Vietnam promotes domestic cryptocurrency exchanges as Hanoi seeks to restrict foreign trading: Reuters

The initiative seeks to regulate the expanding cryptocurrency market in the nation and limit trading on international platforms.

Vietnam is testing a licensing scheme for cryptocurrency exchanges. (Ajay Karpur/Unsplash/Modified by CoinDesk)

Key points:

• Vietnam is initiating a pilot project for domestic cryptocurrency exchanges, with five firms approved for the first phase, including subsidiaries of prominent banks and a corporate conglomerate.
• The initiative seeks to regulate the country’s expanding crypto sector and limit transactions on foreign platforms.
• The regulatory framework for cryptocurrencies in Vietnam was acknowledged last year, with officials aiming to balance innovation and oversight to manage capital movements and speculation.

Vietnamese companies are competing to obtain licenses for the nation’s inaugural domestic cryptocurrency exchanges as Hanoi seeks to limit trading on foreign platforms.

A governmental resolution released in February proposes a pilot initiative for locally operated digital asset exchanges, with a launch potentially occurring as early as March.

A March 12 document from the Finance Ministry indicated that five companies passed an initial evaluation stage, according to Reuters. These include affiliates of three private banks in the nation: Techcombank, VPBank, and LPBank, alongside VIX Securities and the Sun Group conglomerate.

This initiative could transform a market that has rapidly expanded with minimal formal regulation. Vietnam ranked fourth in Chainalysis’ recent Global Crypto Adoption Index, with Vietnamese users estimated to have transacted approximately $200 billion in cryptocurrency in the year ending June 2025.

Officials express concerns that significant utilization of cryptocurrencies and stablecoins may undermine control over capital flows. Vietnam already imposes restrictions on cross-border transfers, and many households have limited options for savings beyond gold and real estate.

This situation has contributed to elevating gold prices above global averages and has sparked waves of speculation in the housing market, as noted in the report. Vietnam enacted a significant law last year that officially acknowledged digital and crypto assets, establishing a comprehensive framework for regulating cryptocurrencies and encouraging innovation within the industry.