Vietnam's cryptocurrency market enters a new enforcement phase on Sept. 1, when new penalties for unauthorized services and trading take effect, even though no exchange has yet received a final license. The milestone marks a shift for a country where crypto use has been widespread among retail investors but long operated without a formal licensing regime: the State Bank of Vietnam prohibited the use of crypto as a means of payment in 2017, leaving trading in a legal gray area until the pilot framework took shape.

According to VietnamPlus, five companies have passed an initial assessment, but each still requires security certification and VND 10 trillion in capital. Domestic investors will have six months after the first license is issued before moving their trading to licensed platforms becomes mandatory.

Five Firms Clear the First Assessment

At the Vietnam RWA Summit 2026, officials announced that five companies passed the exchange assessment: VIX Crypto Assets Exchange JSC, Loc Phat Vietnam Crypto Assets Exchange, Vietnam Prosperity Crypto Assets Exchange, Techcom Crypto Assets Exchange and Vietnam Digital Assets JSC.

None has received a final license from the Ministry of Finance. Each applicant must meet Level 4 information-system security requirements and maintain VND 10 trillion in capital, roughly $383 million. At least 65% of that capital must come from institutional shareholders, while more than 35% must come from at least two qualifying organizations. According to Wu Blockchain, the group comprises three bank-affiliated firms, one stockbroker and one major conglomerate. The presence of bank and securities-firm backers signals that Vietnam, like other Asian jurisdictions rolling out licensing regimes such as Hong Kong and Thailand, is channeling its licensed market through established financial institutions.

September Fines Do Not Start Immediately

Decree No. 284/2026/ND-CP takes effect Sept. 1 and sets penalties covering unauthorized services, advertising, customer identification, token issuance and investor information, as well as anti-money-laundering controls and crypto account data.

Organizations trading outside licensed providers can face fines of VND 30 million to VND 50 million, with individuals subject to half the organizational penalty. However, domestic investors will not automatically face these penalties on Sept. 1.

Dr. Tran Quy told VietnamPlus that the transition period begins only after the first provider receives its license. Domestic investors then have six months to shift their trading to licensed providers.

Resolution 05 Sets the Market Rules

Resolution No. 05/2025/NQ-CP established the five-year pilot framework on Sept. 9, 2025. It allows Vietnamese companies to issue crypto assets backed by real-world assets, while excluding securities and fiat currencies from the tokenized asset category.

The framework requires offerings, transactions and payments to use the Vietnamese dong. Initially, assets can reach foreign investors only through licensed providers, and foreign ownership in licensed exchanges remains capped at 49%. Operations could begin in the third quarter of 2026, pending approval. What to watch next is whether the five applicants clear security certification and capital requirements in time, and how the unlicensed offshore platforms widely used by Vietnamese traders respond once the transition window closes.