Hanoi (VNA) – The launch of licensing procedures for providers of crypto asset trading platform services on January 20 is seen as a key step in completing Vietnam’s regulatory framework and creating fresh momentum for foreign investment inflows, according to the State Securities Commission.
The move follows the Government’s Resolution No. 05 on piloting the crypto asset market. On January 20, the Minister of Finance issued Decision No. 96, announcing a set of new administrative procedures to be applied on a trial basis in the sector. These cover the granting, adjustment and revocation of licences for crypto asset trading platform services, with applications to be accepted from January 20, 2026.
Experts believe that licensing Vietnam’s first crypto asset exchange will serve as a crucial catalyst for attracting foreign capital in a more formal and effective way.
Tran Xuan Tien, General Secretary of the Ho Chi Minh City Blockchain Association, said the requirement for applicants to have charter capital of up to 10 trillion VND (over 382 million USD) should not be seen simply as a technical hurdle. Instead, it functions as a screening mechanism to identify financially robust institutions, thereby strengthening confidence among foreign investors.
Tran Quy, Director of the Vietnam Institute for Digital Economy Development and Chairman of the MetaDAP digital asset platform, noted that previously, foreign capital often entered Vietnam through informal and difficult-to-be-monitored channels. Under the new framework, foreign investors, both individuals and organisations, will be able to participate transparently by opening indirect investment capital accounts at custodian banks. This approach allows authorities to better manage capital flows, enhances trust among international venture funds investing in Vietnamese blockchain projects, and supports tax collection on cross-border transactions.
Nguyen The Minh, head of research and development at Yuanta Securities Vietnam, described 2026 as a watershed year for the country’s crypto asset market when the Law on Digital Technology Industry comes into force and the first crypto exchange is licensed. With clearer, codified regulations in place, he said, fraud linked to digital assets is expected to fall sharply.
Sharing this view, Assoc. Prof. Dr Tran Hung Son, Director of the Institute for Development and Research in Banking Technology at the University of Economics and Law of the Vietnam National University, Ho Chi Minh City, said apart from provisions in the Law on Digital Technology Industry, the State will also put in place licensing and supervisory mechanisms for exchanges, alongside know-your-customer (KYC) and anti-money laundering (AML) requirements. These measures will bring service providers under closer regulatory monitoring, rather than allowing them to operate in jurisdictions that evade legal accountability.
However, Son cautioned that even with a comprehensive legal framework, fraud risks remain, largely due to limited financial literacy among investors. He stressed that the recognition and development of crypto assets should be accompanied by structured financial education programmes, enabling investors to better understand the nature and risks of digital assets and protect themselves in the market./.
