越南瞄准2026年推出首批持牌加密服务提供商

Vietnam expects the first batch of crypto asset service providers to operate licensed in 2026

Vietnam regulators are building a regulatory system around the country's five-year digital asset market pilot project, and expect that the first batch of licensed crypto asset service providers will obtain licenses and start operations in 2026.

Licensing progress under the pilot framework

According to information from the State Securities Commission of Vietnam, Nguyen Duc Chi, Deputy Minister of Finance of Vietnam, announced the timetable during a meeting with Mariana Kühnel, Executive Director of the Austrian Financial Market Authority (FMA), in Vienna on September 15. The two sides held in-depth discussions on financial market supervision and future cooperation.

Nguyen Duc Tri said that Vietnam has established a pilot legal framework for crypto assets, and regulators are working to formulate rules to supervise company and investor activities after licensed platforms begin operations. Part of the discussion with Austria focused on how financial authorities can adapt to the regulatory challenges posed by technological developments and new assets.

Although the licensing program is moving forward steadily in 2026, as of August 30, five companies have passed preliminary assessments but have not yet issued final exchange licenses. Passing the evaluation does not mean that the company has the right to operate a cryptocurrency trading platform.

Strict access requirements

越南于今年1月正式启动许可流程，当时财政部引入了涵盖加密资产交易平台牌照发放、调整和撤销的行政程序。申请方必须是越南本土企业，实缴注册资本至少为100万亿盾（约合3.83亿美元）。其中，至少65%的资金必须来自机构股东。

此外，申请公司还需满足公司治理、人员配置、基础设施和网络安全等方面的要求。在试点框架下，外国投资者持股比例不得超过49%。申请人资本中至少有35%需来自至少两家符合条件的机构，如商业银行、证券公司、基金经理、保险公司或科技公司。

多家金融集团已为进入受监管市场做好准备。例如，VPBank关联的CAEX在4月获得了OKX Ventures和HashKey Capital的支持，以达成牌照所需的资本要求。CAEX的试点申请涉及VPBank证券、LynkiD以及上述两家投资机构。

SSI Digital Technology则采取了另一条路径，与韩国交易所Bithumb签署协议，探索本地数字资产交易所业务。双方计划的合作范围涵盖技术、钱包、托管、安全、风控和合规等方面，但任何交易所运营仍需获得越南当局的批准。

借鉴欧盟经验，强化反洗钱监管

除了许可制度外，国家证券委员会还在利用金融行动特别工作组（FATF）的建议，开发针对服务提供商和投资者交易的监督机制。国家证券委员会主席武氏珍芳（Vu Thi Chan Phuong）指出，该框架重点强调风险管理、投资者资产保护以及反洗钱控制。

越南希望借鉴奥地利金融市场管理局（FMA）及其他欧盟监管机构的经验，进一步完善其加密资产规则。FMA的职责包括对银行、保险公司、养老金基金、证券公司、投资基金、证券交易所等金融机构以及加密资产服务提供商进行监督，负责市场监管、投资者保护、反洗钱控制和打击非法金融活动。

库内尔向越南代表团表示，奥地利许多金融法规由欧盟层面确定，由FMA在国内实施。她提议通过国际证监会组织（IOSCO）以及专家之间的在线技术会议，加强两国间的交流。阮德智同意这种合作模式，认为这些渠道可以将信息共享和技术支持转化为具体行动。

五年试点与新处罚措施

越南的监管工作是在2025年9月通过第05/2025/NQ-CP号决议推出的五年试点框架下进行的。该框架涵盖加密资产的发行、交易、托管以及持牌服务提供商。

根据第284/2026/ND-CP号法令，新的执法规则已于9月1日生效，对未经授权的服务、不当的加密资产发行、客户检查不足以及违反反洗钱要求的行为设定了处罚。该加密处罚框架于今年7月获批，旨在为国内持牌平台的启动做准备。

未经授权提供加密服务或宣传交易所的组织可能面临1.8亿至2亿盾的罚款。持牌提供商若未能履行客户资产隔离、交易监控、账户信息和客户验证等义务，也将面临单独处罚。

国内投资者最终将被要求通过财政部批准的持牌提供商进行交易。第284号法令规定，在未获批准的平台进行交易的组织将面临3000万至5000万盾的罚款，而针对个人的处罚通常减半。

需要注意的是，该限制并未因9月法令生效而立即适用。第05号决议给予国内投资者六个月的过渡期，该期限仅在财政部颁发首张加密资产服务提供商牌照后才开始计算。由于截至8月30日尚未颁发最终牌照，因此倒计时尚未启动。

broader 金融监管合作

Crypto assets are part of broader regulatory discussions between Vietnam and Austrian officials. Nguyen Duc Tri pointed out that small and medium-sized enterprises account for about 99% of operating enterprises in Vietnam, and relevant policies are being improved around governance, financial capabilities, compliance and digital transformation. Wu Shi Zhenfang said the authorities were considering restructuring the stock trading sector, including arrangements for small and medium-sized enterprises. Regulators are working to improve the quality, transparency and disclosure requirements of listed products, while strengthening supervision of market manipulation and price manipulation.

At the end of the Vienna talks, the two sides agreed to promote technical exchanges through the International Organization of Securities Commissions (IOSCO) and direct meetings of experts. Cooperation between the two sides will continue to deepen as Vietnam continues to improve its financial and crypto asset regulatory framework.