1. Understand the legal landscape and timeline 🎯
- Know the law: Vietnam’s Law on Digital Technology Industry, passed on June 14 2025, takes effect January 1 2026. The law classifies digital assets into two groups—crypto assets (tokens with financial functionality) and virtual assets (in‑game currencies, loyalty points, etc.) . Crypto assets are subject to comprehensive licensing, reserve and KYC/AML requirements , while virtual assets face lighter rules .
- Pilot program: The government’s draft resolution for a pilot digital‑asset market will license only five crypto‑asset service providers (CASPs) and runs until December 31 2027 . Licensed CASPs must be Vietnamese legal entities with charter capital of at least VND 10 trillion (~US$385 million) . Foreign ownership is capped at 49 % and at least 35 % of the capital must come from two or more banks, securities firms or funds .
- Licensing & compliance: Exchanges will need physical offices in Vietnam, maintain financial reserves, and adhere to strict cybersecurity and anti‑money‑laundering standards . The government will supervise all issuers, service providers and investors , and digital assets will not be recognized as legal tender (only the Vietnamese dong is legal currency) .
2. Choose the right business structure 🏢
- Form a Vietnamese entity: Foreigners can own 100 % of many Vietnamese businesses, but financial‑service activities are “conditional,” meaning you need regulatory approval and may face ownership caps. To qualify for the CASP license you must establish a Vietnamese company meeting the capital and ownership criteria above .
- Obtain investment and enterprise licenses: You’ll need an Investment Registration Certificate (IRC) and an Enterprise Registration Certificate (ERC). The process involves submitting company charter documents, investor passports, and setting up a local bank account . Expect a lead time of 2–4 months for a foreign‑owned enterprise.
- Secure the right visa: For long‑term residency, apply for a DT (investor) visa. For example, the ĐT2 visa requires investing between VND 50 billion and VND 100 billion (US$2.15–4.3 million) and offers up to five years’ validity . Higher investment (ĐT1) can provide a 10‑year residence permit .
3. Build your dream team and compliance engine 💪
- Find local partners: Because at least 35 % of capital must come from Vietnamese banks or financial institutions , build alliances with local banks, securities firms or tech companies. They’ll also help navigate regulatory hurdles.
- Hire compliance and security experts: Vietnam’s pilot program requires Level‑4 cybersecurity—the highest standard in Vietnam . Appoint a Chief Compliance Officer to implement KYC/AML protocols aligned with global FATF standards .
- Assemble a technical team: When designing your exchange, decide whether to use a white‑label solution (US$25K–$100K) or build a custom platform (US$100K–$1 M+) . Advanced features like multiple‑currency support, margin trading and custom APIs add cost but make you competitive . Don’t forget ongoing costs—multi‑signature wallets, two‑factor authentication and cold storage plus legal and licensing fees .
4. Apply for the CASP pilot license 📝
- Submit a preliminary application to the Ministry of Finance and State Securities Commission (SSC). You’ll need to document your capital structure, organizational chart, risk‑management framework, cybersecurity systems and AML processes .
- Demonstrate local infrastructure: Regulators require participants to build out IT infrastructure within Vietnam and meet Level‑4 cybersecurity standards . Show that you have disaster‑recovery plans, cold‑wallet custody and 24/7 monitoring.
- Prepare for two‑stage licensing: After preliminary approval, a full licence is granted once you demonstrate compliance during a limited pilot period .
5. Develop and launch your platform 🚀
- User‑friendly interface: Vietnamese retail users are mobile‑first. Offer clean UX on web and mobile. Support Vietnamese language and integrate local fiat payment rails.
- Liquidity and matching engine: Connect to global liquidity providers or local OTC desks to ensure deep order books. Consider partnering with existing exchanges or market makers.
- KYC/AML onboarding: Implement robust identity verification in line with Vietnam’s AML law and FATF recommendations . Use local eKYC providers to verify ID cards and biometrics.
- Customer support: Provide Vietnamese and English customer support via chat, phone and social media. Educate users about risks and security.
- Tax reporting and audit: Vietnam may impose taxes on digital‑asset transactions. Build internal tools to calculate and report taxes for users and the company, and engage a local accounting firm.
6. Live, work and enjoy the ride ✨
- Settle in Ho Chi Minh City: Vietnam’s largest city is a vibrant startup hub with co‑working spaces, blockchain meetups and a growing tech workforce. Rent or buy office space in District 1 or Thu Duc, where many fintech startups congregate.
- Network: Join the Vietnam Blockchain Association and local innovation hubs. Attend meetups, hackathons and conferences to recruit talent and lobby regulators.
- Embrace Vietnamese culture: Learning basic Vietnamese will strengthen relationships. Enjoy the energy of Saigon’s café culture and street food while building your dream.
Final thoughts
Vietnam’s digital‑asset landscape is evolving at lightning speed. By 2026, a clear regulatory framework will replace the current “grey area,” giving legal certainty to crypto businesses . Building a Coinbase‑style exchange here requires significant capital, strict compliance and local partnerships, but the payoff could be immense: Vietnam ranks among the world’s top adopters of digital assets , and the government is eager to develop a thriving blockchain ecosystem. With enthusiasm, resilience and the right team, you can be at the forefront of Vietnam’s crypto revolution. Go forth and build—Vietnam’s future is waiting for you! 🌟