Vietnam is accelerating its cryptocurrency regulatory push. Reuters reported that the Ministry of Finance is drafting rules to ban Vietnamese nationals from trading on overseas platforms such as Binance, OKX, and Bybit, aligning with a five-year pilot program for domestic exchanges that opened applications in January 2026.
High Capital Barrier for Local Exchanges
Only Vietnamese companies can apply for exchange licenses under the pilot, with a minimum capital requirement of roughly 10 trillion Vietnamese dong (about $380-$400 million). Foreign ownership is capped at 49%, and applicants must meet strict governance, cybersecurity, anti-money laundering and operational resilience criteria.
Cryptocurrencies have not been recognized as legal tender in Vietnam since 2017, but ownership has been permitted. A major shift came in June 2025 when the National Assembly passed the Law on Digital Technology Industry, formally classifying crypto assets as property and paving the way for regulated market development.
Overseas Trading Ban Targets Capital Outflows
Officials say the restriction on foreign platforms aims to curb capital flight, reduce fraud exposure and strengthen oversight. Phan Duc Trung, chairman of the Vietnam Blockchain and Digital Assets Association, noted the policy could capture substantial trading fee revenue currently flowing offshore while supporting the domestic digital economy — though he acknowledged incomplete tax and supervisory frameworks.
“This would not only contribute to state budget revenues but also promote the growth of the domestic digital economy,” he told Reuters journalists Khanh Vu and Phuong Nguyen.
If implemented, Vietnamese users would shift toward a handful of licensed local platforms, potentially limiting access to global liquidity and increasing compliance requirements such as identity verification. Foreign exchanges could lose a significant share of Vietnamese trading volume.
First Licenses Expected by March 2026
The first licensed exchanges could launch as early as March 2026. During the five-year trial, authorities are expected to refine rules on taxation, custody and cross-border oversight. The outcome could position Vietnam as a model for tightly regulated crypto markets in Southeast Asia.
Separately, Reuters reported that Vietnam’s Ministry of Finance has floated a draft circular proposing a 0.1% transaction tax under securities-style rules for crypto trading, though details are yet to be finalized.