Overview
- Regulators have published implementing rules, opened license applications and set a target to launch a five‑year pilot domestic trading market in Q3 2026 to bring crypto trading onshore.
- The licensing framework fixes a very high entry bar by requiring Vietnamese‑incorporated operators with VND 10,000 billion in charter capital and at least 65% domestic platform equity.
- Each licensed exchange must have at least two qualified domestic institutional backers holding a combined minimum 35% of capital and foreign ownership is capped at 49%.
- All trades on licensed platforms must settle exclusively in Vietnamese đồng through licensed banks and platforms must collect a 0.1% personal tax on the gross value of each transfer at the point of transaction.
- The rules force international exchanges to choose locally incorporated, majority‑domestic joint ventures or face restricted access, a move designed to embed banks and insurers in crypto markets and capture tax and monitoring of retail users.