Vietnam is moving to bring a large share of its crypto market under direct domestic supervision, with Hanoi advancing a pilot programme for licensed local exchanges and preparing rules that would block residents from using foreign platforms. The plan marks a clear attempt to pull trading activity back onshore and place it inside a state-controlled regulatory perimeter.
The policy shift is aimed at a market estimated at about $200 billion in annual crypto activity, and officials are presenting it as a way to reduce capital flight, improve oversight and capture fees that currently flow through offshore venues. For traders, treasuries and institutional participants, the proposed framework signals a meaningful change in how market access, liquidity and reporting may work inside Vietnam.
A Licensing Model Built Around Domestic Control
The pilot, which began in January 2026, has already produced an initial shortlist of approved candidates. Five firms passed the first qualification round, putting them in position to operate under the planned licensed exchange regime once final approvals move forward.
The structure of the programme makes clear that Vietnam is not opening the market on liberal terms. The proposed framework sets high financial thresholds, restricts foreign ownership and favours capital from established domestic institutions in banking, securities and technology.
The reported requirements are substantial. Applicants must meet a minimum capital threshold of 10 trillion Vietnamese dong, or roughly $380 million, while foreign ownership would be capped at 49% and at least 65% of total capital would need to come from institutional shareholders in approved sectors.
Authorities are also planning a transition period once the first licences are issued. A six-month grace window has been outlined for existing trading activity to move onto domestic platforms, while proposals under discussion also include a 0.1% transaction tax on trades processed through licensed exchanges.
Institutional Sponsorship Comes First
The firms that cleared the initial qualification stage reflect the government’s preference for large, recognisable domestic backers. The group includes affiliates of Techcombank, VPBank and LPBank, along with VIX Securities and Sun Group, underscoring Hanoi’s preference for institutions with established financial or corporate standing.
That preference may help the state build a more controllable market structure, but it also introduces clear trade-offs. Restricting access to global exchanges could reduce market depth and diversification for Vietnamese users while pushing some activity toward decentralised channels, peer-to-peer trading or non-custodial wallets.
Industry voices have already pointed to the unfinished nature of the legal framework. As Vietnam Blockchain and Digital Assets Association chairman Phan Duc Trung put it, domestic exchanges could help keep transaction fees inside the country and support the digital economy, but the rules around supervision, taxation and risk management are still incomplete.
The next phase will depend on whether the finance ministry finalises the draft regime in a way that preserves market utility while tightening control. Vietnam is now testing whether it can force crypto trading into a domestic system without driving too much liquidity outside the regulated perimeter it is trying to build.
