Vietnam's first crypto exchange licenses remain pending as five firms clear initial review

Vietnam has not yet issued its first crypto exchange license, but five companies have passed an initial assessment under the country's five-year digital asset market pilot.

To Tran Hoa, deputy standing head of the Digital Asset Trading Market Board under Vietnam's State Securities Commission, disclosed the progress at the Vietnam RWA Summit 2026, according to an Aug. 30 Vietnam News Agency report.

Authorities did not name the five applicants or confirm when final licensing decisions will be issued. Passing the initial assessment does not authorize any company to operate an exchange.

The licensing push marks a shift for a country that has long ranked among the world's highest rates of crypto ownership but previously operated without a domestic legal framework for exchanges, leaving users reliant on overseas platforms.

Exchange applicants face a $383 million capital threshold

Vietnam's Resolution No. 05/2025/NQ-CP requires each exchange applicant to hold at least 10 trillion Vietnamese dong — approximately $383 million — in contributed charter capital, with contributions made in Vietnamese dong.

At least 65% of that capital must come from institutional shareholders, and more than 35% must be contributed by at least two qualifying organizations, including commercial banks, securities companies, fund managers, insurers, or technology companies.

Applicants must also obtain an appraisal demonstrating that their technology meets Level 4 information-system security standards. The Ministry of Public Security conducts the required security assessment before an exchange can begin operating.

Additional licensing requirements cover management qualifications, custody, transaction monitoring, internal controls, conflict management, and customer complaints. Applicants must also maintain systems for anti-money laundering and investor-identity verification.

The 10 trillion dong requirement is charter capital, not an additional investment fee paid to the government. Vietnam has not said whether all five preliminary applicants have already secured the full amount.

New crypto penalties take effect September 1

Decree No. 284/2026/ND-CP takes effect on Sept. 1 and will remain applicable while Resolution 05 governs the crypto market pilot. The decree establishes penalties for unlicensed services, improper issuance, weak customer checks, and anti-money laundering failures.

Organizations providing crypto services or advertising an exchange without a license face fines of between 180 million and 200 million dong. Authorities can also order the removal of websites, software, and trading systems involved in violations.

Licensed service providers face fines for failing to separate customer assets, monitor transactions, or protect account information. Failure to verify customers can attract organizational fines ranging from 50 million to 70 million dong.

The decree generally states organizational fine levels; individuals committing the same violation ordinarily face half the stated amount. The maximum penalty is 200 million dong for an organization and 100 million dong for an individual.

Domestic traders do not face immediate platform fines

Article 9 sets an organizational fine of 30 million to 50 million dong for domestic investors trading outside a Ministry of Finance-licensed provider. Under the general half-rate provision, an individual could face between 15 million and 25 million dong.

However, that penalty does not automatically begin on Sept. 1. Article 7 of Resolution 05 states that domestic investors become subject to the licensed-platform requirement six months after the first crypto asset service provider receives approval.

Because Vietnam has not licensed any provider, the six-month transition clock has not started. Domestic investors therefore will not be fined from Sept. 1 solely for continuing to use an overseas or otherwise unlicensed platform, according to experts cited by VNA.

Other violations covered by Decree 284 can still become enforceable on Sept. 1, including operating or advertising an unauthorized platform, improper token issuance, and certain failures involving customer data or anti-money laundering controls.

The first license will start Vietnam's six-month countdown

Vietnam introduced the pilot through Resolution 05 on Sept. 9, 2025. As crypto.news previously reported, the five-year regulated crypto market pilot created rules for issuance, custody, trading, and licensed service providers.

The framework initially permits locally issued crypto assets to be offered only to foreign investors. Eligible tokens must be backed by real-world assets and cannot represent securities or fiat currencies under the pilot.

Vietnam previously indicated that only a limited number of exchanges would receive licenses. The report that five companies passed the first assessment does not confirm that each will ultimately receive approval.

The next milestone is the Ministry of Finance's first license. That decision will start the six-month period after which domestic investors must route covered crypto trading through licensed Vietnamese providers.

No licensing deadline has been announced. Investors will need to watch official Ministry of Finance and State Securities Commission notices rather than treating preliminary assessments as operating authorization.