Vietnam expects its first licensed crypto asset service providers to receive approvals and begin operating in 2026 under a five-year digital asset market pilot. Five companies have passed an initial assessment, although no final exchange license had been issued as of Aug. 30. The assessment does not authorize platform operations. Regulators are developing supervision rules covering risk management, investor asset protection and anti-money laundering controls, drawing on experience from Austria and the European Union. Deputy Minister of Finance Nguyen Duc Chi outlined the timeline on Sept. 15 during a meeting in Vienna with Austrian Financial Market Authority Executive Director Mariana Kühnel. Vietnam formally opened its licensing process in January. Applicants must be Vietnamese enterprises with at least 10 trillion dong, roughly $383 million, in paid-in charter capital. At least 65% must come from institutional shareholders, foreign ownership cannot exceed 49%, and more than 35% must come from at least two qualifying organizations. The pilot framework also covers governance, staffing, infrastructure and cybersecurity. VPBank-linked CAEX received backing from OKX Ventures and HashKey Capital in April, while CAEX’s application involves VPBank Securities and LynkiD. SSI Digital Technology separately agreed with South Korea’s Bithumb to explore a local exchange covering technology, wallets, custody, security, risk controls and compliance, subject to Vietnamese approval. In May, Chi said regulated market activity could begin as early as the third quarter of 2026. Affiliates of Techcombank, VPBank and LPBank, VIX Securities and Sun Group were among firms reported to have passed initial screening. The State Securities Commission of Vietnam is using Financial Action Task Force recommendations to shape oversight of providers and investor transactions. Vietnam’s five-year pilot was introduced through Resolution No. 05/2025/NQ-CP in September 2025, while enforcement rules under Decree No. 284/2026/ND-CP took effect Sept. 1. Unauthorized providers or exchange advertising can draw fines of 180 million to 200 million dong. Trading outside approved platforms can incur organizational fines of 30 million to 50 million dong, with lower individual penalties under the general half-rate provision. A six-month transition period for domestic investors begins only after the Ministry of Finance issues the first provider license, so it had not started by Aug. 30. Vietnam and Austria agreed to pursue technical exchanges through IOSCO and direct expert meetings as Vietnam develops its financial and crypto asset supervision framework.