and the shortlisted firms' affiliations and the two incomplete applications now follow the Ministry of Finance document as reported.
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