Key Takeaways
- Vietnam is drafting a ban on foreign crypto exchanges like Binance and OKX.
- New rules prioritize licensed domestic platforms with strict capital requirements.
- A $200 billion market may shift onshore, bringing regulation but near-term disruption.
Vietnam is preparing to redraw the map of its $200 billion crypto market — and foreign exchanges could be the biggest losers.
According to a recent Reuters report, authorities are drafting rules that would bar Vietnamese traders from using offshore platforms like Binance, OKX, and Bybit, signaling one of Southeast Asia’s most aggressive crypto regulatory overhauls to date.
Vietnam Following India’s Crypto Playbook?
Vietnam could become the second major Asian economy after India to impose a blanket restriction on unregistered foreign crypto exchanges.
However, there’s a key distinction: while India eventually allowed foreign platforms to register locally, Vietnam’s current direction suggests a more tightly controlled, domestically anchored system.
Once finalized, the new rules would block Vietnamese users from accessing offshore platforms altogether.
Authorities are expected to introduce a six-month transition period after issuing the first local licenses.
After that, all trading activity must move to approved domestic exchanges.
A March 12 Finance Ministry document shows five major players have already passed initial screening:
- Affiliates of Techcombank, VPBank, and LPBank.
- VIX Securities.
- Conglomerate Sun Group.
Sun Group and VPBank have publicly confirmed their applications, signaling that well-capitalized institutions are positioning early to dominate the licensed market.
At the same time, regulators are accelerating a pilot program for Vietnam’s first official crypto exchanges, with initial approvals potentially arriving as early as this month.
These platforms will initially operate in designated financial hubs such as Ho Chi Minh City and Da Nang and will settle trades in Vietnamese dong.
From Legal Gray Zone to Structured Market
For years, Vietnam’s crypto sector existed in a legal gray area.
Since 2017, the State Bank of Vietnam has banned cryptocurrencies as a means of payment, but individuals have continued to hold and trade digital assets without a formal regulatory framework.
That began to change in 2025.
The National Assembly passed the Law on Digital Technology Industry, which came into force on Jan. 1, 2026, formally recognizing digital assets as legal property under civil law.
This shift laid the groundwork for taxation, oversight, and licensing.
In September 2025, the government launched a five-year pilot program for a regulated crypto market, followed by the opening of license applications in early 2026 under Decision 96/QĐ-BTC.
The requirements are steep.
Only Vietnamese-registered firms qualify, with a minimum charter capital of VND 10 trillion (roughly $400 million), strict governance standards, and a 49% cap on foreign ownership.
So far, no domestic exchange has been fully licensed — leaving more than 90% of trading activity concentrated on international platforms.
That is precisely what regulators now aim to change.
The policy shift is designed to bring trading activity — and the associated fees — onshore, reduce capital outflows, and place users under a formal legal framework.
But the transition could be messy.
Pressure Builds on Binance, OKX, and Bybit
Global exchanges have long relied on Vietnam as a high-growth market.
Platforms like Binance, OKX, and Bybit offer Vietnamese-language interfaces, local customer support, and seamless peer-to-peer trading options using the local currency.
Binance alone accounts for more than 60% of the market, followed by OKX at roughly 13.5% and Bybit at around 10%.
All operate offshore — a model that may soon become untenable.
Losing access to Vietnamese users would deal a significant blow.
The country has consistently ranked among the top contributors to global trading volume for major exchanges.
To adapt, foreign platforms may need to partner with local license holders, operate under ownership restrictions, or pivot users toward decentralized alternatives.
Some analysts warn the shift could trigger short-term capital flight or drive users toward DeFi and informal P2P channels.
Others caution that newly launched domestic platforms may initially struggle with liquidity, infrastructure, and security compared to established global players.
A High-Stakes Transition
Vietnam ranks among the world’s most active crypto markets, with annual trading volume exceeding $200 billion and a top-tier position in global adoption rankings.
The government’s new approach reflects a broader shift: moving from tolerance to control.
Regulators stand to gain oversight, tax revenue, and financial stability.
But for traders and exchanges, the transition could mark a disruptive turning point — one that reshapes not just where crypto is traded, but how the entire market functions in Vietnam.
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Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
