Domestic businesses are entering a race to obtain licenses to operate cryptocurrency exchanges, as the Vietnamese government prepares to implement a pilot program and tighten regulations on trading on foreign platforms. This is XEM as a crucial step in controlling one of the world's leading and most vibrant crypto markets.
According to a resolution issued in February, Hanoi plans to launch a pilot program for domestic digital asset exchanges this month. The goal is not only to legalize trading activities but also to enhance Capital flow oversight and mitigate risks associated with international platforms.
A document from the Ministry of Finance shows that five businesses have passed the initial evaluation round. Notably, these include entities associated with three major private banks: Techcombank , VPBank , and LPBank , alongside VIX Securities and Sun Group . Sun Group and VPBank have confirmed submitting their applications for licenses, while the remaining entities have not yet given an official response.
A representative from the Ministry of Finance stated that the regulatory body is actively finalizing the implementation steps, but declined to comment specifically on each participating enterprise.
Vietnam's crypto market: Vibrant but lacking a legal framework.
Vietnam is currently one of the most dynamic crypto markets globally, ranking 4th in the Crypto Adoption Index published by Chainalysis . The total value of transactions involving Vietnamese investors is estimated to have exceeded $200 billion in just 12 months.
This rapid development has also raised concerns from regulators, particularly the risk of Capital outflow through cryptocurrencies and stablecoins. In this context, the Ministry of Finance is developing new regulations to restrict or eventually prohibit citizens from trading on international exchanges.
Currently, Vietnam maintains strict controls on cross-border Capital flows. Meanwhile, the corporate bond market is underdeveloped and the stock market remains frontier, limiting investment options for the public. This explains why many domestic investors turn to gold, real estate, or crypto as alternative channels.
In reality, domestic gold prices are often about 10% higher than world prices, while the real estate market frequently experiences strong speculative cycles. In this context, crypto has become an attractive investment channel, despite the lack of a clear legal framework.
Dependence on foreign exchanges and the challenge of maintaining cash flow domestically.
Although not prohibited from ownership, cryptocurrencies are not currently recognized as legal tender or a means of payment in Vietnam. Therefore, most investors still have to trade through international exchanges such as Binance , OKX , or Bybit .
According to Mr. Phan Duc Trung , Chairman of the Vietnam Blockchain and Digital Asset Association, the formation of domestic exchanges can help retain transaction fees within the country, while promoting the development of the digital finance industry.
He argued that if successfully implemented, this model would not only contribute to the budget but also create momentum for the digital economy. However, he also noted that the legal framework is still incomplete, particularly in issues related to supervision, taxation, and risk management.
In this context, the deployment of domestic crypto exchange is not just a matter of licensing, but also a crucial test for Vietnam to shape the "rules of the game" for the future of the digital asset market.
