Vietnam to Ban Foreign Crypto Platforms Amid Push for Regulated Local Exchanges

Highlights:

• Vietnam to ban offshore crypto trading as it prepares to launch its first local exchanges.
• Vietnam handled over $200 billion in crypto transactions as activity keeps growing fast.
• Five firms have moved ahead in the race to build the country’s first licensed crypto platforms.

Vietnam is planning to ban retail access to offshore crypto platforms as it prepares its first licensed exchanges. At the same time, Hanoi is setting up a pilot for locally run trading platforms. Officials said the pilot could begin as early as this month. The plan comes from a February government resolution that targets tighter control of trading activity. Authorities want to monitor transactions closely and manage how money moves in and out of the country.

According to Reuters, Vietnam plans to draft new rules banning citizens from trading on overseas crypto platforms like Binance and OKX, while aiming to launch a pilot program for local compliant exchanges as early as this month. A Ministry of Finance document reveals that five… pic.twitter.com/xBc7BBgyR9

— Wu Blockchain (@WuBlockchain) March 17, 2026

A finance ministry document dated March 12 shows that five firms passed the first screening stage. The list includes affiliates of Techcombank, VPBank, VIX Securities, Sun Group, and LPBank. Sun Group and VPBank confirmed that they submitted license applications. The other firms have not issued public responses so far.

VIETNAM TO LIMIT CRYPTO EXCHANGE PILOT TO FIVE LICENSED OPERATORS

– Vietnam’s Ministry of Finance will authorize only five licensed exchanges under a new pilot program.

– The move follows Resolution 05/2025/NQ-CP, approved in September, which established a five-year framework… pic.twitter.com/XcQ1Ra0Scp

— BSCN (@BSCNews) October 7, 2025

A ministry spokesperson said officials are still working on the plan. The spokesperson did not give details about the applicants. Regulators want to test the model before any wider rollout. They will review how these exchanges handle trades, user activity, and reporting. This step allows authorities to see how a local market would function under direct oversight.

Vietnam to Ban Retail Access to Offshore Crypto Platforms

Vietnam ranks among the most active crypto markets in the world. Chainalysis placed the country fourth in its latest Global Crypto Adoption Index. The firm estimates that Vietnamese users moved more than $200 billion in crypto within one year. This scale of activity has raised concerns among regulators, as they now want tighter control over where trading happens.

Vietnam is one of the most important countries in crypto. It ranks #4 on Chainalysis’ Global Crypto Adoption Index.

Now regulation is moving fast. Vietnam has strong builders, users, traders, and one of the most active crypto scenes in Asia. Its GDP has also been growing at 7%+… pic.twitter.com/dHMt7wutUm

— Gun (Kingbund) (@KingBund) March 9, 2026

Most traders in Vietnam use offshore platforms such as Binance, OKX, and Bybit. These platforms dominate because the country has no licensed local exchanges yet. The finance ministry is now drafting rules that would stop users from trading on foreign platforms. Officials believe this will reduce the amount of money leaving the country through crypto trades.

Authorities are also watching the rise of stablecoins across the region. They see this trend as harder to track without proper oversight. Vietnam does not recognize cryptocurrency as legal tender or a payment method. However, people still trade and hold digital assets. This gap has allowed the market to grow without direct supervision. The new rules aim to bring that activity under local control.

Limited Investment Options at Home Push More Users Toward Digital Assets

Vietnam keeps strict limits on moving money across its borders. These limits reduce access to foreign investments. At the same time, local options remain limited. The corporate bond market is small, and the stock market still carries frontier status. As a result, many people buy gold or property. Gold often trades about 10% above the global prices in Vietnam. These conditions make it hard to find stable investment options.

Phan Duc Trung, the chairman of the Vietnam Blockchain and Digital Assets Association, said local exchanges could help keep transaction fees within the country. He also said these platforms could support the growth of digital financial services. He noted that this could help the wider digital economy. However, he said the legal system still has gaps, and rules on taxation, supervision, and risk control are still developing.