Vietnam expects to issue licenses to its first group of crypto asset service providers in 2026 under a pilot legal framework, according to comments made during a September 15 meeting in Vienna between Deputy Finance Minister Nguyen Duc Chi and Austrian Financial Market Authority Executive Director Mariana Kuhnel.

Chi said Vietnam had established a pilot legal framework for crypto asset activities and expected the first licensed providers to begin operating in 2026. The discussion with Austria focused on financial market supervision, with crypto assets receiving particular attention alongside investor protection and anti-money laundering controls.

Vu Thi Chan Phuong, chairwoman of Vietnam's State Securities Commission, said the regulatory mechanism would cover both service providers and investor transactions. She said the framework would focus on risk management, protection of investor assets, and anti-money laundering standards.

Kuhnel proposed that the two sides hold an online technical seminar and expand coordination through the International Organization of Securities Commissions. The Austrian regulator oversees a wide range of financial institutions, including crypto-asset service providers, giving Vietnam a direct reference point as it builds out its own supervisory approach.

Additional reported details indicate Vietnam's policy path has moved beyond broad consultation. A five-year pilot framework was established in 2025, and the finance ministry later began accepting license applications in early 2026. Reported requirements under that framework include local incorporation, governance and technical standards, and controls around custody and compliance, though not all implementation details tied to the first approvals have been publicly clarified.

Why It Matters

Vietnam's plan marks a shift from a long-standing legal gray area toward a supervised entry route for crypto businesses. For exchanges, brokers, and other service providers, a licensing regime can determine which firms gain formal access to local users and which remain outside the regulatory perimeter.

The development also fits a broader regional trend in which regulators are moving from general warnings to operational frameworks built around licensing, AML, and investor protection. Vietnam's engagement with Austria's FMA suggests it is not only creating rules for market entry, but also looking to import supervisory practices from jurisdictions where crypto oversight is already integrated into mainstream financial regulation.