#越南拟2026年发首批加密牌照 Vietnam plans to issue the first batch of crypto licenses in 2026
Vietnam’s Ministry of Finance has disclosed that, based on a five-year pilot regulatory framework, it plans to roll out the first licenses for crypto asset service providers in 2026. Supervision will reference FATF anti–money laundering rules and EU regulations, with oversight led by the Ministry of Finance and the State Securities Commission. Five local institutions have already passed the preliminary review. The licensing platform has an extremely high capital requirement, and the maximum foreign ownership stake is 49%. After the licenses are issued, domestic traders will need to shift to licensed platforms; using unlicensed overseas platforms will result in fines. At present, this is still a planned target—licenses have not been officially issued yet. It falls under a pilot program, not permanent legislation.
Supporting logic
1. Vietnam is one of the countries with the highest crypto adoption rates globally. Legalizing licenses will open compliant local trading channels, release existing user demand, and represents an important regulatory breakthrough in Southeast Asia.
2. The pilot also supports RWA tokenization of assets, which benefits public chains and narratives around real-world asset tokenization, attracting regional institutional capital to enter.
3. Regulatory clarity across Southeast Asia will form a compliance cluster together with Hong Kong and Dubai. This improves global expectations for crypto regulation in emerging markets and boosts investors’ risk appetite.
4. Local banks and securities firms entering the licensed segment means traditional financial institutions are officially participating in crypto business, expanding real-world application scenarios for the industry.
Downside risks
1. This is a five-year pilot program, not a permanent law. There is a risk of subsequent policy iteration and adjustments. Even if licenses are issued in 2026, only a small number of platforms will receive licenses initially, and trading products will be subject to strict controls.
2. The new regulations restrict trading to Vietnamese dong (VND), limiting crypto-to-crypto trading. High entry requirements are set for large overseas exchanges, making it difficult for overseas platforms to obtain licenses directly.
3. In the early stage, there are also constraints on trading scope for domestic residents. The release of incremental funds will be gradual, not immediately driving large-scale buy-side demand—more of a long-term positive.
4. This is only regional regulatory progress. Market leadership is still ultimately in the hands of the Federal Reserve and U.S. regulators. The news can only drive short-term sentiment.
Outlook
In the medium to long term, the Southeast Asia segment is favorable. In the short term, sentiment could be catalyzed, but it may be unable to independently drive broad-market行情. Focus on monitoring the actual issuance timeline and the list of supported coins/tokens. If the pilot runs smoothly, it could encourage other Southeast Asian countries to follow with their own crypto legislation.
Information is for reference only and does not constitute investment advice
Vietnam’s Ministry of Finance has disclosed that, based on a five-year pilot regulatory framework, it plans to roll out the first licenses for crypto asset service providers in 2026. Supervision will reference FATF anti–money laundering rules and EU regulations, with oversight led by the Ministry of Finance and the State Securities Commission. Five local institutions have already passed the preliminary review. The licensing platform has an extremely high capital requirement, and the maximum foreign ownership stake is 49%. After the licenses are issued, domestic traders will need to shift to licensed platforms; using unlicensed overseas platforms will result in fines. At present, this is still a planned target—licenses have not been officially issued yet. It falls under a pilot program, not permanent legislation.
Supporting logic
1. Vietnam is one of the countries with the highest crypto adoption rates globally. Legalizing licenses will open compliant local trading channels, release existing user demand, and represents an important regulatory breakthrough in Southeast Asia.
2. The pilot also supports RWA tokenization of assets, which benefits public chains and narratives around real-world asset tokenization, attracting regional institutional capital to enter.
3. Regulatory clarity across Southeast Asia will form a compliance cluster together with Hong Kong and Dubai. This improves global expectations for crypto regulation in emerging markets and boosts investors’ risk appetite.
4. Local banks and securities firms entering the licensed segment means traditional financial institutions are officially participating in crypto business, expanding real-world application scenarios for the industry.
Downside risks
1. This is a five-year pilot program, not a permanent law. There is a risk of subsequent policy iteration and adjustments. Even if licenses are issued in 2026, only a small number of platforms will receive licenses initially, and trading products will be subject to strict controls.
2. The new regulations restrict trading to Vietnamese dong (VND), limiting crypto-to-crypto trading. High entry requirements are set for large overseas exchanges, making it difficult for overseas platforms to obtain licenses directly.
3. In the early stage, there are also constraints on trading scope for domestic residents. The release of incremental funds will be gradual, not immediately driving large-scale buy-side demand—more of a long-term positive.
4. This is only regional regulatory progress. Market leadership is still ultimately in the hands of the Federal Reserve and U.S. regulators. The news can only drive short-term sentiment.
Outlook
In the medium to long term, the Southeast Asia segment is favorable. In the short term, sentiment could be catalyzed, but it may be unable to independently drive broad-market行情. Focus on monitoring the actual issuance timeline and the list of supported coins/tokens. If the pilot runs smoothly, it could encourage other Southeast Asian countries to follow with their own crypto legislation.
Information is for reference only and does not constitute investment advice