Vietnam Begins Licensing Crypto Exchanges…Sets Minimum Capital at $400 Million

The Vietnamese government has officially opened applications for licenses to operate crypto exchanges, marking the start of full-scale oversight within the formal regulatory framework. By setting the minimum capital requirement at about $400 million, it has sharply raised the barrier to entry.

According to The Block on the 21st (local time), the State Securities Commission under Vietnam’s Ministry of Finance has begun accepting license applications from companies seeking to run crypto-asset trading platforms. The move is a follow-up measure under the “Resolution on Pilot Operation of the Crypto-Asset Market (Resolution No. 05/2025/NQ-CP).”

Under the new licensing regime, applicants must have at least VND 10 trillion in paid-in capital, equivalent to roughly $400 million. Licenses are limited to Vietnamese entities, and foreign ownership is capped at 49%. Alongside the capital requirement, strict standards will also apply across staffing, security, and overall systems.

This contrasts with Hong Kong and Singapore, which combine relatively lower capital requirements with tight supervision. Analysts say Vietnam has opted to set a high capital threshold from the outset, pursuing a strategy that encourages a more limited market structure centered on domestic financial institutions.

The licensing process is the step that moves the regulatory framework into the execution phase after Vietnam recognized crypto assets as property under civil law in June 2025. The Ministry of Finance said at least 10 domestic securities firms and banks have expressed interest in applying for licenses.

However, local industry participants also expect a bifurcated market to emerge initially, with users likely to use both licensed domestic exchanges and overseas platforms in parallel. Vietnam is working to address its placement on the Financial Action Task Force (FATF) gray list by strengthening investor protection and anti-money-laundering measures.