Vietnam is taking its next step toward regulating crypto—but it’s doing so cautiously.
The government plans to approve a small number of pilot crypto exchanges before January 15, with strict requirements designed to keep the early market firmly under institutional control. Only five companies will be allowed into the initial sandbox, and the bar to entry is set deliberately high.
Each applicant must have roughly $400 million in charter capital, and at least 65% of that capital must be held by institutions. More than 35% must come from at least two major organizations, such as banks, securities firms, fund managers, insurers, or technology companies.
A January Deadline From the Prime Minister
The timeline was laid out by Prime Minister Pham Minh Chinh during a national online conference on January 6, where officials reviewed the finance sector’s 2025 performance and mapped priorities for 2026.
Licensing pilot crypto exchanges was listed as one of eight key task groups for the year ahead, underscoring the government’s growing focus on digital assets. According to the Vietnam Investment Review, the move reflects rising interest in crypto from both domestic and foreign investors.
That interest has accelerated since September 2025, when Vietnam formally introduced its sandbox framework for digital asset trading.
A Small Sandbox by Design
Vietnam is entering 2026 with a stronger legal foundation for the digital economy. The Law on Digital Technology Industry, which took effect on January 1, explicitly recognizes digital assets alongside sectors like semiconductors and artificial intelligence.
Still, regulators are keeping the early rollout tightly controlled.
A representative from the Cryptoasset Trading Market Management Board, operating under the State Securities Commission, confirmed that only five firms will be approved in the first phase. The goal is to test the market without exposing the broader financial system to unnecessary risk.
Heavy Oversight and High Compliance Standards
The sandbox rules also emphasize financial stability and cybersecurity.
Institutional shareholders must show profits for the past two years, backed by audited financial statements with unqualified opinions. Service providers must meet Level 4 IT security standards on a five-level national scale.
Oversight will be shared across multiple government agencies:
The Ministry of Finance will supervise exchange operations
The State Bank of Vietnam will monitor capital flows to prevent money laundering
The Ministry of Public Security will focus on combating high-tech and cybercrime
