Vietnam is preparing to restrict access to overseas cryptocurrency platforms as regulators push forward with a plan to launch the country’s first licensed digital asset exchanges, according to a government document reviewed by Reuters.
The Ministry of Finance is drafting rules that would prohibit Vietnamese citizens from trading on foreign exchanges such as Binance, OKX, and Bybit. The move aligns with a five-year pilot program designed to bring crypto trading under domestic supervision while limiting capital outflows.
The policy shift comes as Vietnam ranks among the most active cryptocurrency markets globally. Data from Chainalysis shows Vietnamese users transacted more than $200 billion in digital assets in the 12 months through June 2025, placing the country fourth on its global adoption index. Crypto usage in Vietnam spans remittances, savings, and gaming, reflecting integration into daily financial activity.
Under the proposed framework, only locally licensed platforms would be permitted to operate, requiring users to migrate away from international exchanges.
Authorities say the approach aims to strengthen oversight, reduce fraud risks, and retain transaction-related revenue within the domestic economy.
A Vietnamese crypto licensing arms race begins
At least five firms have passed an initial qualification round for exchange licenses, including affiliates of Techcombank, VPBank, and LPBank, along with VIX Securities and Sun Group.
The licensing regime sets a high bar for entry. Applicants must meet a minimum charter capital requirement of 10 trillion Vietnamese dong, or roughly $400 million, and comply with strict standards covering governance, cybersecurity, and anti-money laundering controls. Foreign ownership is capped at 49%, signaling a preference for domestic control over key market infrastructure.
The effort builds on a legal shift that began in 2025, when Vietnam’s National Assembly recognized crypto assets as property under the Law on Digital Technology Industry. While cryptocurrencies remain non-legal tender, the change established a foundation for regulated market development.
Officials and industry representatives say restricting offshore trading could redirect liquidity toward domestic platforms, though it may limit access to global markets.
Authorities are also considering a tax framework that could include a levy on crypto transactions conducted through licensed exchanges. Details remain under review as regulators finalize the structure of the pilot program.
The first licensed exchanges could launch as early as March 2026. The outcome of the pilot is expected to shape Vietnam’s long-term approach to digital asset regulation and position the country within the broader Southeast Asian crypto market.
