Vietnam accelerates crypto regulation: Approve pilot cryptocurrency exchanges before mid-January

Vietnam is clearly accelerating the institutional management process of the cryptocurrency market. Prime Minister Pham Minh Chinh has instructed relevant regulatory agencies to approve the operation plan for pilot cryptocurrency exchanges by January 15 and to test and evaluate the digital asset market through the “regulatory sandbox” mechanism. This move is seen as an important signal that Vietnam’s crypto regulation is entering a practical stage.

According to reports from Vietnam Investment Review, this timetable was officially announced at the national online meeting held on January 6. The meeting reviewed the development of the financial industry in 2025 and clarified the core work priorities for 2026. Among them, the pilot cryptocurrency exchange was listed as one of the eight key tasks, indicating that digital assets have become an important part of Vietnam’s financial reform.

Officials pointed out that interest from domestic and foreign investors in crypto assets and digital assets continues to rise. Since the Vietnamese government launched the crypto sandbox regulatory framework in September 2025, market participation has significantly increased. Regulators hope to evaluate the impact of crypto trading on financial stability, capital flows, and investor protection through limited pilot programs.

At the implementation level, Vietnam will proceed cautiously with the pilot. The Cryptocurrency Asset Trading Market Management Committee under the State Securities Commission stated that only up to five companies will be selected for the first phase, with the overall scale being strictly limited. Entry conditions are clearly biased toward institutional operations, requiring applicants to have a minimum registered capital of approximately $400 million.

Additionally, institutional investors must hold at least 65% of the registered capital, with no less than 35% coming from two or more institutional shareholders, such as banks, securities firms, fund management companies, insurance companies, or tech enterprises. This design aims to reduce retail investor risks, strengthen market stability, and reflects Vietnam’s policy orientation toward an “institution-led crypto market.”

In terms of the regulatory system, Vietnam is building a cross-departmental cooperation mechanism. The Ministry of Finance will be responsible for the operational regulation of exchanges, the State Bank of Vietnam will focus on monitoring capital flows and anti-money laundering risks, while the Ministry of Public Security will be responsible for cracking down on high-tech and financial crimes. Meanwhile, participating institutions must meet strict financial and technical requirements, including two consecutive years of profitability, audited financial statements with unqualified opinions, and reaching the fourth level of the IT security five-tier standard.

Overall, Vietnam is exploring a “regulate first, expand later” digital asset development path through the crypto exchange sandbox pilot. In the context of increasingly fierce competition in Southeast Asia’s crypto market, this timetable may become an important reference for regional regulatory models.