Vietnam is moving one step closer to regulating the crypto market, and the new framework could significantly reshape how global exchanges like Binance operate in the country.
Under Decision 96/QĐ-BTC issued by the Ministry of Finance, any platform looking to legally operate a crypto trading service in Vietnam must meet a series of strict requirements. The most notable is that the company must be locally incorporated, meaning foreign exchanges cannot simply operate remotely as they have in the past.
Capital requirements are also significant. A minimum charter capital of 10 trillion VND is required, and this must be contributed in Vietnamese dong. Beyond that, ownership structure is tightly controlled. At least 65% of capital must come from organizations, with a meaningful portion sourced from regulated financial institutions like banks, securities firms, or insurance companies.
Foreign ownership is capped at 49%, signaling a clear intention to keep control within the domestic system. At the same time, investors must demonstrate financial health, including profitability over the past two years and fully audited financial statements.
Operational requirements go even further. Exchanges must have physical infrastructure, compliant technology systems meeting high-level cybersecurity standards, and qualified personnel. Leadership roles require relevant experience, while technical and operational teams must hold professional certifications.
This framework shows that Vietnam is not just opening the door to crypto, it is setting a high bar for entry. The goal is clear: bring the industry under control while ensuring stability and investor protection.
The big question now is how global players will respond. Some, like OKX, have already started making moves. For Binance and others, entering Vietnam will likely require partnerships, restructuring, or building a localized entity from the ground up.
In the bigger picture, this is part of a broader trend. Governments are no longer ignoring crypto. They are defining the rules. And those who want to stay in the game will need to adapt, not just technologically, but structurally.