Race Begins for Vietnam’s First Licensed Exchanges
Vietnam is taking a major step toward regulating its booming crypto market, with five companies now competing to launch the country’s first officially licensed exchanges. The move marks a turning point as authorities aim to shift trading activity from offshore platforms to regulated domestic players.
According to reports, the shortlisted firms include affiliates of major private banks like Techcombank, VPBank, and LPBank, alongside VIX Securities and conglomerate Sun Group. Some of these companies have already confirmed their applications, signaling strong institutional interest in entering the regulated crypto space.
The licensing process began in January, following the introduction of new legal frameworks that officially recognize crypto assets as property. However, the government maintains a strict stance-crypto is still not considered legal tender and cannot be used for payments.
A Booming Market That’s Largely Offshore
Vietnam has quietly become one of the world’s biggest crypto markets, ranking fourth globally in adoption. Over the past year alone, the country has seen an estimated $200 billion in crypto transactions, highlighting massive retail participation.
Despite this explosive growth, most Vietnamese traders still rely on offshore exchanges such as Binance, OKX, and Bybit. This reliance has created a regulatory gap, with authorities having limited oversight over trading activity and capital flows.
Now, the government is moving decisively to change that by bringing crypto trading under domestic supervision, ensuring compliance, transparency, and control over financial movements.
Crackdown on Overseas Platforms Incoming
One of the most significant shifts could be a ban on offshore crypto platforms. Authorities are reportedly drafting rules that would prohibit Vietnamese citizens from using foreign exchanges altogether, effectively forcing traders to migrate to licensed local platforms.
The concern driving this move is clear—the increasing use of crypto and stablecoins to move capital the country. Regulators see this as a potential risk to financial stability and are looking to tighten restrictions before the trend accelerates further.
This approach reflects a broader strategy: control the infrastructure, and you control the market. By limiting access to offshore platforms, Vietnam can ensure that trading activity remains within its regulatory reach.
Strict Rules Define Vietnam’s Crypto Experiment
Vietnam has already been testing a tightly controlled crypto environment. In September 2025, the country launched a five-year pilot program designed to regulate digital asset activity under strict conditions.
Under this framework, all transactions must be conducted in Vietnamese dong, and only locally registered companies are allowed to issue crypto assets. Notably, the rules also ban fiat-backed stablecoins, allowing only assets backed by real, non-financial resources.
However, these strict requirements have proven to be a barrier. With capital requirements reaching around $379 million, the Ministry of Finance reported that no companies had applied for the pilot program by October.
This lack of participation highlights the challenge Vietnam faces-balancing control with innovation in a fast-moving industry.
New Tax Framework Targets Crypto Trading
Vietnam is also moving to formalize crypto taxation, bringing digital assets closer in line with traditional financial markets. A draft proposal introduced in February outlines a system where crypto transactions would be taxed similarly to stock trades.
For individual investors, this would mean a 0.1% tax on each transaction processed through licensed platforms, while remaining exempt from value-added tax. Meanwhile, institutional players would face a 20% corporate income tax on profits, after accounting for expenses.
This taxation model signals a shift toward mainstream financial integration, positioning crypto as a recognized asset class within Vietnam’s broader economic system.
A Defining Moment for Vietnam’s Crypto Future
Vietnam’s latest moves represent a decisive attempt to reshape its crypto landscape. By combining licensing, restrictions on offshore access, and taxation, the government is building a framework that prioritizes control, compliance, and domestic participation.
At the same time, the strong interest from banks and major corporations suggests that institutional adoption is accelerating, potentially paving the way for a more mature and regulated market.
The coming months will be critical, as Vietnam balances its ambition to become a crypto powerhouse with the need to maintain financial stability and regulatory oversight.
