Vietnam has not issued its first crypto exchange license, but five companies have passed an initial assessment under the country's five-year digital asset market pilot, according to a Vietnam News Agency report on Aug. 30.
Applicants Face $383 Million Capital Threshold
Vietnam's Resolution No. 05/2025/NQ-CP requires each exchange applicant to have at least 10 trillion Vietnamese dong, approximately $383 million, in contributed charter capital. At least 65% of that capital must come from institutional shareholders. More than 35% must be contributed by at least two qualifying organizations, including commercial banks, securities companies, fund managers, insurers or technology companies.
Applicants must also obtain an appraisal showing that their technology meets Level 4 information-system security standards. The Ministry of Public Security handles the required security assessment. Other licensing requirements cover management qualifications, custody, transaction monitoring, internal controls, conflict management and customer complaints.
New Crypto Penalties Take Effect September 1
Decree No. 284/2026/ND-CP takes effect on Sept. 1 and will remain applicable while Resolution 05 governs the crypto market pilot. The decree establishes penalties for unlicensed services, improper issuance, weak customer checks and anti-money laundering failures. Organizations providing crypto services or advertising an exchange without a license face fines of between 180 million and 200 million dong. Authorities can also order the removal of websites, software and trading systems involved in violations.
Domestic Traders Face No Immediate Platform Fines
Article 9 sets an organizational fine of 30 million to 50 million dong for domestic investors trading outside a Ministry of Finance-licensed provider. However, that penalty does not automatically begin on Sept. 1. Article 7 of Resolution 05 states that domestic investors become subject to the licensed-platform requirement six months after the first crypto asset service provider receives approval. Because Vietnam has not licensed any provider, the six-month transition clock has not started.
Other violations covered by Decree 284 can still become enforceable on Sept. 1, including operating or advertising an unauthorized platform, improper token issuance and certain failures involving customer data or anti-money laundering controls.
First License Will Start the Countdown
Vietnam introduced the pilot through Resolution 05 on Sept. 9, 2025. The five-year regulated crypto market pilot created rules for issuance, custody, trading and licensed service providers. The framework initially permits locally issued crypto assets to be offered only to foreign investors, and eligible tokens must be backed by real-world assets.
The next event is the Ministry of Finance's first license. That decision will start the six-month period after which domestic investors must route covered crypto trading through licensed Vietnamese providers. No licensing deadline has been announced. Investors will need to watch official Ministry of Finance and State Securities Commission notices rather than treating preliminary assessments as operating authorization.
