TL;DR:
- Vietnam is drafting regulations to ban its citizens from trading on foreign cryptocurrency platforms.
- Five companies passed the initial qualification round, including affiliates of Techcombank, VPBank, LPBank, VIX Securities, and Sun Group.
- The program requires a minimum capital of 10 trillion dong — around $400 million — and caps foreign ownership at 49%, one of the highest thresholds in the region.
Vietnam’s Ministry of Finance is advancing the drafting of rules that would ban citizens from trading on foreign cryptocurrency platforms, according to a ministerial document dated March 12 reviewed by Reuters. The measure is part of a government resolution passed in February and coincides with the domestic licensing process the country launched in January 2026.
Vietnamese authorities expressed concern over the growing use of cryptocurrencies and stablecoins, particularly the risk of uncontrolled capital outflows. Vietnam ranks fourth globally in the Chainalysis Global Crypto Adoption Index, with more than $200 billion in digital asset transactions recorded in the twelve months through June 2025. According to Chainalysis, its use is embedded in remittances, savings, and gaming, reflecting everyday adoption with structural reach.
Race for Vietnam’s First Licenses
Five companies passed the initial qualification round to operate the first licensed local exchanges. The group includes affiliates of private banks Techcombank, VPBank, and LPBank, alongside brokerage firm VIX Securities and conglomerate Sun Group. VPBank and Sun Group confirmed their license applications to Reuters. The Ministry of Finance noted that at least ten banks and securities firms expressed interest in the program, with preparatory work underway on infrastructure, partnerships, and regulatory compliance.
The pilot requires a minimum capital of 10 trillion dong, equivalent to nearly $400 million, and sets a 49% cap on foreign ownership. Despite these conditions, as of October 2025 no company had submitted a formal application.
Vietnam Imposes a Strict Framework for Digital Assets
The program is underpinned by a law that, for the first time, defines crypto assets as property in Vietnam, while maintaining the prohibition on their use as legal tender or means of payment. The framework bans fiat-backed stablecoins and permits only crypto assets backed by real non-financial assets. It also requires all transactions to be conducted in Vietnamese dong and restricts issuance to locally registered companies.
Vietnam is also working on a tax scheme that would treat crypto asset transactions similarly to securities, with a rate of 0.1% per transaction for individuals and a 20% tax on corporate gains.
