Vietnam is taking decisive steps to regulate its bustling cryptocurrency market, with five domestic firms now in the running to launch the country’s first fully licensed crypto exchanges. This move is part of a broader government strategy to bring crypto trading onshore and systematically phase out unregulated overseas platforms that currently dominate the landscape.
Five Firms Compete for Vietnam’s First Licensed Exchange
According to a March 12 document from the Ministry of Finance cited by Reuters, five companies have successfully passed an initial qualification stage in the licensing process. The group comprises banking and corporate giants: affiliates of private banks Techcombank, VPBank, and LPBank, along with brokerage firm VIX Securities and conglomerate Sun Group. Both VPBank and Sun Group have since confirmed their license applications to the news agency.
The application window for these licenses opened in January, following new procedural guidelines from the finance ministry and a pivotal law that, for the first time, legally defines crypto assets as property. However, the legislation maintains a strict prohibition on using cryptocurrencies as legal tender or for general payments.
The Road to Licensing and Market Context
Vietnam’s crypto market is undeniably significant, ranking fourth globally in Chainalysis’ latest Global Crypto Adoption Index. The firm estimated transaction volumes of approximately $200 billion over the 12 months ending in June 2024. Despite this massive domestic activity, the majority of this trading volume has historically flowed through offshore exchanges like Binance, OKX, and Bybit, which operate without specific local licensing.
The government’s licensing push aims to create a regulated, domestic alternative. Yet, a parallel, more stringent regulatory track exists. In September 2025, Vietnam initiated a five-year pilot program for digital asset trading with exceptionally strict rules, including a requirement that all transactions use the Vietnamese dong and a ban on fiat-backed stablecoins. Crucially, the pilot also imposed a high capital requirement of roughly $379 million (VND 9 trillion) for applicants. By October 2025, the Ministry of Finance reported that no companies had applied for this pilot, citing the prohibitive entry barriers.
Planned Ban on Overseas Platforms and Tax Framework
Alongside the licensing drive, Vietnamese authorities are drafting rules that could effectively ban nationals from using overseas crypto platforms. Officials have expressed specific concerns regarding capital outflows and the increasing use of cryptocurrencies and stablecoins, Reuters reported.
To further formalize the market, Vietnam’s tax authorities have proposed a clear framework. A draft from February suggests treating crypto transactions similarly to securities trading. For individuals, a 0.1% tax would be levied on each transaction processed through a licensed local provider, with those transfers exempt from value-added tax (VAT). Corporate investors, meanwhile, would face a 20% corporate income tax on net profits from crypto trading.
Cointelegraph contacted Techcombank, VPBank, LPBank, VIX Securities, and Sun Group for comment on their applications and strategies but had not received a response by the time of publication.
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