TLDR
- Vietnam’s State Securities Commission now accepts cryptocurrency trading license applications.
- Applicants must meet criteria including a minimum paid-in capital of VND 10,000 billion and a specialized workforce.
- At least 65% of the capital must come from commercial banks, securities firms, and other designated organizations.
- Leading firms like SSI Securities and VIX Securities have announced readiness to enter the crypto market upon receiving licenses.
- Vietnam’s banks, including MB and Techcombank, are also preparing to launch cryptocurrency exchanges once licenses are granted.
Vietnam’s State Securities Commission (SSC) has officially started accepting applications for cryptocurrency trading market licenses. This move follows the issuance of new administrative procedures by the Ministry of Finance, aligned with the government’s Resolution No. 05/2025/NQ-CP.
Application Process and Requirements
The SSC’s recent announcement outlines the new administrative procedures for obtaining cryptocurrency trading licenses. These procedures include three major actions: granting licenses, adjusting licenses, and revoking licenses.
Organizations applying for a license must meet various criteria, such as having a minimum paid-in capital of VND 10,000 billion, a specified shareholder structure, and a skilled workforce in the fields of technology and finance. In addition, organizations must adhere to strict shareholder and capital requirements.
At least 65% of the capital must be contributed by organizations, with more than 35% from commercial banks, securities companies, fund management companies, insurance companies, or technology enterprises. Only one cryptocurrency service provider per organization or individual can be licensed by the Ministry of Finance. The licensing process will ensure the integrity of the services offered by the licensed entities and protect investors.
Key Players Ready for the Market
The Vietnamese crypto market is attracting interest from both securities firms and banks. Several leading entities have announced their readiness to provide cryptocurrency exchange services once they secure the necessary licenses.
SSI Securities, for example, established a digital technology joint stock company in 2022 and signed strategic agreements with industry leaders such as Tether and Amazon Web Services. VIX Securities has also created the VIX Cryptocurrency Exchange and signed agreements with FPT to develop technological infrastructure.
In the banking sector, MB has partnered with Dunamu to establish a cryptocurrency exchange, while Techcombank has launched its own Techcom Cryptocurrency Exchange (TCEX). Other institutions, like VPBank, are prepared to begin operations as soon as the regulatory permits are granted.
