Vietnam expects its first crypto asset service providers (licensed crypto financial companies) to receive licenses and begin operating in 2026 under a five-year digital asset market pilot. Deputy Minister of Finance Nguyen Duc Chi outlined the timeline during a Sept. 15 meeting in Vienna with Austrian Financial Market Authority Executive Director Mariana Kühnel. Five companies had passed an initial assessment by Aug. 30, but none had received a final exchange license. Applicants must be Vietnamese enterprises with at least 10 trillion dong, roughly $383 million, in paid-in charter capital, while meeting ownership, governance, staffing, infrastructure and cybersecurity requirements. Vietnam is also developing supervision based partly on Financial Action Task Force recommendations, with emphasis on risk management, investor-asset protection and anti-money-laundering controls. The 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. Domestic investors will eventually have to use Ministry of Finance-licensed providers, but a six-month transition period starts only after the first license is issued. Vietnamese and Austrian officials also agreed to pursue technical exchanges through the International Organization of Securities Commissions and direct expert meetings.