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The Ministry of Finance of Vietnam announced the start of accepting applications from companies wishing to provide crypto-asset trading services, and clarified the requirements that crypto-services must comply with to legally operate in the country.
Virtual Asset Service Providers (VASPs) must be registered as public companies or limited liability companies. Each such legal entity is required to have a minimum authorized capital of 10,000 billion Vietnamese dong (about $380 700). At least 65% of the crypto platform’s capital must be provided by legal entities and at least 35% by organizations such as banks, brokers, insurance and management companies.
Cryptocurrency service providers are required to have equipped offices and information systems that meet the requirements of the Vietnamese Ministry of Public Security, as well as employ qualified personnel. Heads of cryptocurrency services must have two years of experience working in a financial institution, and technical directors must have worked in a financial or technology company for at least five years. The organization must have at least ten certified cybersecurity experts and at least ten employees with documents confirming their ability to work with securities.
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The new licensing regime requires foreign and Vietnamese traders who already own crypto assets to open trading accounts with registered service providers. Every foreign investor is encouraged to open a dong account with a local bank licensed to provide foreign exchange services. This account will be used for all payments and money transfers related to crypto trading, the Ministry of Finance announced.
The volume of cryptocurrency transactions in Vietnam from July 2024 to June 2025 was $220–230 billion, an average of more than $600 million daily, data show by Chainalysis. Vietnam is one of the three largest cryptocurrency markets in the Asia-Pacific region, with the country accounting for 10% of total transaction volume.
Last year, Vietnam launched the state-owned blockchain platform NDAChain to verify records and transactions. The platform was created by the National Data Association (NDA). Earlier, the Vietnamese authorities announced plans to launch a state program to support cryptocurrency projects.
