Vietnam’s Crypto Licensing Framework Takes Effect: Key Requirements for Market Participants
Vietnam has initiated its cryptocurrency licensing regime, with the State Securities Commission now accepting applications for market operator permits. The MOVE follows Resolution No. 05/2025/NQ-CP and accompanying Ministry of Finance directives establishing a regulatory sandbox for digital asset trading platforms.
Applicants face stringent capital requirements, including a minimum VND 10 trillion (~$400 million) in paid-up charter capital. The rules mandate diversified ownership structures, requiring 65% institutional ownership with at least two qualifying financial or technology firms holding 35% collectively. Infrastructure standards for trading platforms and management qualifications remain unspecified in released documents.