On January 21, Vietnam’s Ministry of Finance issued a resolution officially launching a pilot licensing program for cryptocurrency trading platforms, marking the country’s move to bring crypto asset trading activities under a clearly defined regulatory framework. For an extended period, Vietnam’s crypto market operated in a legally ambiguous environment, and this pilot program is widely viewed as a critical step by regulators toward the formalization and standardization of the industry.
According to the resolution, the establishment, operation, and exit of crypto asset trading platforms will, for the first time, be incorporated into a unified administrative licensing system.
Regulatory Structure and Market Entry Requirements
At the implementation level, the State Securities Commission has been designated as the competent authority responsible for issuing, amending, and revoking operating licenses for trading platforms, alongside the publication of relatively detailed application guidelines. The framework explicitly requires applicants to be companies registered in Vietnam and to demonstrate substantial capital strength.
The minimum paid-in capital requirement has been set at VND 10 trillion, equivalent to approximately USD 380 million. In addition, applicant institutions must meet stringent standards across multiple dimensions, including technical infrastructure, corporate governance, cybersecurity and information security systems, and the deployment of qualified professional personnel.
Potential Impact on Market Structure
The combination of high capital thresholds and comprehensive compliance requirements suggests that the number of licensed trading platforms in Vietnam may be limited in the near term. At the same time, these measures are likely to help screen for participants with genuine long-term operating capacity at an early stage. Reports indicate that around ten local securities firms and banks have already expressed interest in entering crypto asset trading-related businesses once licenses become available.
This trend suggests that traditional financial institutions may become a core component of Vietnam’s compliant crypto market, with the industry structure potentially evolving toward greater institutionalization and concentration.
Rising Importance of Compliance and Risk Management
As the licensing regime advances, trading platforms will face significantly heightened responsibilities in areas such as anti–money laundering, transaction monitoring, and user risk identification. Continuous monitoring of on-chain fund flows and trading behavior is increasingly becoming a foundational capability following regulatory implementation. In this context, on-chain risk analysis frameworks such as Trustformer KYT are often viewed as important tools for supporting compliant operations and long-term regulatory coordination.
While the practical effectiveness of the pilot program will still depend on detailed regulatory rules and market feedback, its directional significance has already become clear.