Vietnam is set to tighten its grip on the burgeoning crypto market by licensing pilot digital asset exchanges by January 15, as announced by Prime Minister Pham Minh Chinh. This initiative is part of a sandbox framework aimed at testing the market, following a national conference that outlined financial priorities for 2026. The pilot exchange approvals are among eight key tasks for the year, reflecting growing interest from both domestic and international investors. The initial sandbox will be limited, with only five companies selected for the first phase. These companies must meet stringent requirements, including a minimum charter capital of $400 million and institutional ownership of at least 65%. The framework also mandates a clean financial history and robust IT safety standards. Vietnam's multi-agency enforcement model will involve the Ministry of Finance, the State Bank of Vietnam, and the Ministry of Public Security to ensure compliance and curb financial crimes.