Imagine Vietnam stepping into the crypto ring, gloves on, ready to throw down with its own crypto regulations, except only five challengers get a license to play.
Yes, Vietnam is gearing up to issue its very first crypto exchange licenses, but in true boss-move style, it’s keeping the list tight.
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Deputy Finance Minister Nguyen Duc Chi has spelled it out, no more than five operators will earn the golden ticket before 2026.
Crypto regulations
Experts say this is a full-court press on the crypto industry, with the Digital Technology Industry Law expected to pass by June 2025 and kick in for real come January 2026.
That places Vietnam among the early birds globally to formalize crypto regulations, and it ain’t messing around.
Behind the scenes, Vietnam’s Ministry of Finance is teaming up with the Ministry of Public Security and the State Bank of Vietnam, cooking up a regulatory framework stuffed with operational must-haves, like taxation rules, compliance checks, transaction fees, and even accounting standards.
Think of it as a crypto boot camp designed to keep the riff-raff out and make sure anyone licensed won’t turn the market into a crypto circus.
Follow the rules
Now, there’s a plot twist, because despite all the buzz, not a single business has raised its hand to enter the arena and apply.
Yet. The government is crossing fingers that applications flood in as soon as the licensing procedures are crystal clear.
This high-security, low-capacity approach is absolutely strategic, slow and steady, focusing on control and quality rather than flooding the system.
The big payoff? Experts see this as Vietnam’s shot at building trust and transparency in its crypto playground.
Clamping down with limited licenses means regulators can keep a hawk’s eye on who’s doing what, nipping shady dealings before they bloom.
It also lays down a firm foundation for taxes and who follows the rules, which should make money flow more freely from both local and foreign investors.
Crystal-clear message
But some says this elite five-license system will probably shake out the crypto players pretty hard. Only the slickest, most compliant exchanges will survive.
The result? A leaner, meaner crypto market with better stability and a shiny appeal to institutional investors craving regulatory certainty. That’s not a bad thing, after all.
Vietnam’s crystal-clear message is acceptable, it supports crypto innovation, but on its terms.
The upcoming pilot program is basically a scripted opening act for the country’s future crypto asset scene, testing if local businesses are ready and regulation really works.
By 2026, what starts as a trickle might become a steady stream fueling Vietnam’s crypto economy.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
📅 Published: October 8, 2025 • 🕓 Last updated: October 8, 2025
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