Five companies have passed the preliminary assessment under Vietnam’s five-year digital asset market pilot program. To Tran Hoa, Vice Chairman of the Digital Asset Trading Market Board, shared this development at the Vietnam RWA Summit 2026 on August 30, 2026.
The identities of the five candidates have not been publicly disclosed. Passing the initial screening also does not guarantee the issuance of final operating licenses. This pilot program implements the mandate under Resolution No. 05/2025/NQ-CP issued by the government on September 9, 2025.
$383 Million Capital Burden
Participating in the program requires substantial financial backing. The Vietnamese government mandates that each applicant maintain a minimum capital of 10 trillion dong, or approximately $383 million, which must be fully paid up in Vietnamese dong.
Shareholding structures are also strictly regulated. Institutional shareholders must hold at least 65% of the capital. Of that portion, more than 35% must come from at least two qualifying institutions, such as commercial banks, securities firms, fund managers, insurance companies, or technology firms. Beyond funding, all applicants must pass a Level 4 information system security audit conducted by the Ministry of Public Security.
Penalty Rules Precede Licenses
Reports of the five candidates clearing review emerged just a day before Decree No. 284/2026/ND-CP took effect on September 1, 2026. The legal framework outlines strict sanctions for unlicensed service providers, improper token issuances, and weak anti-money laundering compliance.
Organizations providing crypto services or advertising unlicensed exchanges face fines ranging from 180 million to 200 million dong. Although the restrictions take effect in September, requirements for domestic investors include a grace period. Local users are only required to trade exclusively on licensed platforms six months after the first license is issued. Because no exchange has received a license yet, users remain free to trade as the penalty rules take effect.
Specific Focus on Foreign Investors
Operational restrictions also apply to domestically issued crypto products. Locally issued digital assets may initially only be offered to foreign investors. Key requirements mandate that tokens must be backed by real-world assets, while strictly prohibiting the representation of securities or fiat currencies.
Regulators in Vietnam have set a high barrier to entry for their ecosystem. The combination of multi-million-dollar capital requirements and ministry-level security audits indicates that these licenses are designed purely for heavyweight institutions, rather than serving as a testing ground for small-scale entities.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
