AS THE BAN ON OVERSEAS CRYPTOCURRENCY EXCHANGES DRAWS NEAR, SEVERAL VIETNAMESE ENTERPRISES HAVE APPLIED FOR CRYPTOCURRENCY EXCHANGE LICENSES. According to Reuters, Vietnam plans to launch a pilot program for licensed cryptocurrency exchanges as early as this month to restrict domestic users from trading on overseas platforms and strengthen oversight of capital flows. A document released by Vietnam’s Ministry of Finance on March 12 indicates that five enterprises have passed the preliminary qualification review—namely, affiliated entities of three private banks (Techcombank, VPBank, and LPBank), securities broker VIX Securities, and Sun Group, a major private enterprise conglomerate.
The pilot period will last five years, with a cap of five licensed exchanges. Entry requirements are stringent: the minimum registered capital must reach 10 trillion Vietnamese dong (approximately USD 379 million), and foreign ownership cannot exceed 49%. The Ministry of Finance is currently drafting relevant regulations that would prohibit Vietnamese citizens from trading on overseas cryptocurrency platforms; violators could face fines of up to 100 million Vietnamese dong (approximately USD 3,800).
Analysts note that this ban could force over 17 million Vietnamese cryptocurrency holders to withdraw from overseas exchanges such as Binance and Bybit. Enforcement has a clear timeline: it will take effect six months after the first licenses are issued.
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