Vietnam is preparing a major shift in crypto market policy. A Ministry of Finance document cited by Reuters says the government is drafting rules that would stop citizens from trading digital assets on overseas platforms and redirect activity toward licensed domestic venues, with capital outflows and anti-money laundering controls at the center of the plan.
Government moves to steer trading into regulated local channels
The proposal follows the upcoming implementation of the Law on Digital Technology Industry on January 1, 2026. Chainalysis data cited in the source shows Vietnam ranks fourth on the global crypto adoption index. In the year through June 2025, digital asset flows in the country exceeded $200 billion. That scale has pushed crypto deeper into the policy agenda.
According to the document, authorities see unregulated crypto and stablecoin activity as a key route for capital leaving the country. The plan would limit access to international platforms such as Binance and OKX, while shifting market activity to locally qualified and licensed institutions. Financial stability and AML enforcement are core parts of the rationale.
Five domestic groups clear the first screening round
Vietnam is not trying to eliminate the market outright. It is trying to rebuild it under a regulated structure. The first pilot review has already approved five domestic groups to move ahead in the race for the country’s initial batch of licensed crypto exchange approvals: entities affiliated with Techcombank, VPBank, LPBank, VIX Securities, and Sun Group.
The list is notable for its mix of banks, a securities firm, and a large conglomerate. That signals the licensing process is aimed at institutions with established balance sheets and compliance capacity rather than smaller native crypto startups. Entry conditions look strict. Very strict.
High capital bar and ownership rules set the tone
Under the latest regulatory details in the source material, an applicant must have minimum paid-in capital of 10 trillion Vietnamese dong, or about $380 million. At least 65% of shares must be held by regulated financial institutions, including banks, securities companies, and insurers. Foreign ownership is capped at 49%.
Accounting and asset protection rules are also being tightened. Circular No. 15/2026 requires full segregation between customer assets and exchange-owned assets. On taxation, individual investors trading through licensed platforms may face a 0.1% income tax, while corporate profits may be subject to a 20% corporate tax.
Local licensing push may reshape market access
The policy direction points to a controlled domestic market where trading, custody, and taxation are easier to supervise. The source says analysts compare the approach with models seen in Thailand and South Korea. Whether users will accept a shift away from deeper global liquidity pools into a more closed local system is still unclear, and the material stops short of offering a conclusion.