Two different estimates are set out for the same thing: on one side, it says about 9.2 million Vietnamese people hold crypto assets, accounting for 18.5% of internet users; on the other, it gives 20 million, leaving a gap of more than 10 million headcounts in between. On September 15, an official from Vietnam’s Ministry of Finance confirmed another point: the first batch of crypto licenses is expected to be issued in 2026.
How the licenses will be issued comes with strict requirements. Paid-in capital must be no less than 10 trillion Vietnamese dong (about US$383 million). Institutional shareholders’ combined stake must be at least 65%, with the foreign ownership cap set at 49%, and safety certification is required. Eligible shareholder combinations are limited to three categories: banks, securities firms, and technology groups. Five companies have already passed the initial screening.
A regulation effective starting in September places unlicensed operations under penalties: for institutions, up to 200 million Vietnamese dong; for individuals trading on unlicensed platforms, fines range from 30 million to 50 million Vietnamese dong.
I arranged another set of figures by year: residents’ holdings were about US$120 billion in 2023, and about US$105 billion in 2024—before the rules take effect, the size was already trending downward. The new draft effective in September regulates everything about the “channels”: ownership change must be filed 3 days in advance; the platform must report custody data weekly; and twice each year it must submit customer-asset reports that have been audited by an accounting firm.
The gap lies elsewhere. Licensed venues can only handle the funds routed through the channels. Those channels are built by banks and securities companies, priced in local currency and custody-held domestically. The on-chain portion is of a different origin and does not derive from this set of accounts. What can be brought under regulation right now is only a small segment of fund inflows and outflows.
Move the judgment forward: what this round will test is how much of the volume originally completed offshore can be absorbed by the licensed channels. Issuing licenses is only a prerequisite step. Refuting the thesis needs just one opposite outcome: in the first year after launch, the volume handled through licensed channels rises and residents’ holdings return to above US$120 billion—that’s the pace I assume has been slowing down. But if the licenses land only with a handful of bank-affiliated firms, and the volume still stalls offshore, then this reading holds.
The asset made by the Vietnamese team is something Binance can point to three examples: Axie Infinity, Coin98, and Kyber Network. All three are tradable, and some can even enter into wealth-management products. The platform token BNB is also shown on the quotation pages for this batch of assets—this entry point has kept Vietnamese players on the platform earlier than the licenses do.
This article is an opinion record and does not constitute investment advice.$AXS
$KNC
$C98
#越南拟2026年发首批加密牌照
How the licenses will be issued comes with strict requirements. Paid-in capital must be no less than 10 trillion Vietnamese dong (about US$383 million). Institutional shareholders’ combined stake must be at least 65%, with the foreign ownership cap set at 49%, and safety certification is required. Eligible shareholder combinations are limited to three categories: banks, securities firms, and technology groups. Five companies have already passed the initial screening.
A regulation effective starting in September places unlicensed operations under penalties: for institutions, up to 200 million Vietnamese dong; for individuals trading on unlicensed platforms, fines range from 30 million to 50 million Vietnamese dong.
I arranged another set of figures by year: residents’ holdings were about US$120 billion in 2023, and about US$105 billion in 2024—before the rules take effect, the size was already trending downward. The new draft effective in September regulates everything about the “channels”: ownership change must be filed 3 days in advance; the platform must report custody data weekly; and twice each year it must submit customer-asset reports that have been audited by an accounting firm.
The gap lies elsewhere. Licensed venues can only handle the funds routed through the channels. Those channels are built by banks and securities companies, priced in local currency and custody-held domestically. The on-chain portion is of a different origin and does not derive from this set of accounts. What can be brought under regulation right now is only a small segment of fund inflows and outflows.
Move the judgment forward: what this round will test is how much of the volume originally completed offshore can be absorbed by the licensed channels. Issuing licenses is only a prerequisite step. Refuting the thesis needs just one opposite outcome: in the first year after launch, the volume handled through licensed channels rises and residents’ holdings return to above US$120 billion—that’s the pace I assume has been slowing down. But if the licenses land only with a handful of bank-affiliated firms, and the volume still stalls offshore, then this reading holds.
The asset made by the Vietnamese team is something Binance can point to three examples: Axie Infinity, Coin98, and Kyber Network. All three are tradable, and some can even enter into wealth-management products. The platform token BNB is also shown on the quotation pages for this batch of assets—this entry point has kept Vietnamese players on the platform earlier than the licenses do.
This article is an opinion record and does not constitute investment advice.$AXS
$KNC
$C98
#越南拟2026年发首批加密牌照
