To implement Government Resolution 05 regarding the pilot implementation of the encrypted asset market in Vietnam, on January 20, the Minister of Finance issued Decision No.96 announcing new administrative procedures for the pilot program within the Ministry’s management scope.
Accordingly, the three new administrative procedures consist of granting, adjusting, and revoking licenses for the provision of encrypted asset market services. The acceptance of files for the above administrative procedures began on January 20, 2026.
According to experts, licensing the first pilot encrypted asset exchange in Vietnam will be the key to opening opportunities for attracting foreign capital through official and effective channels.
General Secretary Tran Xuan Tien of the HCMC Blockchain Association remarked that the requirement for organizations registering to provide these services to have a charter capital of up to VND10 trillion (US$380 million) is not merely a technical barrier. Instead, it acts as a “filter” to select financial institutions with genuine capacity, thereby creating absolute trust for foreign investors.
Director Tran Quy of the Vietnam Institute of Digital Economy Development and Chairman of the MetaDAP Digital Asset Platform believes that previously, this cash flow entered Vietnam through difficult-to-control “underground” channels.
Now, with new regulations, foreign investors (both individuals and organizations) can participate in a transparent market by opening indirect investment capital accounts at custodian banks.
This mechanism helps Vietnam control cash inflows/outflows, creates trust for international venture capital funds to pour money into Vietnamese blockchain projects, and allows for tax collection from cross-border transactions.
Director Nguyen The Minh of Research and Development at Yuanta Securities Vietnam assesses that 2026 is an important turning point for Vietnam’s encrypted asset market, as the Digital Technology Industry Law officially takes effect and the first encrypted asset exchange is licensed. From this point, scams related to digital assets will certainly decrease sharply because regulations are clear and legalized.
Supplementing this view, Assoc Prof Dr Tran Hung Son, Director of the Institute for Development and Research of Banking Technology (University of Economics and Law, VNU-HCM), believes that beyond the Digital Technology Industry Law, the State will establish mechanisms for licensing, exchange management, Identity Verification (Know-Your-Customer or KYC), and Anti-Money Laundering (AML) protocols.
This forces service providers to operate under supervision, rather than hiding in “tax havens” to evade legal responsibility.
However, even with clear legal regulations, Assoc Prof Dr Tran Hung Son warns: “The risk of scams erupting is largely due to the limited financial literacy of investors. The recognition of encrypted assets must be accompanied by systematic financial education programs. When investors are equipped with knowledge about the nature and risks of encrypted assets, they will have the ability to protect themselves.”
Licensing process
The procedure for granting a license to provide encrypted asset market services consists of 5 steps (according to Decision 96 of the Ministry of Finance):
- The organization registering to provide services (the organization) submits documents prescribed in Article 9 of Resolution No.05/2025/NQ-CP (Resolution 05).
- The State Securities Commission receives and checks the list of prescribed documents.
- Within 20 days from the date of receiving full and valid prescribed documents, the Ministry of Finance issues a written document regarding the registering organization proceeding with procedures prescribed in Clause 3 of Article 10 in Resolution 05.
- Within 12 months from the date the Ministry of Finance issues the document prescribed in Clause 2 of Article 10 in Resolution 05, the organization continues to submit documents prescribed in Clauses 3, 4, 7, 8 of Article 9 in Resolution 05.
- If the documents prescribed in Clauses 3, 4, 7, 8 of Article 9 in Resolution 05 are not received or are received incompletely within 12 months, the Ministry of Finance stops processing the file. If full documents are received according to regulations, within 30 days, the Ministry of Finance coordinates with the Ministry of Public Security and the State Bank of Vietnam to review the file and grant the license.
According to Resolution 05, after 30 days from the time the Ministry of Finance grants the license, the registering organization must go into operation.
