The Vietnamese government is reportedly considering stricter limitations on overseas cryptocurrency trading, aiming to bring more such activities under domestic regulatory oversight.
While current Vietnamese law does not explicitly prohibit the holding or trading of cryptocurrencies, the country maintains tight controls over cross-border capital flows. Under existing regulations, digital assets are not recognized as legal tender or a means of payment.
Consequently, Vietnamese citizens often opt for overseas centralized exchanges such as Binance, OKX, and Bybit for their trading activities.
Vietnam holds a significant position in the global cryptocurrency market, ranking fourth in Chainalysis's Global Crypto Adoption Index.
Regulators are concerned that the increasing use of cryptocurrencies and stablecoins could lead to uncontrolled capital outflows, particularly in a market where domestic investment channels are relatively limited.
Local Crypto Exchanges Seek Licenses
Vietnamese authorities plan to establish a regulatory framework for locally operating exchanges, allowing approved companies to set up compliant trading platforms within the country.
According to a Ministry of Finance document dated March 12, five companies have passed the initial qualification review for Vietnam's pilot licensing program.
Participating entities include affiliates of three Vietnamese private banks – Techcombank, VPBank, and LPBank – along with VIX Securities, which has begun developing its own crypto-asset exchange infrastructure, and Sun Group, one of Vietnam's largest privately held conglomerates.
Industry participants believe that the introduction of licensed domestic exchanges will help retain trading fees within the country and foster the development of Vietnam's digital finance ecosystem.