Five crypto exchange companies have passed Vietnam's preliminary review, although none has yet received an operating license. The development marks progress for Vietnam's crypto regulations under the country's five-year pilot program for its digital asset market framework. The framework is significant for a country that has repeatedly ranked among the world's leaders in grassroots crypto adoption despite operating for years without a licensing regime, leaving users reliant on offshore platforms.

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

Five Crypto Firms Face Vietnam's Security Checks

Officials did not identify the five applicants or provide a timeline for final decisions. The assessment represents only one stage: each company still faces further licensing checks under Vietnam's crypto regulations. The outcome of those checks will be a milestone to watch, since the first license issued determines when the transition period for domestic investors begins.

Resolution No. 05/2025/NQ-CP establishes Vietnam's five-year digital asset market pilot. An exchange applicant must hold contributed capital of at least 10 trillion Vietnamese dong — roughly $383 million — paid entirely in dong.

BREAKING: Vietnam is moving closer to a regulated crypto market, paving the way for licensed exchanges and tokenized real-world assets. pic.twitter.com/wAeqn7KWMy — EyeWhales (@EyeWhales) August 30, 2026

BREAKING: Vietnam is moving closer to a regulated crypto market, paving the way for licensed exchanges and tokenized real-world assets. pic.twitter.com/wAeqn7KWMy

Institutional shareholders must provide at least 65% of the capital, with more than 35% coming from at least two eligible organizations. These include commercial banks, securities firms, fund managers, insurers, or technology companies.

Vietnam's crypto regulations also impose technical requirements. Applicants need an appraisal confirming their infrastructure meets Level 4 information-system security standards, an evaluation the Ministry of Public Security must complete before operations begin.

Operators must meet requirements covering executive qualifications, custody, transaction monitoring, internal controls, conflict-of-interest management, and complaints handling. They must also operate an anti-money laundering system and carry out customer identity checks.

Vietnam Crypto Regulations Target Unlicensed Exchanges

Regulation 284/2026/ND-CP takes effect on Sept. 1 and will remain in force during the implementation of Resolution 05 on the pilot. It covers the provision of unauthorized services, illegal issuance of tokens, poor customer identification, and anti-money laundering violations.

Entities that offer cryptocurrency services or advertise an exchange without permission face fines between 180 and 200 million dong under the regulations. Related websites, applications, software, and trading systems may be removed.

Licensed operators that violate conditions such as segregation of funds, transaction monitoring, and protection of account information are subject to sanctions. Companies negligent in verifying customers' identities face fines between 50 and 70 million dong.

Article 9 states that organizational fines of 30–50 million dong will be imposed for trading outside a crypto asset service provider licensed by the Ministry of Finance. Under the general half-rate rule, individual fines amount to 15–25 million dong.

When Vietnam's Crypto Investor Penalties Take Effect

Restrictions on investors, however, will not be applied automatically from Sept. 1. Resolution 05 provides a six-month transition period for domestic investors, which begins only after the first crypto asset service provider is licensed in Vietnam.

Because no provider has been licensed yet, the clock has not started, according to experts cited by VNA. Domestic investors therefore will not be fined from Sept. 1 for activity on overseas or other unlicensed platforms.

Other actions may still attract fines under Vietnam's crypto regulations from Sept. 1, including managing and promoting an unauthorized exchange, improper issuance of tokens, and issues connected with the processing of client data.

Previous statements from Vietnam's government indicate that only some exchanges will receive licenses. Five firms clearing review is a step forward, but not all applicants will ultimately be licensed under Vietnam's crypto regulations. How quickly the Ministry of Finance moves from preliminary review to issuing the first license will shape when Vietnam's regulated digital asset market becomes operational in practice.