Vietnam shortlists crypto exchanges, plans foreign ban

Vietnam is advancing a pilot licensing regime for crypto exchanges, shortlisting five firms. The government plans to ban trading on foreign platforms, but official approvals are pending.

Vietnam is progressing toward a pilot licensing regime for local cryptocurrency exchanges, with five companies reportedly passing the initial qualification round. These firms include affiliates of Techcombank, VPBank, LPBank, VIX Securities, and Sun Group. The government aims to restrict trading on overseas platforms and is drafting regulations to prohibit Vietnamese nationals from using foreign crypto exchanges. The pilot program, which began in September 2025 and will run for five years, requires licensed exchanges to meet a capital threshold of 10 trillion VND and limits foreign ownership to 49%. A 0.1% personal income tax on crypto transactions via licensed platforms is planned. However, official approvals have not yet been confirmed, and the process remains cautious and highly regulated. This initiative is part of broader efforts to tighten oversight of the crypto market and manage capital flows, reflecting Vietnam's high global ranking in crypto adoption.