Crypto Wallet Custody License Vietnam: Your Complete Guide for 2026
Vietnam is emerging as a key destination for crypto businesses, but the regulatory environment is evolving. For companies seeking a crypto wallet custody license Vietnam, understanding the current framework is essential. As of 2026, Vietnam does not have a dedicated crypto license law, but the State Bank of Vietnam (SBV) and Ministry of Finance are actively developing regulations. This page provides a factual overview of the requirements, costs, and steps to operate a crypto custody service in Vietnam.
Consulting24 advises and coordinates crypto licensing in Vietnam, using our experience from over 500 licenses in jurisdictions like Panama, Estonia, and Lithuania. We help you navigate the Vietnamese regulatory environment, assess the best route for your business, and connect you with local legal partners. Whether you are a startup or an established exchange, our team provides tailored guidance for your crypto wallet custody license Vietnam needs.
Overview: What Is a Crypto Wallet Custody License in Vietnam?
A crypto wallet custody license in Vietnam refers to the regulatory approval required to offer custodial wallet services for digital assets. Currently, Vietnam has not enacted a specific law for crypto licensing, but the government is piloting a regulatory sandbox for blockchain and cryptocurrency businesses. The sandbox, expected to be fully operational by 2026, will allow companies to apply for a temporary license to provide custody services under the supervision of the SBV and Ministry of Finance.
Until the sandbox is finalised, crypto custody services operate in a legal grey area. However, the government has issued warnings against using crypto for payments, and banks are prohibited from facilitating crypto transactions. For businesses serious about compliance, obtaining a license through the sandbox or a future legal framework is critical. Consulting24 monitors these developments closely and advises clients on the best timing and strategy for obtaining a crypto wallet custody license Vietnam.
Who Needs a Crypto Wallet Custody License in Vietnam?
Any business that holds private keys or digital assets on behalf of clients needs a custody license. This includes:
- Crypto exchanges offering wallet services
- Dedicated custodial wallet providers
- Asset managers dealing in digital assets
- Fintech companies integrating crypto storage
If your business plans to serve Vietnamese residents or operate from Vietnam, you must comply with local regulations. Even if you are based elsewhere, offering custody services to Vietnamese users may trigger licensing requirements. Consulting24 helps you assess whether a crypto wallet custody license Vietnam is necessary for your business model and advises on alternative jurisdictions if Vietnam is not yet ready.
License Type and Regulator
The primary regulator for crypto activities in Vietnam is the State Bank of Vietnam (SBV), which oversees payment-related crypto services. The Ministry of Finance also plays a role in regulating securities token offerings and investment funds. As of 2026, the specific license type for custody is not finalised, but it is expected to be a “Crypto Custody Service Provider License” under the sandbox framework.
Key features of the expected license:
- Valid for 2 years initially, renewable
- Requires a local legal entity (e.g., limited liability company)
- Must comply with anti-money laundering (AML) and counter-terrorism financing (CTF) laws
- Subject to ongoing reporting to SBV
Consulting24 coordinates with Vietnamese law firms to ensure your application meets all regulatory expectations. For now, the sandbox is the only path to a formal license.
Cost and Timeline for a Vietnam Crypto License
The cost of obtaining a crypto wallet custody license in Vietnam varies depending on legal fees, setup costs, and compliance requirements. Below is an estimated breakdown based on current market data and the sandbox pilot. Exact figures are confirmed during a consultation.
| Item | Estimated Cost (EUR) |
|---|---|
| Company registration (local entity) | 1,500 - 3,000 |
| Legal and advisory fees (sandbox application) | 5,000 - 10,000 |
| AML compliance setup (policies, software) | 2,000 - 5,000 |
| Bank account opening (if possible) | 500 - 1,500 |
| Total estimated range | 9,000 - 19,500 |
Timeline: The sandbox application process takes approximately 4-8 months from company incorporation to license approval. This includes preparing documentation, undergoing background checks, and satisfying the SBV's conditions. Consulting24 provides end-to-end coordination to streamline the process.
Capital Requirement
As of 2026, Vietnam has not published a specific minimum capital requirement for crypto custody licenses. However, based on the sandbox draft and comparable jurisdictions, a minimum paid-up capital of VND 20 billion (approximately EUR 750,000) is expected for custody services. This figure is not yet law, but it reflects the government's intention to ensure financial stability.
For comparison, the EU's MiCA framework requires EUR 125,000 for custody services. Vietnam's proposed requirement is higher, reflecting its cautious approach. Consulting24 advises clients to prepare capital in the range of EUR 500,000 to 1,000,000 to be safe. Exact requirements are confirmed during the application process.
Tax Treatment for Crypto Custody in Vietnam
Vietnam's tax treatment of crypto activities is still developing. As of 2026, the following applies:
- Corporate Income Tax (CIT): Standard rate of 20% on profits from custody fees.
- Value Added Tax (VAT): Crypto custody services are currently not subject to VAT, but this may change.
- Capital Gains: Gains from crypto trading by individuals are taxed at 0.1% of transaction value (a provisional measure).
For businesses, it is crucial to maintain transparent accounting and seek local tax advice. Consulting24 can connect you with tax specialists in Vietnam to ensure compliance. Remember that tax laws are subject to change, and professional advice is recommended.
Allowed Activities Under a Vietnam Crypto License
Once licensed under the sandbox, a crypto wallet custody provider in Vietnam can typically engage in the following activities:
- Safekeeping and administration of private keys
- Wallet creation and management for clients
- Transaction signing and broadcasting
- Reporting on asset holdings and transactions
- Integration with third-party services (e.g., exchanges)
Activities that are prohibited include using crypto for payments, offering interest-bearing accounts, and dealing in securities tokens without separate approval. The sandbox may impose additional restrictions. Consulting24 helps you define your business scope to align with the license conditions.
Step-by-Step Process to Obtain a Vietnam Crypto License
Obtaining a crypto wallet custody license in Vietnam involves several stages. Here is a typical process:
- Company Incorporation: Register a local legal entity (e.g., LLC) with the Department of Planning and Investment.
- Prepare Documentation: Draft business plan, AML/CTF policies, risk management framework, and technical specifications.
- Engage Local Counsel: Work with a Vietnamese law firm to submit the sandbox application to SBV.
- Submit Application: File the sandbox proposal along with supporting documents. The SBV reviews within 60 days.
- Background Checks: Ultimate beneficial owners (UBOs) and key management undergo fit and proper tests.
- License Issuance: If approved, a sandbox license is granted for 2 years, subject to conditions.
- Ongoing Compliance: Submit periodic reports, maintain AML procedures, and prepare for full licensing post-sandbox.
Consulting24 coordinates each step, liaising with local partners to ensure a smooth process. Our experience in other jurisdictions like Lithuania and Estonia informs our approach.
Banking and Payment Services for Crypto Custody in Vietnam
Opening a bank account for a crypto custody business in Vietnam is challenging due to the SBV's ban on banks facilitating crypto transactions. Many Vietnamese banks refuse to open accounts for crypto-related companies. However, some international banks with a presence in Vietnam may be more accommodating, especially if the company holds a sandbox license.
Alternative solutions include using payment service providers that specialise in crypto-friendly banking, or setting up a subsidiary in a jurisdiction with better banking access, such as Panama or Lithuania. Consulting24 advises clients on banking strategies, including multi-jurisdictional setups to ensure operational liquidity.
Benefits of a Vietnam Crypto License
Despite the challenges, obtaining a crypto wallet custody license in Vietnam offers several advantages:
- Access to a growing market: Vietnam has high crypto adoption rates, especially among young, tech-savvy users.
- Regulatory clarity: A license provides legal certainty and builds trust with clients and partners.
- Sandbox flexibility: The sandbox allows for experimentation with innovative services under regulatory oversight.
- Strategic location: Vietnam is a hub for Southeast Asian business, with a strong tech talent pool.
For businesses that want to serve the Vietnamese market, a license is a competitive advantage. Consulting24 helps you weigh these benefits against the costs and timeline.
Compliance and Trust: Meeting Vietnam's Regulatory Standards
Compliance is non-negotiable for a crypto custody license in Vietnam. The SBV expects strong AML/CTF measures, including:
- Customer due diligence (CDD) and know-your-customer (KYC) procedures
- Transaction monitoring and suspicious activity reporting
- Record keeping for at least 5 years
- Appointment of a compliance officer resident in Vietnam
Additionally, the sandbox requires regular audits and reporting. Consulting24 provides compliance frameworks tailored to Vietnamese regulations. This is general guidance, not legal advice. Always consult a qualified Vietnamese attorney for your specific situation.
Common Mistakes When Applying for a Vietnam Crypto License
Many applicants face delays or rejections due to avoidable errors. Common mistakes include:
- Incomplete documentation: Missing business plans or AML policies.
- Unclear ownership structure: SBV requires transparency on UBOs.
- Underestimating capital: Insufficient proof of funds can lead to rejection.
- Ignoring local partnerships: The SBV prefers applicants with local directors or partners.
Consulting24 helps you avoid these pitfalls by reviewing your application before submission. Our experience across multiple jurisdictions ensures a higher success rate.
Alternatives: Comparing Vietnam with Other Jurisdictions
If Vietnam's regulatory uncertainty or high capital requirement is a concern, consider these alternatives:
Panama (EUR 6,000 fixed fee)
Panama offers a straightforward crypto license with no minimum capital, low costs, and a fast process (2-3 months). It is ideal for custody services targeting global clients. Consulting24 delivers the Panama license directly. Learn more about Panama.
Lithuania (EU MiCA compliant)
Lithuania offers a CASP license under MiCA with capital of EUR 125,000 for custody. It provides access to the EU market and a clear regulatory framework. Consulting24 delivers the Lithuania license directly. See Lithuania details.
Estonia (MiCA transition)
Estonia is transitioning to MiCA, with existing license holders needing to upgrade. Capital requirements are similar to Lithuania. Consulting24 delivers Estonia licenses directly. Estonia page.
For businesses that value speed and low cost, Panama is a strong alternative. For EU market access, Lithuania or Estonia are better. Consulting24 advises on the best fit for your business.
Why Choose Consulting24 for Your Vietnam Crypto License?
Consulting24 has obtained over 500 crypto licenses across multiple jurisdictions. While we do not deliver the Vietnam license directly (we advise and coordinate), our expertise in navigating complex regulatory environments is invaluable. We provide:
- Initial assessment of your business model and suitability for Vietnam
- Connection with trusted local legal and compliance partners
- Project management to keep your application on track
- Comparison with other jurisdictions to ensure you choose the best route
Our team is available to discuss your specific needs. Contact us via WhatsApp or book a consultation to get started.
Frequently asked questions
Is a crypto wallet custody license in Vietnam mandatory?
As of 2026, Vietnam has not yet enacted a specific law for crypto custody, but operating without a license carries legal risks. The sandbox is the only formal path to obtain a license. Consulting24 advises that if you plan to serve Vietnamese clients, applying for the sandbox license is strongly recommended to ensure compliance.
What is the minimum capital for a Vietnam crypto custody license?
The proposed minimum capital is VND 20 billion (approx. EUR 750,000), but this is not yet finalised. The sandbox may require a lower amount. Consulting24 recommends preparing at least EUR 500,000 and confirming exact requirements during a consultation.
How long does it take to get a Vietnam crypto license?
The sandbox application process typically takes 4 to 8 months from company incorporation to license approval. This includes document preparation, SBV review, and background checks. Consulting24 coordinates with local partners to expedite the process.
Can a foreign company apply for a Vietnam crypto license?
Yes, but you must first incorporate a local legal entity in Vietnam. Foreign ownership is generally allowed, but some sectors may have restrictions. Consulting24 can advise on the optimal corporate structure for your business.
What activities are allowed under a Vietnam crypto custody license?
The license permits safekeeping of private keys, wallet management, transaction signing, and reporting. Prohibited activities include using crypto for payments, offering interest accounts, or dealing in securities without additional approval.
What are the tax implications for crypto custody in Vietnam?
Corporate income tax is 20% on profits. VAT is currently not applied to custody services. Individual crypto trading is taxed at 0.1% per transaction. Tax laws may change, so professional advice is recommended.
How does Vietnam compare to Panama for crypto custody licensing?
Panama offers a simpler, faster, and cheaper license (EUR 6,000 fixed fee, no minimum capital). Vietnam's sandbox is more expensive and uncertain. Panama is better for global operations, while Vietnam is for targeting the local market.
Can Consulting24 help if I choose a different jurisdiction?
Yes. Consulting24 delivers licenses directly in Panama, Estonia, and Lithuania, and advises/coordinates for other jurisdictions including Vietnam. We help you compare options and choose the best fit for your business.
What are the ongoing compliance requirements for a Vietnam crypto license?
License holders must submit periodic reports to SBV, maintain AML/CTF procedures, conduct regular audits, and ensure fit and proper status of management. Consulting24 can provide compliance support frameworks.
Is it possible to open a bank account for a crypto custody business in Vietnam?
It is difficult due to SBV restrictions on banks dealing with crypto. Some international banks may accept licensed entities. Consulting24 advises on banking strategies, including using jurisdictions like Lithuania for better banking access.
Official sources
Related jurisdictions
Talk to a crypto-licensing expert
500+ licenses across Estonia, Lithuania, Panama and beyond. Tell us your model and we'll map the right route, honestly.
💬 Talk to an expertFree consultationGeneral guidance, not legal advice. Rules and fees evolve, and we confirm current requirements for your case.