Key Highlights
- The Vietnamese government has launched a landmark pilot program to license domestic cryptocurrency exchanges.
- Applicants face a staggering minimum capital requirement of 10 trillion VND (~$380 million), ensuring only the most liquid and institutionalized firms participate.
- New Ministry of Finance drafts propose a full ban on citizens trading on overseas platforms like Binance and OKX.
Five of Vietnam’s largest corporations are competing to secure the country’s first official cryptocurrency exchange licenses in a sweeping regulatory push that will redirect an estimated $200 billion in annual transaction volume away from global platforms and into state-supervised domestic channels. This legislative sprint comes as Hanoi prepares to pull the plug on overseas trading, a move intended to bring one of the world’s most hyperactive crypto markets under the direct thumb of the state.
The race follows the implementation of Resolution No. 05/2025/NQ-CP, which established a five-year pilot framework for the digital asset market. Affiliates of three major private banks—Techcombank, VPBank, and LPBank—along with brokerage firm VIX Securities and the property-to-tourism conglomerate Sun Group have cleared the initial qualification stage, according to filings reviewed by regulators.
A $200B market comes in from the cold
In terms of cryptocurrency adoption, Vietnam ranks fourth globally, with annual transaction volumes exceeding $200 billion, according to the 2025 Global Crypto Adoption Index. For years, this activity took place in a legal gray zone: holding digital assets was not explicitly prohibited, but cryptocurrencies were banned as a formal means of payment under a 2017 State Bank directive.
That changed on January 1, 2026, when the Law on Digital Technology Industry took full effect, recognizing crypto assets as “property” under the Civil Code. The reclassification gave Hanoi the legal basis to tax transactions, enforce inheritance rights, and empower law enforcement to investigate fraud—including the wave of “Quantum Financial System” scams that caused losses exceeding $1 million in late 2024.
Regulatory architecture: Who controls what
The Ministry of Finance is leading the licensing process in coordination with the State Bank of Vietnam and the Ministry of Public Security.
Officials have described the goal as building a controlled, onshore-only ecosystem designed to serve two objectives. These objectives are stemming uncontrolled capital outflows and addressing the money-laundering risks that have kept Vietnam on the Financial Action Task Force’s “grey list.”
The multi-million dollar filter
The requirements are calibrated to exclude smaller or unaffiliated operators. Applicants must demonstrate paid-up charter capital of at least 10 trillion VND (~$390 million). At least 35% of that capital must come from established financial institutions such as commercial banks or insurance companies. Foreign ownership is capped at 49%, ensuring domestic control over the infrastructure.
According to a Reuters report, once licensed, these exchanges will be the only legal venues for Vietnamese nationals to trade digital assets. Under draft rules accompanying the pilot framework, trading on global platforms such as Binance or OKX will be prohibited, with violators facing administrative and potentially criminal penalties.
Industry divided over offshore ban
The Vietnam Blockchain Association has endorsed the approach, arguing that regulated local exchanges will keep transaction fees within the domestic economy and strengthen the broader digital sector.
Critics, however, have raised concerns about liquidity. International exchanges offer thousands of trading pairs and deep order books that domestic startups are unlikely to match in the near term. Some market participants have drawn comparisons to China’s “Great Firewall” approach to internet governance, warning that overly restrictive controls could push trading activity underground rather than eliminating it.
For Hanoi, the trade-off appears to be a deliberate one. By channeling the country’s $200 billion in annual crypto volume through licensed, transparent intermediaries, the government is prioritizing regulatory control and international credibility over market depth—a bet that the legitimacy of a supervised system will ultimately attract more capital than the opacity of the status quo.
Also Read: South Korean Police Launch First Guidelines for Dark Coins
