Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right route and tells you honestly whether Vietnam's pilot is within reach - or where a right-sized licence sits instead.
Get a crypto license in Vietnam.
Vietnam left the grey zone in 2026: the Digital Technology Industry Law recognises digital assets, and a five-year pilot licenses crypto exchanges. But the bar is steep - a VND 10 trillion (~US$380M) charter capital and a 49% foreign cap. We tell you honestly who qualifies, and what the alternatives are.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Crypto licenses obtainedlicenses obtained
Updated
Vietnam in brief
A landmark opening - built for the very few.
Vietnam has one of the highest rates of grassroots crypto adoption on earth, and for years it ran in a legal grey zone. That changed on 1 January 2026, when the Law on Digital Technology Industry - passed in June 2025 - took effect and, for the first time, recognised digital assets as property. Alongside it, Resolution 05/2025 set up a five-year pilot market, running through 2030, in which crypto-asset trading can be operated by licensed virtual-asset service providers. From 1 September 2026, Decree 284 brings penalties for operating outside that licensed framework. This is a real regime, not an aspiration.
The honesty a founder needs is about the bar. The pilot is built for very large, well-capitalised institutions: a licensed Service Provider must be a Vietnamese enterprise with charter capital of VND 10 trillion - roughly US$380 million - foreign ownership is capped at 49%, no single owner may hold interests in more than one provider, tokenised assets must be backed by real-world assets, and settlement is in Vietnamese dong only, with securities and fiat excluded. For the overwhelming majority of crypto businesses, that is out of reach as a direct licence. So our advice is candid: we tell you plainly whether you could qualify, help structure a compliant 49% position with a Vietnamese partner if the scale is genuinely there, and otherwise recommend a realistic base elsewhere rather than sell you a licence you cannot obtain.
Vietnam left the grey zone in 2026: the DTI Law recognises digital assets, and Resolution 05/2025 licenses crypto exchanges in a five-year pilot backed by penalties from September 2026.
But the bar is institutional - VND 10 trillion (~US$380M) charter capital, a 49% foreign cap, VND-only settlement, RWA-backed tokens. Most businesses cannot qualify, and we say so.
The honest picture
The pilot licence - and the reality check.
Two workstreams, and we are frank about which fits you: the pilot Service Provider licence for institutions of real scale, and the honest alternative for everyone else.
The pilot Service Provider licence is for real scale; for everyone else, we structure an honest alternative.
01 - PILOT SERVICE PROVIDER · FOR SCALE
The licensed exchange
The real thing - a licensed crypto-asset trading market under the pilot. Reserved for large, well-capitalised entrants: VND 10 trillion charter capital, a Vietnamese enterprise, foreign ownership capped at 49%, RWA-backed tokens and VND settlement.
The real thing - a licensed crypto-asset trading market under the pilot. Reserved for large, well-capitalised entrants: VND 10 trillion charter capital, a Vietnamese enterprise, foreign ownership capped at 49%, RWA-backed tokens and VND settlement.
- ✓Vietnamese-incorporated enterprise
- ✓Charter capital VND 10tn (~US$380M)
- ✓Foreign ownership capped at 49%
- ✓One provider per owner - no stacking
- ✓Tokenised assets backed by real-world assets
- ✓Settlement in VND; securities and fiat excluded
02 - THE HONEST ALTERNATIVE
For most businessesWhen the bar is out of reach
If you cannot meet the pilot's scale - and most cannot - we say so and structure a realistic path: a compliant base in a jurisdiction that fits your size, positioned to serve the market lawfully and to revisit Vietnam as the framework matures.
If the ~US$380M bar is out of reach - and most it is - a right-sized licence elsewhere, Vietnam kept under watch.
- ✓A plain read on whether you qualify
- ✓A 49% JV structure only if scale is genuine
- ✓A right-sized licence in another jurisdiction
- ✓No selling of a licence you cannot obtain
- ✓Vietnam monitored as the pilot evolves
- ✓Re-entry planned if the bar changes
Costs and timelines are confirmed for your case before any work begins. The pilot's VND 10 trillion charter capital and 49% foreign cap make it an institutional regime - we assess eligibility honestly and never pretend a threshold away.
Why Vietnam
A huge market, opening on strict terms.
The framework rests on the Digital Technology Industry Law and the Resolution 05/2025 pilot - a genuine opening of one of the world's most crypto-active populations, on deliberately tight terms.
✓
Enormous grassroots adoption
Vietnam consistently ranks at the top of global crypto-adoption indices. The demand is real and deep - which is exactly why the government chose a controlled, high-bar pilot to bring it onshore.Consistently top of global adoption indices.
✓
Digital assets now recognised
Since 1 January 2026, the DTI Law recognises digital assets as property. That legal certainty is a genuine milestone after years of grey-zone ambiguity - the ground is now defined.Property status since 1 January 2026.
✓
A real licensing pilot
Resolution 05/2025 created a five-year licensed market through 2030, and Decree 284 backs it with penalties for unlicensed operation from September 2026. This is enforceable law, not a discussion paper.Enforceable, with penalties from Sep 2026.
✓
Institutional-grade by design
The VND 10 trillion capital bar and 49% foreign cap are features, not accidents - Vietnam wants large, accountable operators. For those with the scale, that means credible peers and a serious regime.High bar means serious, accountable operators.
✓
A young, digital population
A large, young, mobile-first population underpins the long-term case. For an institution that can meet the bar, the addressable market is one of the most attractive in the region.A strong long-term market for those who qualify.
✓
Honest guidance either way
Our value here is candour. Whether you qualify or not, you leave with a clear answer and a realistic plan - which beats a licence promise that the thresholds will not honour.A clear answer beats a licence promise.
How it compares
How Vietnam differs from other routes.
Vietnam is a genuine but institutional-scale regime - the honest comparison is about who can actually use it.
Vietnam vs other jurisdictions
| Feature |  Vietnam | Other jurisdictions |
|---|---|---|
| Regime | Pilot licence under DTI Law | VASP licences or registration |
| Capital bar | VND 10tn (~US$380M) | Far lower |
| Foreign ownership | Capped at 49% | Often 100% allowed |
| Who it fits | Large institutions | Startups to institutions |
Regime
VietnamPilot licence under DTI Law
Other jurisdictionsVASP licences or registration
Capital bar
VietnamVND 10tn (~US$380M)
Other jurisdictionsFar lower
Foreign ownership
VietnamCapped at 49%
Other jurisdictionsOften 100% allowed
Who it fits
VietnamLarge institutions
Other jurisdictionsStartups to institutions
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Vietnam | Pilot Service Provider licence | 20% corporate | ~US$380M capital, 49% cap |
 Thailand | Digital asset licence (SEC) | 20% corporate | Established, custody-heavy |
 Indonesia | PFAK/CPFAK (OJK, from Bappebti) | 22% corporate | Registration, local substance |
 Philippines | VASP licence (BSP) | 25% corporate | BSP-supervised, capitalised |
VietnamLicense typePilot Service Provider licence
Taxation20% corporate
Requirements~US$380M capital, 49% cap
ThailandLicense typeDigital asset licence (SEC)
Taxation20% corporate
RequirementsEstablished, custody-heavy
IndonesiaLicense typePFAK/CPFAK (OJK, from Bappebti)
Taxation22% corporate
RequirementsRegistration, local substance
PhilippinesLicense typeVASP licence (BSP)
Taxation25% corporate
RequirementsBSP-supervised, capitalised
Before you apply
What the pilot licence demands.What the pilot licence demands.
The pilot's requirements are set high on purpose. The checklist below is what a licensed Service Provider must be - and we assess honestly whether that is you before any work begins.
01
Vietnamese enterprise - a locally incorporated company, registered for crypto-asset services.
02
Charter capital of VND 10 trillion - roughly US$380 million, contributed as required by the pilot.
03
Foreign ownership within 49% - any overseas stake structured under the cap, typically via a Vietnamese partner.
04
One provider per owner - no owner may hold interests in more than one Service Provider.
05
Real-world-asset backing - tokenised assets must be backed by genuine underlying assets.
06
VND settlement - all settlements in Vietnamese dong; securities and fiat currencies are excluded categories.
07
AML/CFT framework - KYC, monitoring and reporting to Vietnamese standards.
08
Custody and safeguarding - segregation and protection of client assets to the pilot's rules.
09
Governance and fit-and-proper ownership - disclosed to UBOs, with competent management.
10
Systems and security - resilient technology the authorities can supervise.
11
Eligibility honesty - a candid assessment of whether the scale is genuinely within reach.
01
Vietnamese enterprise, registered for crypto services.
02
Charter capital VND 10tn (~US$380M).
03
Foreign ownership within 49%.
04
One provider per owner - no stacking.
05
Tokenised assets backed by real-world assets.
06
Settlement in VND; securities and fiat excluded.
07
AML/CFT to Vietnamese standards.
08
Custody and safeguarding of client assets.
09
Ownership disclosed to UBOs.
10
Resilient, supervisable systems.
11
An honest eligibility assessment.
Reflects the Digital Technology Industry Law (effective 1 January 2026), Resolution 05/2025 and Decree 284 as of 2026. Unlicensed operation carries penalties from 1 September 2026 - the pilot is enforceable, and its thresholds are real.DTI Law + Res. 05/2025 + Decree 284, as of 2026. Penalties from 1 Sep 2026.
How it works
From first call to a real decision.
01
Eligibility and honesty
We test your scale against the pilot's VND 10 trillion bar and the 49% cap, and tell you plainly whether a Vietnam licence is realistic - in writing.Scale tested against the bar - in writing.
02
The route decision
If the pilot fits, we plan the Vietnamese company and ownership structure. If it does not, we design a right-sized route elsewhere - no pretending.Pilot if it fits; a right-sized route if not.
03
The application or the alternative
Either the pilot Service Provider file assembled to standard, or a compliant licence in a jurisdiction that matches your size.Pilot file, or a licence that matches your size.
04
Build and launch
The chosen structure incorporated, capitalised and documented - live, lawful and appropriate to your scale.Incorporated, capitalised, live and lawful.
05
Monitor and revisit
Vietnam's pilot tracked as it evolves through 2030 - so if the thresholds change, you are ready to move.Vietnam tracked through 2030 for changes.
Quick facts
FrameworkDTI Law + Res. 05/2025
Assets recognised1 Jan 2026
Pilot runs to2030
Charter capitalVND 10tn (~US$380M)
Foreign cap49%
SettlementVND · RWA-backed
EnforcementPenalties from 1 Sep 2026
Corporate tax20%
The pilot is a genuine, enforceable regime built for institutional scale. For most businesses the honest answer is an alternative jurisdiction - which we will say rather than sell a threshold away.
On the ground in Vietnam
Run from our Dubai office, with Vietnamese counsel.
Prifinance - Vietnam desk
Hanoi · Vietnam
Hanoi, Vietnam
01
Eligibility assessment
An honest read on whether your scale meets the VND 10 trillion bar and how the 49% cap would apply - before you spend on anything.An honest read before you spend anything.
02
Structuring the 49% position
Where the scale is genuine, a compliant foreign-ownership structure with a Vietnamese partner - built to the pilot's ownership rules.A compliant foreign stake, where scale is real.
03
The pilot application
Company, capital, AML, custody and systems documentation - assembled to the pilot's standards where a licence is realistic.Company, capital, AML, custody - to standard.
04
The realistic alternative
If Vietnam is out of reach, a right-sized licence elsewhere - and Vietnam monitored so you can revisit as the framework matures.A right-sized licence elsewhere if needed.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of crypto companies in Vietnam.
Company profits carry Vietnam's standard 20% corporate rate. Crypto-specific tax treatment is still being built out alongside the new legal recognition - a moving area we track closely.
20% corporate rate
Standard corporate income tax is 20% on company profits - competitive for the region and simple to model. Ordinary deductions apply.Competitive for the region, simple to model.
Crypto tax rules forming
With digital assets only recognised from 2026, the detailed tax treatment of crypto activity is still being developed. We build on current guidance and flag clearly what remains unsettled.Developing from 2026 - flagged clearly.
VAT on services
Vietnam's VAT applies to supplies of services in the usual way; how it maps onto crypto activity is part of the settling picture. We plan for it rather than assume an exemption.Planned for, not assumed away.
VND settlement, VND accounting
The pilot's dong-only settlement keeps the tax base domestic and clean. It also means FX and repatriation are structural questions we model up front for a foreign owner.Domestic base; FX modelled up front.
Foreign-owner planning
The 49% cap and dong settlement shape how profits reach an overseas shareholder. We model the repatriation and treaty position so the owner-level outcome is deliberate.Repatriation and treaty position deliberate.
A regime to watch
Tax and licensing are evolving together through the pilot. We keep the position current, because a five-year pilot will not stand still - and neither should your plan.Tax and licensing evolving together.
Tax summary
Corporate income tax20%
Crypto-specific rulesForming (from 2026)
VATService-specific
Settlement currencyVND
Foreign ownership49% cap
RepatriationModelled up front
*As of 2026. Crypto tax treatment is developing alongside the pilot - we track it and are candid about what is settled versus pending.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Vietnamese company and ownership structure, AML/KYC policy pack, capital and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a clean, appropriately-scaled business.
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Vietnam · pilot market
Launch your crypto project in Vietnam with expert support.
Full-service assistance - an honest eligibility check for the pilot, and a realistic route whichever way it falls.
Get a consultation →Free legal opinion
Is Vietnam realistic for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: whether the pilot is within reach, or which jurisdiction fits your business instead.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Vietnam crypto licence, answered honestly.
Is crypto legal in Vietnam now?+
Yes. The Digital Technology Industry Law took effect on 1 January 2026 and recognises digital assets as property, ending years of grey-zone status. A licensed pilot market for crypto-asset trading runs alongside it through 2030.
Can my business get a licence?+
Only if it has real scale. The pilot requires a Vietnamese enterprise with VND 10 trillion of charter capital - about US$380 million - with foreign ownership capped at 49%. For most crypto businesses, that is out of reach, and we say so plainly.
Why is the bar so high?+
By design. Vietnam chose a controlled, institutional-scale pilot to bring a very large adoption base onshore under accountable operators. The thresholds are features of the policy, not obstacles we can negotiate away.
Can a foreign company own a Vietnamese provider?+
Only up to 49%. Any overseas stake must sit within the cap, typically through a Vietnamese partner, and no owner may hold interests in more than one Service Provider. We structure that where the scale is genuinely there.
What are the settlement and asset rules?+
Settlement is in Vietnamese dong only, and tokenised assets must be backed by real-world assets; securities and fiat currencies are excluded categories. These shape both the product and the tax and repatriation position.
What happens if I operate without a licence?+
From 1 September 2026, Decree 284 brings penalties for operating outside the licensed framework. The pilot is enforceable - unlicensed operation is a real risk, not a grey area any more.
How are crypto companies taxed?+
A standard 20% corporate rate on company profits. Crypto-specific tax rules are still forming alongside the new recognition, and dong-only settlement makes repatriation a planning point for foreign owners - we model both.
So what should most businesses do?+
Get an honest eligibility read. If the pilot fits your scale, we build it; if not, we structure a right-sized licence elsewhere and keep Vietnam under watch so you can revisit as the framework matures. No selling a threshold away.
Is crypto legal now?+
Yes - digital assets recognised as property from 2026.
Can my business get a licence?+
Only at scale - ~US$380M capital, 49% foreign cap.
Why so high?+
By design - a controlled, institutional pilot.
Foreign ownership?+
Capped at 49%, via a Vietnamese partner.
Settlement and assets?+
VND only; tokens must be RWA-backed.
Operating unlicensed?+
Penalties from 1 Sep 2026 under Decree 284.
Company taxes?+
20%; crypto-specific rules still forming.
What should most do?+
Get an honest eligibility read - then the right route.
Client notes
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One message away from an honest answer on Vietnam.
Get a free legal opinion on your project - our legal team will analyze your case at no cost and tell you whether Vietnam's pilot is realistic, or which route fits your business instead.Free legal opinion: whether Vietnam's pilot is realistic, or which route fits instead.
✓Written legal opinion within 2-5 business days - free of charge✓A clear, honest read on eligibility - not a sales pitch✓Transparent fixed fees, confirmed up front✓EN · RU · ES speaking team
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of any Vietnamese public authority. Licences are granted by, and obtained directly from, the competent authorities.