Vietnam is getting closer to becoming a licensed crypto market. But when that happens, the trading experience could be very different from what Binance, Bybit , or OKX currently offer.
The big question now is no longer "when will there be an exchange?", but rather: which coins will be listed, will futures be allowed, and how strict will the regulations be?
Vietnam may not be as open-door-to-market as Binance Global.
According to new revelations from representatives of the State Securities Commission, licensed crypto exchanges in Vietnam may be allowed to freely choose the cryptocurrencies to list, in accordance with "international practice".
This means the government may not directly approve each coin before it is listed on an exchange. Instead, the regulatory body will set the regulatory framework, while the exchange will be responsible for selecting suitable assets.
However, "freedom of choice" doesn't mean you can list just anything. Token with low liquidation , dubious teams, those prone to price manipulation, or those with high risk are less likely to appear on licensed exchanges.
How are countries regulating listed cryptocurrencies?
Looking at the major markets, almost no country maintains a "trade whatever you want" model like Binance Global.
Thailand: Restricts meme coin and bans futures.
Thailand allows exchanges to choose their own coins to list, but they are subject to strict supervision from the SEC. Meme coins, privacy coins, Non-Fungible Token Token , and futures are all heavily restricted. Domestic exchanges mainly focus on spot cryptocurrencies, with liquidation revolving around BTC, ETH , and a few major coins.
Japan: extremely strict censorship
Japan is one of the most strictly regulated crypto markets in the world. Before listing, coins must be evaluated by the JVCEA (Japan Cryptocurrency Association). At one point, over 70% of listing applications were rejected, and a Token could take more than six months to be approved. Currently, Japanese exchanges primarily focus liquidation on BTC, ETH , and XRP.
Europe: Token must meet MiCA standards.
The EU applies the MiCA regulation, requiring Token to have a legally compliant white paper before listing. Even USDT was once removed from Spot Trading on many European exchanges for not meeting the regulations. In return, Token that meet the standards can be traded across the entire EU market without needing permission from each individual country.
South Korea: Altcoins are strong but have no futures.
South Korea is a huge altcoin market with billions of dollars in daily liquidation . However, futures are still banned on domestic exchanges. Large exchanges like Upbit and Bithumb decide for themselves which coins to list, but they must adhere to a common set of regulatory standards.
Which direction can Vietnam take?
Based on current information, Vietnam seems to be leaning more towards a model similar to Thailand: exchanges can choose their own coins but within a clearly defined regulatory framework.
Some points to note:
- Transactions may use only VND instead of stablecoins.
- Initially, only about 50 digital assets may be listed.
- BTC, ETH , and other highly liquidation assets are almost guaranteed to succeed.
- Memecoins and small-cap Capital may be very difficult to emerge from.
- Futures remain a big question mark.
If this scenario occurs, the Vietnamese crypto market will be quite different from what it is now: fewer coins, less leverage, less systemic risk, but also fewer opportunities for quick profits.
Where is the Vietnamese crypto market race heading?
The race for licensing has now narrowed down to a few names such as: VIXEX, CAEX, SCEX, TCEX, and Vietnam Digital Asset Services Joint Stock Company (Sun Group).
According to the Ministry of Finance, the cryptocurrency market in Vietnam could begin operating from the third quarter of 2026 if businesses meet the requirements for Capital and technological infrastructure.
The most challenging part is not obtaining permits, but building a system that meets high-level security standards and has the capacity to operate a large-scale digital asset exchange.
What traders are most concerned about right now.
It's noteworthy that the global crypto market is gradually shifting from a model of "absolute freedom" to one of stricter regulation. And Vietnam may well follow that direction.
The question is: what do Vietnamese traders really want? A freer market but with higher risks? Or a market with fewer coins and futures, but a clearer legal framework? Because it's very likely that in a few years, crypto in Vietnam will no longer be a place where you can "trade whatever you want" as it is today.
