Vietnam has officially launched a pilot program for licensing cryptocurrency exchanges. According to Decision No. 96/QD-BTC issued by the Ministry of Finance on January 20, 2026, the State Securities Commission will begin processing applications for the establishment, modification, and revocation of crypto exchange licenses. This initiative is based on Government Resolution No. 05/2025/NQ-CP. The new regulations require applicants to be local Vietnamese enterprises with a minimum paid-up capital of 10 trillion VND. Several brokerage firms and banks have already expressed interest in participating.