Vietnam’s New Crypto Rules Take Effect September 1 as Exchange Licensing

Vietnam’s new rules governing penalties for violations involving crypto assets and cryptocurrency markets will take effect on September 1, while the country has yet to issue its first license for a crypto asset exchange, according to information shared by @WuBlockchain on X.

Five companies have passed the first round of assessment as part of the licensing process. However, the firms must still satisfy additional requirements before they can receive authorization, including meeting Level 4 information system security standards and committing at least VND 10 trillion, or about $383 million, in capital.

Under Vietnam’s current pilot program, domestic investors will be required to conduct cryptocurrency trading through licensed platforms only after six months have passed from the Ministry of Finance’s issuance of the first license to a service provider.

Vietnam Introduces New Crypto Penalty Rules

The new rules taking effect September 1 establish penalties for violations related to crypto assets and cryptocurrency markets.

The measure forms part of Vietnam’s broader effort to develop a regulated framework for digital assets. Rather than immediately opening the market to licensed exchanges, authorities are proceeding through a staged process that includes assessments of potential service providers and requirements related to security and capital.

The implementation of the new penalty framework means regulatory rules will begin applying to conduct involving crypto assets and related markets from September 1.

At the same time, the country remains in the process of establishing the infrastructure and licensing framework needed for regulated cryptocurrency trading.

Five Companies Pass First Assessment

Vietnam has not yet issued its first crypto asset exchange license. However, five companies have successfully passed the initial round of assessment.

The companies must now satisfy additional requirements before progressing further in the licensing process. Among those requirements is compliance with Level 4 information system security standards.

They must also invest at least VND 10 trillion, equivalent to about $383 million, in capital.

The capital threshold represents a significant financial requirement for companies seeking to participate as licensed crypto asset service providers. The security requirement adds another layer of scrutiny, focusing on the information systems that would support regulated cryptocurrency operations.

Passing the first assessment therefore does not mean that any of the five companies has already received an exchange license.

Domestic Investors Face Delayed Licensed Trading Requirement

Vietnam’s pilot framework also establishes a transition period for domestic investors.

Under the current program, investors in Vietnam will be required to trade crypto assets through licensed platforms six months after the Ministry of Finance issues the first license to a service provider.

Because the first crypto asset exchange license has not yet been issued, the six-month period has not started, according to the information shared in the update.

The arrangement gives authorities additional time to establish the licensed market before the requirement for domestic investors takes effect.

The approach also links the timing of mandatory licensed trading directly to the first exchange license issued by the Ministry of Finance rather than to the September 1 effective date for the new penalty rules.

Vietnam Moves Toward a Regulated Crypto Market

The combination of new enforcement rules and the ongoing licensing process marks another stage in Vietnam’s development of a formal regulatory framework for crypto assets.

The immediate change on September 1 concerns penalties for violations involving crypto assets and markets. Meanwhile, prospective service providers remain subject to further assessments before the first exchange license can be granted.

The five companies that passed the initial assessment must still meet Level 4 information system security requirements and maintain at least VND 10 trillion, or about $383 million, in capital.

According to @WuBlockchain, domestic investors will ultimately be required to use licensed platforms under the pilot program, but only six months after the Ministry of Finance grants the first license to a service provider.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.