Five Companies in Vietnam Successfully Pass Initial Crypto License Review

Despite not having issued its first crypto exchange license, Vietnam has seen five companies successfully complete an initial evaluation as part of the country’s five-year digital asset market pilot.

To Tran Hoa, deputy standing head of the Digital Asset Trading Market Board at Vietnam’s State Securities Commission, shared this development at the Vietnam RWA Summit 2026, as reported by the Vietnam News Agency on August 30.

The names of the five applicants have not been disclosed, nor has there been confirmation regarding when final licensing decisions will be made. Passing the initial assessment does not permit any company to operate an exchange.

Vietnam crypto exchange applicants must meet $383 million threshold

According to Vietnam’s Resolution No. 05/2025/NQ-CP, each exchange applicant is required to have a minimum of 10 trillion Vietnamese dong, which is around $383 million, in contributed charter capital, all in Vietnamese dong.

At least 65% of this capital must be sourced from institutional shareholders, with more than 35% coming from at least two qualifying organizations, such as commercial banks, securities companies, fund managers, insurers, or tech firms.

Additionally, applicants need to secure an appraisal confirming that their technology complies with Level 4 information system security standards. The Ministry of Public Security is responsible for conducting this security assessment before an exchange can commence operations.

Other licensing requirements include management qualifications, custody, transaction monitoring, internal controls, conflict management, and customer complaint systems. Applicants are also required to implement systems for anti-money laundering and identity verification for investors.

The 10 trillion dong figure represents charter capital rather than an extra fee for government use. Vietnam has not specified whether all five initial applicants have met this financial requirement.

New crypto penalties to be enforced from September 1

Decree No. 284/2026/ND-CP will take effect on September 1 and will continue to be in force while Resolution 05 oversees the crypto market pilot. This decree sets penalties for unlicensed operations, improper token issuance, inadequate customer verification, and failures in anti-money laundering protocols.

Organizations that provide crypto services or promote an exchange without the necessary license could face fines ranging from 180 million to 200 million dong. Authorities are also authorized to eliminate websites, software, and trading systems linked to these violations.

Licensed service providers may incur fines for failing to separate customer assets, monitoring transactions inadequately, or not safeguarding account information. Organizations that neglect customer verification can incur fines ranging from 50 million to 70 million dong.

The decree outlines general organizational fine amounts. Typically, individuals committing identical infractions face penalties amounting to half of the stated organizational fines. The maximum fine could reach 200 million dong for organizations and 100 million dong for individuals.

Domestic traders exempt from immediate platform penalties

Article 9 stipulates that domestic investors who engage in trading outside a Ministry of Finance-licensed provider could face organizational fines of 30 million to 50 million dong. An individual could be subject to fines between 15 million and 25 million dong under the general half-rate provision.

However, this penalty will not take effect immediately on September 1. According to Article 7 of Resolution 05, domestic investors will only be held to the licensed-platform requirement starting six months after the first crypto asset service provider receives approval.

Since Vietnam has not yet licensed any provider, the six-month transition period has not commenced. Therefore, domestic investors will not incur fines starting September 1 solely for using unlicensed or foreign platforms, as reported by experts to VNA.

That said, other violations outlined in Decree 284 may become enforceable from September 1, including operating or promoting unauthorized platforms, inappropriate token issuance, and specific failures related to customer data or anti-money laundering regulations.

The first license will trigger Vietnam’s six-month countdown

Vietnam launched the pilot program through Resolution 05 on September 9, 2025. As previously covered by crypto.news, this five-year regulated crypto market pilot lays out guidelines for issuance, custody, trading, and the designation of licensed service providers.

Initially, the framework allows locally issued crypto assets to be marketed exclusively to foreign investors. Qualified tokens must be secured by tangible assets and cannot represent securities or fiat money under the pilot program.

Vietnam has previously indicated that only a limited number of exchanges will be granted licenses. The fact that five companies passed the initial assessment does not guarantee that each will ultimately receive approval.

The forthcoming key event is the issuance of the first license by the Ministry of Finance. This decision will commence the six-month period after which domestic investors must conduct covered crypto trading through licensed Vietnamese providers.

No official deadline for licensing has been announced. Investors are advised to closely monitor announcements from the Ministry of Finance and State Securities Commission instead of assuming preliminary assessments equate to operational authorization.