Vietnamese firms are racing to secure licenses for the country’s first domestic cryptocurrency exchange as Hanoi moves to restrict trading on foreign platforms.
A government resolution issued in February calls for a pilot program for locally run digital asset exchanges, with a rollout possible as soon as March.
A Treasury Department document on March 12 showed that five companies approved an initial round of screening, Reuters reported. These include subsidiaries of three private banks in the country, including Techcombank, VPBank and LPBank, along with VIX Securities and the Sun Group conglomerate.
The move could reshape a market that has grown rapidly with little formal oversight. Vietnam has ranked fourth in Chainalysis’ latest Global Crypto Adoption Index, with Vietnamese users moving an estimated $200 billion in crypto a year through June 2025.
Officials are concerned that widespread use of crypto and stablecoins could weaken controls over capital flows. Vietnam already restricts cross-border transfers, and many households have few places to put savings beyond gold and property.
That has helped drive gold prices above global levels and led to waves of housing speculation, the report points out. Vietnam passed a landmark law officially recognizing digital and crypto assets early last year, outlining a broad framework for governing crypto and promoting innovation in the sector.
