Vietnam plans to license its first crypto-asset service providers in 2026 as part of a pilot legal framework designed to modernise oversight of the country’s financial market.
The proposed framework was discussed during a meeting in Vienna on 15 September between Vietnamese Deputy Minister of Finance Nguyen Duc Chi and Mariana Kuhnel, Executive Director of the Austrian Financial Market Authority (FMA).
The State Securities Commission of Vietnam (SSC), which announced the meeting, said the talks focused on bilateral cooperation and the exchange of expertise in financial supervision.
Chi said Vietnam was updating its financial regulations to address new types of assets and developments in technology. Under the pilot scheme, the country expects to issue licences and allow the first digital asset platforms to begin operating in 2026.
Vietnam’s national pilot framework will regulate crypto assets, with a focus on the tokenisation of real-world assets as the country seeks to attract foreign investment.
SSC Chairwoman Vu Thi Chan Phuong said the framework was being developed with reference to recommendations from the Financial Action Task Force (FATF) and regulatory approaches used by European Union agencies.
“A supervision mechanism is being developed for service providers and investor transactions with emphasis on risk management, investor asset protection and anti-money laundering,” Phuong said.
She also said Vietnam was examining possible changes to its stock trading boards, including those serving small- and medium-sized enterprises (SMEs). The proposals are intended to increase transparency, improve the quality of listed products and tackle market manipulation and price rigging.
SMEs account for roughly 99% of operating businesses in Vietnam. Chi said domestic support policies were being revised to strengthen governance, compliance and digital transformation among those companies, with the aim of improving their access to credit and capital markets.
Kuhnel explained that, although many of Austria’s underlying financial rules are established at European Union level, the FMA is responsible for putting them into practice and enforcing them within Austria.
The authority was established in 2002 and operates independently. Its responsibilities include supervision of banks, insurers, investment firms, stock exchanges and crypto service providers.
To maintain cooperation between the two countries, Kuhnel proposed regular online technical workshops involving experts from both sides. She also suggested closer coordination through the International Organisation of Securities Commissions (IOSCO).
Chi welcomed the proposals, saying the new channels of cooperation would help turn shared technical expertise into specific joint activities.
