Vietnam set to pilot licensing for 5 digital asset exchanges

Vietnam is preparing to pilot licenses for around five digital asset exchanges as part of a broader strategy to establish a transparent, competitive, and globally connected fundraising ecosystem.

Vietnam set to pilot licensing for 5 digital asset exchanges

According to VnEconomy, at a recent event on digital assets, Mr. Phan Duc Trung – Chairman of the Vietnam Blockchain and Digital Asset Association (VBA) – revealed that Vietnam is preparing to launch a pilot licensing program for around five digital asset exchanges, marking an important milestone in legalizing and regulating the domestic digital asset market.

This move is considered a strategic step to open new fundraising channels, enhance transparency, and connect with international liquidity.

Why This Matters?

• Policy Breakthrough: For the first time, Vietnam is introducing a regulated pilot framework for digital asset exchanges, shifting the market from an unregulated “grey” zone into official supervision.

• Global Liquidity Access: Licensed exchanges will be able to connect with international trading platforms, boosting market liquidity and attracting institutional investors.

• Institutional Adoption: The participation of leading financial firms signals serious industry commitment and integration with global players, strengthening infrastructure, investor protection, and security standards.

• Mainstreaming Digital Assets: Despite prioritizing systemic safety, regulators aim to broaden access to digital assets under a controlled and transparent framework — a crucial step toward integrating crypto into Vietnam’s traditional financial ecosystem.

Pilot Scope & Key Participants

• Expected Pilot Size: Regulators indicated that more than one exchange will be licensed; VBA estimates that five exchanges will strike the right balance between competition and oversight.
  
  
• Potential Participants:
  
  
  • SSI Securities Corporation.
    
    
  • Techcom Securities (TCBS).
    
    
  • On August 12, MB Bank signed an MOU with Dunamu, operator of Upbit, South Korea’s largest crypto exchange, to establish a Vietnam-based crypto exchange.
    
    
• What Licensed Exchanges Can Do:

  • List Popular Coins: Including BTC, ETH, USDT, USDC, and approximately 50 other approved digital assets.

  • Tokenized Real-World Assets (RWA): Allowed during the pilot but restricted to foreign investors initially.

  • Integrate with Global Exchanges: To enhance liquidity, improve order matching efficiency, and ensure competitive pricing.

Licensing criteria for Vietnamese exchanges

• Minimum Charter Capital: 10,000 billion VND (~$395M).

• Ownership Structure:

  • At least 65% held by organizations.

  • At least 35% must come from two or more of these five sectors: commercial banks, fund management companies, insurance firms, and technology enterprises.

• Foreign Ownership Cap ≤ 49% to maintain domestic control and systemic stability.

Policy Roadmap

• Transparent Selection Process: The Ministry of Finance will publish detailed criteria covering IT infrastructure, technical operations, financial strength, and professional expertise.

• Legislative Timeline: According to Deputy Minister Nguyen Duc Chi, the Ministry aims to submit the draft decree to the Government by August, pending final approvals.

• Private Sector Inclusion: The government encourages private enterprises to participate, aligning with Resolution 68 on private-sector-led economic development and leveraging Vietnam’s technological innovation capacity.

Conclusion

The pilot licensing of around five digital asset exchanges both opens new fundraising channels and sets strong safety boundaries through strict licensing criteria. The participation of institutions like SSI, TCBS, and MB Bank highlights the readiness of domestic financial–tech groups to enter the blockchain space.

In the short term, domestic investors can trade common digital assets within a transparent framework; foreign investors may leverage RWA as a channel to deploy capital into Vietnam. If successful, the pilot could position Vietnam as an emerging hub for digital assets in the region, where traditional finance and blockchain technology converge on a safe – transparent – competitive platform.

Coin68 Team