Vietnam sets deadline for approval of national stock exchange pilot program

Latest announcement from the government

Vietnam has set an ambitious roadmap to implement a pilot program for regulated cryptocurrency exchanges, with Prime Minister Pham Minh Chinh directing relevant agencies to license pilot digital asset exchanges before January 15, 2026.

This directive, issued during the nationwide online conference on January 6th to assess the performance of the finance sector in 2025 and outline priorities for 2026, considers the approval of pilot programs as one of eight key task groups for the coming year.

This accelerated move comes after the Law on Digital Technology Industry, effective January 1, 2026, officially recognizes digital assets (including cryptocurrencies) as a legal asset class under Vietnamese law – while still maintaining the ban on using them as currency or means of payment.

This move reflects Vietnam's pragmatic strategy, leveraging one of the world's highest cryptocurrency adoption rates (estimated at 17-21 million users and annual transaction volumes exceeding $100 billion) while directing operations within a tightly controlled domestic framework.

Strict controls and high barriers

The pilot program operates under Resolution 05/2025/NQ-CP (issued on September 9, 2025), establishing a 5-year testing framework for the issuance, trading, custody of cryptocurrencies and related services. Key features include:

• Limited scale — Authorities plan to license no more than five operators initially, creating a monopolistic pool of regulated platforms.

• High entry requirements — Applicants must meet a minimum charter capital of approximately VND 10 trillion (~USD 379–400 million), with at least 65% from institutional investors (including >35% from at least two financial institutions such as banks, securities firms, insurance companies, or technology companies).

• Ownership rules — Foreign ownership is limited to 49%, requiring joint ventures or strategic partnerships with Vietnamese entities.

• Operational requirements — All transactions and payments must be conducted in Vietnamese Dong (VND); Platforms must comply with cybersecurity standard level 4 (the highest level in the country), robust AML/KYC protocols, and a transparent financial history (two consecutive years of audited profitability).

• Multi-sectoral oversight — The Ministry of Finance leads the operation, the State Bank of Vietnam monitors capital flows to prevent money laundering, and the Ministry of Public Security handles law enforcement against high-tech crimes.

This pilot program builds upon previous trials (e.g., the non-custodial USDT-VND conversion model in Da Nang approved at the end of December 2025) and aims to test compliance in practice, protect investors, and ensure market stability before widespread implementation.

From the gray zone to the border of control.

The mid-January 2026 deadline for granting pilot licenses for cryptocurrency exchanges in Vietnam marks a decisive step in formalizing one of the world's most dynamic digital asset markets. By limiting the number of participants, imposing organizational size requirements, and executing transactions only in VND, Hanoi is prioritizing stability, transparency, and sovereignty over rapid opening.

This cautious yet forward-looking approach – based on the Digital Industry Law of January 1, 2026 – could transform Vietnam from a major international source of cryptocurrency volume into a tightly regulated domestic cryptocurrency powerhouse. With licensing expected in the near future, watch out for the first approved operators (potentially including major domestic banks and foreign strategic partners) – they will shape the next chapter of the Southeast Asian cryptocurrency market.

Disclaimer: The information presented in this article is the author's personal opinion in the field of cryptocurrency. This is not financial or investment advice. All investment decisions should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in this article do not represent the official stance of the platform. We recommend that readers conduct their own research and consult with experts before making any investment decisions.

Compiled and analyzed by HCCVenture

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