Vietnamese companies are racing to obtain a license for the country’s first domestic cryptocurrency exchange as Hanoi moves to restrict trading on foreign platforms.
A government resolution issued in February called for a local digital asset exchange pilot program, which could be launched as soon as March.
According to Reuters, documents from the Ministry of Finance on March 12 showed that five companies passed the first round of screening. These include affiliates of the country’s three private banks including Techcombank, VPBank and LPBank, as well as VIX Securities and Sun Group.
The move could reshape a market that has grown rapidly with little formal regulation. Vietnam ranks fourth in Chainaanalysis’ latest global cryptocurrency adoption index, with an estimated $200 billion worth of cryptocurrencies transferred by Vietnamese users as of June 2025.
Officials worry that widespread use of cryptocurrencies and stablecoins could weaken controls on capital flows. Vietnam has restricted cross-border transfers, leaving many households with few places to park their savings other than gold and property.
The report noted that this helped push gold prices above global levels and fueled a wave of real estate speculation. Vietnam passed a landmark law early last year officially recognizing digital and crypto assets, outlining a broad framework to govern cryptocurrencies and promote innovation in the industry.