Five Vietnamese companies are competing to launch the country’s first licensed cryptocurrency exchanges, marking a significant shift in Vietnam’s crypto landscape as authorities tighten control over the sector.
The finance ministry has shortlisted affiliates of private banks Techcombank, VPBank, and LPBank, alongside stockbroker VIX Securities and conglomerate Sun Group, Reuters reported, citing a March 12 ministry document. VPBank and Sun Group have confirmed their applications to Reuters.
A Move to Regulate
Vietnam opened applications for crypto exchange licenses in January, following the issuance of new procedures by the finance ministry and a law that defines crypto assets as property, while still prohibiting their use as legal tender or for payments. This move aims to bring crypto trading under the government’s oversight and to address concerns about capital outflows and financial stability.
Global Crypto Hub
Vietnam has emerged as a major hub for crypto trading, ranking fourth globally in Chainalysis’ latest Global Crypto Adoption Index. The country has seen an estimated $200 billion in crypto transactions over the past 12 months. Despite this, most Vietnamese traders still rely on offshore exchanges like Binance, OKX, and Bybit to access the market.
Regulatory Crackdown
Authorities are reportedly drafting rules that could prohibit Vietnamese nationals from using overseas crypto platforms. Concerns about the growing use of cryptocurrencies and stablecoins, particularly in relation to capital moving out of the country, have driven this regulatory push. In September 2025, Vietnam launched a five-year crypto pilot with strict rules, requiring all transactions to be conducted in Vietnamese dong and limiting issuance to locally registered companies.
Strict Entry Conditions
The pilot program imposed high capital requirements of around $379 million, which initially deterred potential applicants. By October, the Ministry of Finance reported that no companies had applied for the digital asset trading pilot. However, the recent shortlist suggests a renewed interest in the market, driven by the potential for significant growth and regulatory clarity.
Taxing Crypto Transactions
In February, Vietnam proposed a tax framework for crypto transactions, treating digital assets similarly to securities trading. Under the proposal, individuals would pay a 0.1% tax on each crypto transaction processed through licensed providers, while corporate investors would face a 20% corporate income tax on profits from crypto trading after costs and expenses.
Looking Ahead
The competition for crypto licenses in Vietnam reflects the broader trend of countries seeking to regulate and integrate cryptocurrencies into their financial systems. As Vietnam moves to establish a more controlled and transparent crypto market, the participation of major financial institutions and conglomerates signals a growing acceptance and integration of digital assets. However, the success of these new exchanges will depend on their ability to meet stringent regulatory requirements and attract a broad user base.
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