Vietnamese companies are racing to launch the country's first regulated cryptocurrency exchanges as Hanoi moves to ban trading on overseas platforms. A pilot licensing program could roll out this month.
Five firms have passed initial screening, including affiliates of private banks Techcombank, VPBank, and LPBank, stockbroker VIX Securities, and conglomerate Sun Group. Officials aim to tighten oversight of digital assets and curb capital outflows.
Vietnam ranked fourth globally in crypto adoption last year, with over $200 billion in transactions. Despite no formal ban on ownership, crypto is not legal tender, pushing traders to use offshore platforms like Binance and Bybit.
The finance ministry is drafting rules to prohibit overseas trading. Domestic exchanges could retain fees locally and boost Vietnam’s digital financial sector, according to Phan Duc Trung of the Vietnam Blockchain and Digital Assets Association.