Banks and conglomerates race for licenses as Hanoi moves to control one of the world’s busiest crypto markets
Vietnam is preparing to reshape one of the world’s most active cryptocurrency markets by launching its first licensed domestic exchanges—while simultaneously moving to restrict trading on overseas platforms used by millions of local investors.
According to a government resolution reviewed by Reuters, authorities in Hanoi plan to introduce a pilot framework for locally operated digital asset exchanges as early as this month. The initiative aims to tighten oversight of crypto trading and reduce risks linked to cross-border capital flows in a country where digital assets have surged in popularity.
Five companies have passed an initial qualification round for the pilot scheme, according to a document from the Vietnam Ministry of Finance dated March 12. The applicants include affiliates of three major private banks—Techcombank, VPBank, and LPBank—along with VIX Securities and real estate and tourism developer Sun Group. Sun Group and VPBank confirmed their applications, while other firms have not publicly commented.
The policy shift comes as Vietnam ranks among the most active crypto markets globally. Data from blockchain analytics firm Chainalysis shows the country placed fourth in its Global Crypto Adoption Index last year, with transactions involving Vietnamese users exceeding $200 billion between mid-2024 and mid-2025.
Yet regulators are increasingly wary of the implications. With strict controls on cross-border capital transfers, authorities fear that cryptocurrencies and stablecoins could facilitate unmonitored outflows. Draft rules being prepared by the finance ministry would prohibit Vietnamese residents from trading on overseas crypto exchanges—a move that could significantly reshape the local market.
Currently, most Vietnamese traders rely on foreign platforms such as Binance, OKX, and Bybit. Although owning crypto is not illegal in Vietnam, digital assets are not recognized as legal tender or an official payment instrument.
Industry leaders say the development of licensed domestic exchanges could help capture value currently flowing abroad. Phan Duc Trung argues that a regulated market would retain transaction fees domestically, strengthen financial supervision, and accelerate the country’s digital finance ecosystem.
For global investors and crypto firms, Vietnam’s strategy reflects a broader trend across Asia: governments are moving away from laissez-faire crypto markets toward tightly regulated domestic ecosystems. The key question now is whether Vietnam can strike the delicate balance between controlling capital flows and maintaining the innovation and liquidity that made it one of the world’s fastest-growing crypto markets in the first place.
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Source: Vietnam Insider