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Prime Minister Pham Minh Chinh said pilot digital asset exchanges would be licensed before January 15, as part of a sandbox mechanism to oversee and regulate the emerging market. The requirement was included among eight key task groups outlined at a national online conference reviewing the finance sector’s performance in 2025 and setting priorities for 2026, held on January 6.
The PM instructed relevant agencies to grant licences to companies participating in the pilot digital and cryptoasset market in accordance with regulations before January 15. Digital and cryptoassets have drawn growing interest from domestic and foreign investors, particularly following the issuance of Resolution 05 and the entry into force of the Law on Digital Technology Industry on January 1.
According to a representative of the Cryptoasset Trading Market Management Board under the State Securities Commission, five companies will be selected to join the initial pilot phase.
“This is an appropriate scale to test new operating models while keeping risks within controllable limits, before completing a broader legal framework,” said To Tran Hoa, standing deputy head of the board. “The key point is the mindset of turning digital assets into a capital mobilisation channel for the economy.”
Strict entry conditions have been set for participating enterprises. Applicants must have a minimum charter capital of VND10 trillion ($400 million). At least 65 per cent of charter capital must be held by institutional shareholders, including more than 35 per cent contributed by at least two organisations such as commercial banks, securities firms, fund management companies, insurers, or technology enterprises.
Institutional shareholders must have recorded profits for the two consecutive years preceding the licence application, with audited financial statements receiving unqualified opinions. In addition, service providers’ IT systems must meet level-4 safety standards on a five-level scale.
Detailed rules on custody, issuance advisory services, and cybersecurity have been designed to prevent fraud and cyberattacks. Hoa noted that Vietnam’s future market appeal would not lie in regulatory leniency, but in product quality, liquidity, and service security.
Market oversight will also be organised under an unprecedentedly tight multi-agency model. The Ministry of Finance will oversee service operations, the State Bank of Vietnam will monitor capital flows to prevent money laundering, and the Ministry of Public Security will be responsible for combating high-tech crime.
