In a landmark regulatory shift, Vietnam's Ministry of Finance has officially approved five domestic companies to operate the country's first licensed cryptocurrency exchanges. The approved entities, which passed a historic qualification review, include affiliates of three major private banks—Techcombank, VPBank, and LPBank—alongside securities firm VIX Securities and real estate conglomerate Sun Group.
This development is part of a broader governmental pilot program aimed at establishing a formal, regulated digital asset marketplace, which could launch as early as this month. The move signals a significant evolution from Vietnam's previously ambiguous stance, where cryptocurrencies were not recognized as legal tender but the country consistently ranked among the top globally for crypto adoption, with an estimated $200 billion in transactions in the year to June 2025.
Concurrently, authorities are drafting rules that could prohibit Vietnamese nationals from using overseas crypto platforms like Binance, OKX, and Bybit, which currently dominate the market. Officials have expressed concerns about capital outflows linked to crypto and stablecoin usage. The new regulatory framework, initiated under a five-year pilot launched in September 2025, mandates that all transactions be conducted in Vietnamese dong and bans fiat-backed stablecoins, allowing only crypto backed by real, non-financial assets.
The licensing process follows strict entry conditions, including high capital requirements of approximately $379 million, which had previously deterred applicants. In a related development, Vietnam drafted a tax framework in February 2026 proposing a 0.1% transaction tax for individuals and a 20% corporate income tax on crypto trading profits for companies, treating digital assets similarly to securities.
