Nikolas Sargeant
Vietnam is advancing regulatory oversight of its expanding cryptocurrency market, with Prime Minister Pham Minh Chinh directing agencies to license pilot digital asset exchanges before January 15 under a sandbox framework designed to test supervised trading activity.
The timeline was announced at a national online conference on January 6 that reviewed the finance sector's 2025 performance and established priorities for 2026, with pilot exchange approvals listed among eight priority task groups for the coming year, according to the Vietnam Investment Review.
Officials have monitored rising interest in digital and cryptocurrency assets from both domestic and foreign investors, a trend that has accelerated following the government's launch of a formal pilot framework in September 2025. The regulatory initiative represents Vietnam's attempt to balance cryptocurrency adoption with financial stability and consumer protection objectives.
Vietnam enters 2026 with expanded legal infrastructure for the digital economy, as the Law on Digital Technology Industry took effect on January 1 explicitly covering digital assets alongside sectors including semiconductors and artificial intelligence. The legislation provides foundational legal recognition for cryptocurrency activities within Vietnam's economic framework.
The initial sandbox will remain deliberately constrained. A representative of the Cryptoasset Trading Market Management Board under the State Securities Commission stated five companies will be selected for the first phase, limiting early market development to a small group of heavily capitalized operators.
Entry requirements aim to ensure participants maintain substantial institutional backing. Applicants must post minimum charter capital of approximately $400 million, while institutions must hold at least 65% of charter capital, including more than 35% contributed by at least two organizations such as banks, securities firms, fund managers, insurance companies, or technology firms.
The regulatory framework emphasizes financial stability and operational security. Institutional shareholders must demonstrate profits for the prior two years with audited financial statements receiving unqualified opinions. Service providers must meet level 4 information technology safety standards on a five-level security scale, requiring sophisticated cybersecurity infrastructure.
Vietnam is implementing a multi-agency enforcement model to supervise the emerging market. The Ministry of Finance will oversee exchange operations, while the State Bank of Vietnam will monitor capital flows to prevent money laundering activities. The Ministry of Public Security has been tasked with combating high-tech crime related to digital asset trading.
The high capital requirements and institutional ownership mandates suggest Vietnam intends to position cryptocurrency exchanges as heavily regulated financial institutions similar to traditional securities platforms rather than lightly supervised technology startups. The approach contrasts with jurisdictions that have allowed cryptocurrency exchanges to operate with minimal capital requirements during early development phases.
Vietnam's cryptocurrency adoption has grown substantially despite the absence of comprehensive regulation, with peer-to-peer trading platforms and international exchanges serving Vietnamese users seeking alternatives to traditional banking systems. The sandbox framework represents the government's effort to bring this activity within formal supervision while maintaining control over market development.
