The race for crypto exchange licensing in Vietnam has officially entered the "final stretch" since January 20, 2026, when the Ministry of Finance began accepting pilot application files. This is a turning point that moves cryptocurrency out of the legal "gray area."
Key features of the race:
• Huge capital barrier: Enterprises must have a minimum charter capital of 10 trillion VND (approximately 400 million USD), ensuring that only real "big players" can participate.
• Priority targets: Leading securities companies, banks, and technology conglomerates (such as TCBS, SSI, FPT) are gaining an advantage thanks to their capital base and Level 4 infrastructure for cybersecurity.
• Limited number: It is expected that only about 5 exchanges will be granted pilot licenses to control systemic risks.
• Strict regulations: Transactions only in VND, foreign ownership limited to 49%, and stringent requirements for anti-money laundering (AML).
This is not just a battle over technology but also a test of the financial capacity and legal compliance of domestic enterprises
