Vietnam’s Bold Move: Crypto Licensing Pilot Takes the Stage!

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Well, folks, gather ’round and lend me your ears, for Vietnam has taken a mighty leap into the curious world of cryptocurrency! In an endeavor that could make even the most seasoned riverboat gambler blush, they’ve launched a pilot program to license those bustling crypto exchanges. It seems they’ve finally decided it’s high time to drag this wild market out from the shadows and into the light, much like a cat dragged from under the bed during a thunderstorm.

Vietnam’s Crypto Licensing Pilot Begins

Just on Tuesday, they kicked off this licensing regime with all the fanfare of a town crier announcing the arrival of the king. This marks the first time that the local financial authorities will take a gander at regulating these crypto trading platforms-an effort that seems almost as ambitious as trying to teach a pig to sing.

According to the grapevine, the Ministry of Finance has wrangled up Decision No. 96/QD-BTC on January 20, laying out the nitty-gritty for Government Resolution No. 05/2025/NQ-CP, which sounds like a secret code but is really just the recipe for keeping things above board in the chaotic crypto marketplace.

This new set of administrative procedures is as thorough as a squirrel looking for acorns. It covers everything from the issuance to the revocation of licenses for those brave souls yearning to operate crypto trading platforms. The Ministry has begun to open its doors, accepting applications from eager businesses ready to dive into the digital gold rush.

Now, let’s take a moment to appreciate the context, shall we? Until now, the Vietnamese cryptocurrency market was about as clear as mud, existing in a murky gray area. But fear not! Last year, the National Assembly passed the illustrious “Law on Digital Technology Industry,” which took effect on January 1, 2026. This law aims to create a sturdy foundation for authorities to whip up some management policies suitable for such a raucous industry.

In September, Deputy Prime Minister Ho Duc Phoc signed Government Resolution No. 05/2025/NQ-CP, giving a nod to a five-year pilot program for the issuance and trading of crypto assets-because why not? It’s not like we have anything better to do!

As reported by the ever-watchful Bitcoinist, organizations looking to frolic in the crypto trading markets must now register with the financial authorities and follow a strict set of rules-think of it as the grown-up version of “Don’t step on the cracks.” They’ll need a minimum charter capital of VND10 trillion, which is roughly $380.66 million-for those who keep track of such things.

But wait, there’s more! A whopping 65% of that charter capital must be held by institutional investors. That means at least two institutions, such as commercial banks, securities companies, or insurance firms, need to chip in. Just imagine a gaggle of financial institutions scrambling over each other to get their piece of the pie!

The general director must have at least two years of experience in finance, while the CTO must possess five years in the mysterious realm of information technology. And let’s not forget-firms must hire no less than ten tech staff with cybersecurity certificates and another ten with securities practice certificates. It sounds like they’re building an army instead of a business!

Financial Institutions Dive Into Digital Assets

Following the unveiling of Resolution No. 05, major financial players are diving headfirst into this digital sea, eager to ride the crypto wave. Reports suggest that securities companies and banking institutions are dusting off their surfboards and joining the fray.

In June, two subsidiaries of SSI-SSI Digital Technology JSC and SSI Asset Management Company Limited-signed memorandums of understanding with Tether, U2U Network, and Amazon Web Services. They’re developing a digital financial ecosystem based on blockchain and cloud computing platforms, which sounds as impressive as it is complicated!

Moreover, VIX Securities has thrown its hat into the ring, contributing capital to establish the VIX Crypto Asset Exchange and teaming up with tech giant FPT Corp. to prepare their technological fortress. Meanwhile, MBBank is cozying up with Dunamu, operator of the Korean exchange Upbit, to set up a crypto exchange in Vietnam-because who doesn’t love a good partnership?

Techcombank is also getting in on the action, establishing its own Techcom Crypto Asset Exchange with a charter capital worth several hundred billion VND. VPBank, not to be left behind, has declared itself ready to roll as soon as it receives the regulatory green light. With all this commotion, one might wonder if they’re opening a bank or staging a Broadway show!

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2026-01-22 07:16