Vietnam Greenlights Five Crypto Exchanges in Groundbreaking Sandbox Approval by Mid-January

Vietnam's financial regulators just threw open the gates. A new regulatory sandbox is set to approve five cryptocurrency exchanges by mid-January, marking a seismic shift from cautious observer to active participant in the digital asset arena.

The Sandbox Blueprint

Forget the wild west. This isn't a free-for-all. The sandbox framework imposes strict operational guardrails—think anti-money laundering protocols, capital requirements, and real-time transaction monitoring. Regulators get a controlled environment to stress-test market stability; exchanges get a coveted license to operate legally. It's a calculated move to funnel chaotic retail speculation into a monitored, taxable corridor.

Why This Move Matters Now

Timing is everything. With regional neighbors like Singapore and Hong Kong refining their crypto rulebooks, Vietnam risks capital flight. This sandbox is a direct bid to keep talent, innovation, and investment onshore. It signals to institutional players that the country is building a compliant on-ramp, potentially unlocking pension fund and VC money that's been sitting on the sidelines.

The Regulatory Tightrope

Watch the fine print. Approval under a sandbox isn't a permanent license. It's a probationary period where every trade, KYC check, and fee structure will be scrutinized. One misstep could mean ejection. For the five approved exchanges, it's a golden ticket to first-mover advantage—and a relentless compliance audit.

A cynical take? Another government realizing it's easier to tax and regulate a booming market than to futilely police it. The sandbox doesn't just legitimize crypto; it creates a new revenue stream from licensing fees and transaction taxes. The final frontier of finance is becoming just another regulated sector—much to the dismay of crypto-anarchists and the delight of fiscal authorities.

TLDR

• Vietnam will approve its first pilot cryptocurrency exchanges by January 15, 2026.
• The pilot program will allow only five companies to operate under strict guidelines.
• Each approved exchange must have a minimum charter capital of VND10 trillion.
• Ownership must include at least 65 percent institutional investors with two years of profitability.
• Exchanges are required to meet Level 4 IT security standards to ensure strong protection.

Vietnam has directed regulators to finalize approvals for pilot cryptocurrency exchanges by January 15, 2026, under a controlled sandbox model, as announced after a high-level finance-sector meeting, which was held on January 6, 2026, and marked a new phase in the country’s digital asset oversight.

Five Companies to Receive Initial Approvals

Vietnam will begin the pilot with five licensed exchanges, each required to hold VND10 trillion in charter capital. The rule aims to ensure only financially stable and prepared firms enter the space.

Regulators confirmed that eligible companies must show long-term operational capacity and readiness to meet tight supervisory conditions. They said the limited scope will help monitor systemic risks and guide future regulations.

“This is a trial, not a full market launch,” an official said during the national finance-sector conference. The statement stressed the pilot’s focus on safety.

Strict Ownership and Security Requirements

To qualify, companies must meet ownership rules that restrict individual holdings and favor institutional investors. At least 65% of shares must belong to institutions.

Among these, two qualifying institutions, such as banks or insurers, must jointly hold at least 35% of shares. Each must also show two years of profits and audited accounts.

Vietnam also mandated that exchanges meet Level 4 IT security standards, one of the highest national benchmarks. This reflects past concerns over regional hacks.

Authorities explained that strong cybersecurity WOULD protect users and reduce risks of breaches and manipulation. The exchanges must also ensure data and system integrity.

Vietnam to Launch Pilot Crypto Exchanges

The Ministry of Finance will supervise day-to-day operations of the exchanges during the pilot. Its role includes monitoring compliance with trading and reporting rules.

The State Bank of Vietnam will control capital flows and ensure anti-money-laundering mechanisms are in place. It will also track foreign currency use.

The Ministry of Public Security will manage cybercrime investigations and respond to potential abuse within the trading platforms. Their involvement ensures legal enforcement remains active.

This pilot follows recent legal updates that expanded Vietnam’s digital finance framework starting January 2026. The law now allows limited crypto activity.

Officials said the pilot provides a chance to test technical systems and behavior under strict conditions. Regulators will collect data for future policy.

Vietnam joins countries like Singapore and Hong Kong that used sandbox programs before granting broader crypto licenses. The plan aims to ensure stability.

The government confirmed it will reassess the pilot’s results before any market expansion. No fixed schedule for full legalization has been announced yet.