Vietnam Commences Licensing for Crypto Exchanges with High Capital Mandate

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Vietnam has initiated the application process for licensed cryptocurrency trading platforms. This move activates a tightly controlled pilot program featuring one of the most substantial capital entry barriers in the region.

The State Securities Commission announced it began accepting applications on Tuesday. This follows new administrative procedures issued by the Ministry of Finance to implement the government’s resolution on piloting the national cryptocurrency market.

The framework mandates that applicant firms possess a minimum contributed charter capital of 10 trillion Vietnamese dong, equating to nearly $400 million. Additional stringent requirements cover ownership structures, staffing qualifications, and technological infrastructure. Eligibility is restricted to Vietnamese enterprises, with foreign ownership in any licensed exchange limited to 49%.

This model stands in contrast to regulatory approaches in other Asian financial centers like Hong Kong and Singapore. Those jurisdictions typically enforce lower minimum capital levels but emphasize intensive, ongoing supervisory oversight.

The licensing process operationalizes legislation ratified by Vietnam’s National Assembly in June 2025. That legislation formally recognized cryptocurrency as a form of property under civil law, establishing the essential legal groundwork for a regulated digital asset market.