Vietnam

Vietnam legalised crypto assets in 2025 and built a five-licence pilot, but by October 2026 no exchange had been licensed.

Licences

What it takes to operate in Vietnam: 2 licences, who issues each, what it covers and who holds one.

MoF · Resolution 05/2025/NQ-CP, Arts. 8 to 10; Decision 96/QD-BTC

Running a crypto trading platform, plus proprietary trading, custody and a crypto asset issuance platform under one licence.

What it takes

Vietnamese LLC or joint stock company with at least VND 10,000 billion charter capital contributed in dong
At least 65% held by institutions, with over 35% from two or more banks, securities firms, fund managers, insurers or tech firms
Foreign ownership capped at 49%; each investor may back only one licensed provider
IT systems certified at Level 4 information-system security, appraised by the Ministry of Public Security
CEO with 2 years and CTO with 5 years of relevant experience, plus 10 cybersecurity-certified and 10 securities-certified staff
AML, custody, segregation and compensation procedures; client data stored on servers in Vietnam for at least 10 years

0holders, 5 Oct 2026

MoF · Resolution 05/2025/NQ-CP, Arts. 5, 6 and 14

Vietnamese enterprises offering new crypto assets backed by real underlying assets via a licensed provider's issuance platform.

What it takes

Issuer must be a Vietnamese limited liability or joint stock company
Tokens must be backed by real assets, excluding securities and fiat money
Offer and secondary trading restricted to foreign investors through licensed providers
Prospectus published at least 15 days before the offer on the provider's and issuer's websites

No public count

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