Vietnam Launches Five-Year Crypto Exchange Pilot with Strict Capital Requirements

Vietnam has initiated a five-year pilot program to license domestic cryptocurrency exchanges, marking its first formal foray into regulated digital asset markets. The program requires participants to meet a $400 million capital threshold, with Techcombank and TCBS becoming the first applicants to qualify. Only five exchanges will be approved during the initial phase.

The government mandates that citizens LINK crypto wallets to licensed platforms within six months of launch, aiming to balance innovation with oversight. Between July 2024 and June 2025, Vietnam recorded over $230 billion in crypto transactions—a figure that underscores both market potential and the need for safeguards.

Techcombank’s securities unit TCBS, backed by institutional investors, exemplifies the type of financially stable player Vietnam seeks to attract. Other banks and firms remain under scrutiny as regulators prioritize cybersecurity readiness and specialized expertise.