Vietnam Plans First Crypto Asset Service Provider Licenses in 2026

Vietnam is moving from a regulatory vacuum to a supervised pilot, which matters because it shifts the country from a grey-market venue into a licensed jurisdiction where asset custody and AML controls become the entry ticket. The design emphasis on risk management and investor asset protection suggests authorities are prioritizing institutional-grade safeguards over retail experimentation. The open question is whether the pilot's scope stays narrow or becomes the template for full licensing, and how a framework built around securities-market oversight handles digital assets that do not fit that mold.