Vietnam’s public security department says establishing an official domestic cryptocurrency exchange could play a crucial role in curbing online fraud and illicit capital flows. If licensed, the exchange could provide transparency akin to the stock market, enabling robust KYC and traceability of funds. A05 warned that sensitive personal data such as identification numbers, phone numbers, emails, and bank account information may be at risk of leakage abroad when using overseas exchanges.
The authorities stated that building a domestic trading platform is important for stronger market oversight, privacy protection, and crime prevention. In the initial phase, access to the domestic exchange will be allowed only to investors who already hold cryptocurrency on foreign exchanges. Vietnam’s cryptocurrency policy is interpreted not as simple tightening of rules but as a strategy to integrate into a controllable market.
Notably, by pursuing AML, investor protection, and the development of digital financial infrastructure simultaneously, the country shows potential to become Southeast Asia’s digital finance hub. Global exchanges and institutions are waiting for Vietnam’s market entry. Currently, Vietnam is preparing a pilot for its cryptocurrency market, with license applications open, about ten securities firms and banks expected to participate, and plans to limit the number of exchanges.
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