Vietnam Banks, Brokers Compete for Crypto Licenses as Ban Looms

Reuters reported that the Ministry of Finance is drafting rules that would prohibit Vietnamese nationals from using foreign platforms such as Binance, OKX, and Bybit, aligning the restriction with a five-year pilot program that opened applications for domestic exchanges in January 2026. The policy is designed to bring crypto activity under state supervision while keeping transaction fees and capital flows within Vietnam.

Regulators have long maintained that cryptocurrencies are not legal tender, a stance in place since 2017, but ownership is permitted. A shift began in June 2025 when the National Assembly passed the Law on Digital Technology Industry, formally recognizing crypto assets as property and setting the stage for regulated market development.

Under the current pilot program, only Vietnamese companies can apply for exchange licenses, with a minimum capital requirement of about 10 trillion Vietnamese dong, or roughly $380 million to $400 million. Foreign ownership is capped at 49%, and applicants must meet strict requirements for governance, cybersecurity, anti-money laundering compliance and operational resilience.

Officials say restricting overseas trading would help curb capital outflows, reduce exposure to fraud and strengthen oversight. Phan Duc Trung, chairman of the Vietnam Blockchain and Digital Assets Association, said the policy could capture significant trading fee revenue currently flowing offshore while supporting the country’s digital economy, though he noted that taxation and supervisory frameworks remain incomplete.

“This would not only contribute ​to state budget revenues but also promote the growth of the domestic digital economy,” he told Reuters reporters Khanh Vu and Phuong Nguyen.

If implemented, the rules would shift Vietnamese users toward a small number of licensed local platforms, potentially limiting access to global liquidity while increasing compliance requirements such as identity verification. Foreign exchanges could lose a substantial share of Vietnamese trading volume if access is restricted or blocked.

The pilot program could see the first licensed exchanges launch as early as March 2026, with authorities expected to refine rules on taxation, custody and cross-border oversight during the five-year trial. The outcome may position Vietnam as a model for tightly regulated crypto markets in Southeast Asia.

FAQ 🔎

• Is crypto legal in Vietnam?
  Cryptocurrency ownership is allowed, but it is not recognized as legal tender for payments.
• Will Vietnam ban Binance and other foreign exchanges?
  Authorities are drafting rules that would prohibit citizens from trading on overseas platforms.
• Who can operate crypto exchanges in Vietnam?
  Only domestic companies meeting strict capital and compliance requirements can apply for licenses.
• When will Vietnam’s crypto rules take effect?
  The overseas trading restriction is still in draft form, while licensed exchanges could launch during the 2026 pilot phase.

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