Vietnam Sets January 15 Timeline to License Pilot Crypto Exchanges

Highlights:

• Vietnam plans to approve pilot crypto exchanges before January 15 under a tightly controlled sandbox model.
• Regulators will allow only five firms with strong institutional backing and high capital to enter the first phase.
• Multiple agencies will jointly monitor crypto trading to reduce fraud and system risks.

Vietnam is moving to tighten oversight of digital assets as regulators prepare a controlled market test. Prime Minister Pham Minh Chinh directed agencies to license pilot exchanges before January 15. He issued the instruction during a national online conference held on January 6. The meeting reviewed the finance sector’s 2025 performance and outlined priorities for 2026.

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Vietnam just threw up a $400M velvet rope and only five whales get in. Retail? Kicked to the curb. “Innovation sandbox” is now code for: ties only, no memecoins, no riff-raff. This is crypto with a seatbelt and three regulators in the backseat.#Vietnam #CryptoRegulation… pic.twitter.com/aauoUBQZmi

— Fama Crypto (@Famacrypt) January 8, 2026

Officials placed the pilot exchange approvals among eight core task groups for the coming year. The timeline indicates an increase in domestic investor interest in crypto assets. Vietnam has also seen an increase in foreign investors getting exposed to its digital asset market. This interest gained momentum when the government passed Resolution 05 in late last year.

A formal pilot structure was introduced by the government in September to experiment with digital asset trading. Regulators want to see how markets are doing before expanding permissible rights. At the same time, Vietnam entered 2026 with a stronger legal basis for the digital economy. The Digital Technology Industry Law became effective on January 1.

Vietnam's Finance Ministry has received no formal applications for the digital-asset trading pilot, capped at five firms. Several companies are preparing, but submissions are pending. Govt targets launch before 2026 to onshore $100B informal crypto market. #VietnamCrypto pic.twitter.com/MjneWjoDul

— Vincent Bu Lu (@VincentBuLu1) October 6, 2025

The law explicitly covers digital assets alongside semiconductors and artificial intelligence. Officials see the law as a foundation rather than a final framework. Therefore, the sandbox allows regulators to gather data under close supervision.

Pilot Crypto Exchanges Face Strict Entry and Ownership Rules

Vietnam designed the sandbox to remain small during the first phase. Regulators will select only five companies to participate in the initial rollout. Authorities want to test new operating models while keeping risks manageable.

Entry conditions focus heavily on institutional strength and capital capacity. Applicants must hold a minimum charter capital of VND10 trillion, equal to about $400 million. Institutions must control at least 65% of total charter capital. In addition, at least two qualified organizations must contribute over 35%.

Eligible institutions include commercial banks, securities firms, insurers, fund managers, and technology companies. Regulators expect these institutions to provide governance discipline. They also expect strong compliance cultures from early participants. This structure aims to reduce speculative behavior during the trial phase.

Institutional shareholders must also show consistent financial performance. They must record profits for the two consecutive years before applying. Audited financial statements must receive unqualified opinions. These conditions seek to prevent weak entities from entering the market.

Officials say the pilot of the crypto exchanges does not aim to attract volume through loose rules. Instead, regulators want to focus on service quality and operational resilience. They also want to assess liquidity behavior in a controlled environment. Authorities plan to use the results to shape a broader legal framework later.

Regulators Set Multi-Agency Oversight and Security Standards

Vietnam will enforce the sandbox through a coordinated multi-agency oversight model. The Ministry of Finance will supervise exchange operations and service activities. In the meantime, the State Bank of Vietnam will oversee the capital flows. The purpose of this role is to curb money laundering and the illegal flow of funds.

The Ministry of Public Security will handle high-tech crime related to digital assets. Officials want rapid responses to fraud and cyber threats. Therefore, the rulebook includes detailed requirements for custody and issuance advisory services. These rules aim to reduce operational and security risks. Officials stress that future market appeal will not rely on regulatory leniency. Instead, they point to product quality, liquidity, and service security. The sandbox will test whether Vietnam can achieve those goals under strict supervision.

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