Vietnam's Crypto Market Undergoes Major Upheaval! Government Plans Comprehensive Blocking of Foreign Exchanges, Techcombank and 4 Other Giants Rush to Secure First Batch of Licenses

Vietnam’s Ministry of Finance is currently drafting new regulations to prohibit citizens from using overseas cryptocurrency platforms in response to the increasingly severe capital outflow risks. At the same time, the Vietnamese government is actively promoting a pilot program for domestic compliant exchanges, with five local banks and major brokerages having passed initial reviews.
(Background recap: 00885 earns 60% annually! Netizens lament “Vietnam now has全民炒股,” friends and uncles quitting jobs to trade full-time)
(Additional background: Vietnam officially regulates cryptocurrency exchanges! Launches a pilot licensing system for trading platforms, focusing on capital requirements and cybersecurity protections)

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• Prevent Capital Outflows: Officially Proposing a “Ban on Overseas Trading”
• Five Major Local Giants Selected: Banks and Brokerages Enter the Market Cross-Industry
• Extremely High Threshold: Capital Must Reach 10 Trillion VND

As one of the countries with the highest cryptocurrency adoption rates worldwide, Vietnam is preparing to make a significant move against its large underground trading market. According to an internal document from Vietnam’s Ministry of Finance cited by Reuters, Hanoi plans to ban citizens from trading digital assets on overseas platforms, directing all activities toward officially regulated domestic systems.

Prevent Capital Outflows: Officially Proposing a “Ban on Overseas Trading”

This proposed ban is the latest major move following the implementation of the Digital Technology Industry Law on January 1, 2026. According to Chainalysis data, Vietnam ranks fourth globally in crypto adoption index, with over $200 billion in digital asset flows within the country in just the first half of 2025.

Authorities are increasingly concerned about this phenomenon, believing that uncontrolled cryptocurrency and stablecoin transactions have become major channels for capital outflows. The Ministry of Finance’s documents show that to maintain financial stability and strengthen anti-money laundering (AML) efforts, Vietnam plans to cut off domestic users’ connections to international platforms like Binance and OKX, bringing market control back to licensed local institutions.

Five Major Local Giants Selected: Banks and Brokerages Enter the Market Cross-Industry

Although overseas channels may face restrictions, the Vietnamese government does not intend to completely suppress the market but to promote “compliance transformation.” Currently, five strong local companies have passed the first round of pilot program eligibility reviews and are preparing to compete for Vietnam’s first licensed exchange licenses. These institutions include:

• Techcombank affiliated entity (Vietnam’s leading private bank)
• VPBank affiliated entity (a large bank actively deploying digital finance)
• LPBank (a chain postal commercial bank)
• VIX Securities (a well-known stock brokerage)
• Sun Group (a large Vietnamese conglomerate)

Extremely High Threshold: Capital Must Reach 10 Trillion VND

The threshold for this “licensing race” is so high that most startups would be deterred. According to the latest regulatory details, entities applying to operate a crypto exchange must meet:

2. Minimum paid-in capital of 10 trillion VND (about $380 million).
3. Over 65% of shares must be held by regulated financial institutions (banks, brokerages, insurance companies).
4. Maximum of 49% foreign ownership, ensuring national control over financial infrastructure.

Additionally, relevant accounting standards (such as Circular No. 15/2026) explicitly require exchanges to fully segregate customer assets from platform-owned assets. Tax-wise, individual investors trading through licensed platforms may be subject to a 0.1% income tax, while corporate profits face a 20% corporate tax rate.

Analysts believe Vietnam is emulating models from Thailand and South Korea, attempting to convert large retail flows into regulated financial revenue. However, whether forcing users from highly liquid global markets back into relatively closed local platforms will trigger user backlash or underground trading remains to be seen.