The proposal is part of a five-year pilot program that began in September 2025 to regulate Vietnam’s growing crypto market, which had largely operated in a gray area. Licensing applications opened on January 20, 2026, with requirements including a minimum capital of 10 trillion VND (around $408 million) and a cap of 49% foreign ownership.
Under the framework, crypto transactions are exempt from value-added tax. Companies trading crypto would pay a 20% corporate income tax on net profits from transfers.
Analysts have noted that while the low tax rate could improve compliance and transparency, the high capital requirements for exchanges may limit license applications and market liquidity.