Vietnam to Approve Five Crypto Exchanges Under New Sandbox by Mid-January 2026

Vietnam is set to greenlight its first pilot cryptocurrency exchanges by January 15, 2026, marking a significant step in the country's digital asset regulatory framework. The pilot program will restrict operations to five carefully vetted companies, each mandated to meet stringent financial and operational criteria.

Approved exchanges must demonstrate robust financial stability, with a minimum charter capital requirement of VND10 trillion (~$400 million). Institutional investors must hold at least 65% ownership, and firms must prove two consecutive years of profitability. Security is non-negotiable—exchanges must comply with Level 4 IT security standards, the highest tier in Vietnam's cybersecurity framework.

"This is a controlled experiment, not a free-market rollout," emphasized a government official during the January 6 finance-sector conference. The Sandbox model aims to mitigate systemic risks while providing regulators with actionable data for future policy decisions.