Vietnam, the world's fourth-largest crypto market by adoption, is days away from launching its first licensed cryptocurrency exchanges. Five companies passed the initial qualification round, according to a finance ministry document dated March 12, and the pilot scheme could go live as soon as this month under a government resolution issued in February.
Three of the five qualified applicants are affiliates of major Vietnamese banks: Techcombank, VPBank, and LPBank. The other two are VIX Securities, one of the country's largest stockbrokers, and Sun Group, a private conglomerate with interests spanning real estate, hospitality, and aviation. Sun Group and VPBank confirmed their applications to Reuters. The other three declined to comment.
A $400 Million Entry Ticket
The licensing framework, issued by Vietnam's Ministry of Finance as Decision No. 96/QD-BTC in January 2026, sets one of the highest capital thresholds for crypto exchange licensing anywhere in the world. Applicants must hold a minimum paid-up charter capital of VND 10,000 billion, roughly $400 million.
That number is deliberate. It excludes startups, bootstrapped operators, and most foreign crypto-native firms. Only Vietnamese-incorporated companies (limited liability or joint stock entities) can apply. Foreign exchanges that want in must establish local partnerships, and foreign ownership is capped at 49 percent. A single entity cannot hold a controlling stake, and at least 35 percent of capital must come from two regulated entities such as banks, securities firms, insurers, or licensed technology companies.
The personnel requirements match the ambition. Each exchange must employ a CEO with at least two years of regulated financial sector experience, a CTO with five or more years in financial technology, a minimum of ten cybersecurity-qualified IT staff, and at least ten licensed securities professionals. Platforms must also achieve Level 4 cybersecurity certification under Vietnamese national law before launch.
The Overseas Trading Ban
Parallel to the licensing push, the finance ministry is drafting rules to prohibit Vietnamese nationals from trading on overseas crypto platforms. A ministry spokesperson confirmed the effort is underway but would not comment on the specific timeline or scope.
The two moves are designed to work together. By standing up domestic exchanges with bank-grade compliance, and then cutting off access to offshore platforms, Hanoi aims to channel the country's enormous crypto volume through regulated, taxable channels.
Vietnamese traders moved over $200 billion in crypto transactions in the 12 months ending June 2025, according to Chainalysis. The country ranked fourth in the 2025 Global Crypto Adoption Index, behind only India, Nigeria, and Indonesia. An estimated 17 to 20 million Vietnamese, roughly 17 to 20 percent of the population, now hold digital assets.
"This would not only contribute to state budget revenues but also promote the growth of the domestic digital economy," said Phan Duc Trung, chairman of the Vietnam Blockchain and Digital Assets Association, while noting the legal framework for supervision, taxation, and risk management remains incomplete.
Why Banks Are First in Line
The presence of three bank affiliates among the five qualifiers is not a coincidence. The $400 million capital requirement and the 35 percent regulated-entity co-investment rule were designed to favor institutions that already sit inside Vietnam's financial system.
For Techcombank, VPBank, and LPBank, crypto exchange licensing creates a new revenue stream at a time when Vietnamese banking margins are compressing. It also gives them a direct on-ramp to the $200 billion in annual volume currently flowing through Binance, OKX, and other offshore platforms that Vietnamese users access via VPN.
The two-stage application process adds another filter. Firms that pass the initial dossier submission have a 12-month window to submit full documentation and pass compliance verification. That means even the qualified five are not guaranteed a license, and the first exchanges to actually go live will likely be the ones with the deepest compliance infrastructure, another advantage for bank affiliates.
What It Means for Crypto Users in Vietnam
For the roughly 20 million Vietnamese crypto holders, the shift cuts both ways. Licensed domestic exchanges will bring deposit protection, dispute resolution, and clearer tax reporting. But the overseas trading ban, if enforced effectively, would cut off access to the deeper liquidity pools, broader token listings, and lower fees that offshore platforms currently offer.
The transition also raises practical questions for users of crypto cards in the region. Cards issued by global providers like Binance, Bybit, or KuCoin that link to exchange balances could become harder to fund if Vietnamese users lose access to those platforms. Self-custody cards that connect directly to on-chain wallets would be unaffected by exchange-level restrictions.
As of March 17, 2026, BTC trades at $73,706 (+0.5% in 24 hours), ETH at $2,314 (+2.1%), and the Fear and Greed Index sits at 42 (Neutral). The broader market has not reacted to the Vietnam news, which is expected: this is a domestic regulatory story, not a liquidity event.
Overview
Vietnam is launching its first licensed crypto exchanges under a framework that requires $400 million in capital and favors bank-backed applicants. Five firms, including affiliates of Techcombank, VPBank, and LPBank, have passed initial qualification. The pilot could go live this month. Simultaneously, Hanoi is drafting rules to ban Vietnamese nationals from trading on offshore platforms, a move that would redirect over $200 billion in annual crypto volume through domestic, taxable channels.
