Vietnam’s Crypto Revolution: Pilot Licensing Pulls Exchanges from Legal Gray Zone

Vietnam just flipped the script on digital asset regulation.

The Regulatory Green Light

For years, crypto exchanges in Vietnam operated in a shadowy middle ground—neither explicitly legal nor fully banned. That ambiguity ends now. A new pilot licensing framework carves out a legitimate space for platforms to function, moving them from regulatory limbo into a structured sandbox. It’s a direct play to capture market momentum and formalize a sector that’s been thriving underground.

Why This Move Matters Now

The timing isn't accidental. With retail and institutional interest surging globally, Vietnam is positioning itself as a forward-looking hub in Southeast Asia. The pilot program acts as a controlled experiment, allowing regulators to observe, adapt, and eventually craft full-scale rules. It provides exchanges with something they've desperately needed: operational clarity and a path to compliance, cutting through years of bureaucratic hesitation.

The Ripple Effect

Expect a rapid consolidation. Licensed platforms will gain instant credibility, attracting users who were wary of the gray market. Capital flows may increase as institutional players dip a toe into a now-defined environment. The move also pressures neighboring countries to accelerate their own regulatory frameworks or risk losing talent and investment.

It’s a calculated bet on legitimacy over chaos—a rare instance of regulators trying to get ahead of a financial trend instead of just cleaning up its mess years later. Of course, watching traditional finance scramble to understand a pilot program for something it once dismissed as a fad is its own kind of satisfaction. The future isn't just arriving; it's getting a government-issued license.

Vietnam’s Crypto Licensing Pilot Draws Interest From Banks

The MOVE signals a shift away from years of informal tolerance, during which crypto trading activity flourished without a clear legal basis.

Several major financial institutions have already signaled interest. Around 10 securities firms and banks have announced plans to enter the market once licensing approvals are granted.

Among securities firms, SSI Securities established SSI Digital Technology JSC in 2022 and has since expanded its blockchain ambitions.

Its digital unit recently partnered with Tether, U2U Network, and Amazon Web Services to develop blockchain-based financial infrastructure in Vietnam.

VIX Securities has also contributed capital to launch the VIX Crypto Asset Exchange, while teaming up with FPT Corp. to build out its technology stack.

Banks are moving in parallel. MBBank has signed a technical cooperation agreement with Dunamu, the operator of Upbit, to explore launching a regulated exchange in Vietnam.

Techcombank has already set up the Techcom Crypto Asset Exchange, while VPBank said it is ready to begin operations pending regulatory approval.

Participation in the pilot program comes with strict requirements under Government Resolution No. 05/2025/NQ-CP.

Applicants must be Vietnamese enterprises with a minimum paid-in charter capital of VND10 trillion ($380 million), largely funded by institutional investors.

They must also meet detailed standards on infrastructure, governance, and staffing, including cybersecurity and licensed securities professionals.

The regulatory push comes as crypto usage in Vietnam continues to expand.

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According to Chainalysis, crypto transaction volumes in Vietnam reached an estimated $220–230 billion between July 2024 and June 2025, placing the country among the top three crypto markets in the Asia-Pacific region.

Until recently, digital asset activity operated without a clear legal framework.

That changed with the Law on Digital Technology Industry, which took effect on Jan. 1, 2026, formally bringing digital assets under regulatory oversight.

Tether Eyes Vietnam as Next Key Market

As reported, stablecoin issuer Tether is exploring partnerships with Vietnamese companies to expand crypto adoption in the country.

Vice President Marco Dal Lago called Vietnam one of Tether’s most “promising and strategic markets,” citing its youthful population, fast-growing economy, and high remittance volumes as strong fundamentals for digital asset growth.

During a meeting with Deputy Prime Minister Ho Duc Phoc, Lago said Tether is ready to share its global expertise in building legal frameworks that support sustainable crypto transactions and economic development.

The Deputy PM emphasized Vietnam’s ambition to create a professional, well-regulated investment environment and attract international capital.