Vietnam’s State Securities Commission (SSC) has started accepting applications from January 20 for licenses to organize cryptocurrency trading markets.
Applicants must comply with the Government’s pilot program under Resolution No. 05/2025/NQ-CP and the Ministry of Finance’s Decision No. 96/QD-BTC issued on the same day, which outlines new administrative procedures in the field.
The decision covers three procedures: granting licenses to organize cryptocurrency trading markets, adjusting existing licenses, and revoking licenses if necessary. Detailed content, required documents, and procedures are available in the Appendix attached to Decision No. 96/QD-BTC on the SSC’s electronic portal at www.ssc.gov.vn.
Corporate and Capital Requirements for Licensing
There are some regulations that must be met by organizations and individuals who apply for a license. The company must be a Vietnamese company established under the Enterprise Law, with a minimum of VND 10,000 billion of paid-in charter capital.
At least 65% of the charter capital must be sourced from organizations, including over 35% from at least two institutions such as commercial banks, securities companies, fund management companies, insurance companies, or technology companies.
The applicants should have a registered office with appropriate facilities and technology infrastructure to provide crypto trading services.
The management positions should be held by a General Director with at least two years of experience in finance, securities, banking, insurance, or fund management, and a Chief Technology Officer with at least five years of information technology experience.
The organization should have at least ten technology employees with cybersecurity certifications and at least ten other employees with securities professional certifications.
Securities Firms Move Toward Crypto Trading
Thus far, around ten securities firms and banks have announced that they will participate in cryptocurrency trading when they receive licenses.
SSI Securities established SSI Digital Technology Joint Stock Company (SSID) in 2022 and recently signed agreements on strategic cooperation with Tether, U2U Network, and Amazon Web Services to establish a digital financial ecosystem.
VIX Securities invested in establishing VIX Cryptocurrency Exchange (VIXEX) and signed an agreement with FPT to develop the technology infrastructure.
In the banking industry, MB Bank partnered with Dunamu, which operates South Korea’s Upbit exchange, to establish a cryptocurrency exchange and develop legal and operational frameworks.
Techcombank established the Techcom Cryptocurrency Exchange (TCEX) with hundreds of billions of VND charter capital, and added a cryptocurrency exchange section to the TCBS price board. VPBank announced that it has the resources ready and is ready to operate as soon as it receives a license.
Also Read: Short Squeeze Hits Top 500 Cryptos as Traders Unwind Bearish Bets
