Vietnam Plans to Ban Citizens from Trading on Overseas Crypto Platforms, Domestic Exchange Pilot Enters License Screening Phase

Odaily News Vietnam's Ministry of Finance is drafting regulations that aim to prohibit its citizens from trading on overseas cryptocurrency platforms, while simultaneously advancing a pilot program for licensing domestic crypto exchanges. This move stems from regulatory concerns over the increasing risk of capital outflows due to the popularity of cryptocurrencies and stablecoins. Data from Chainalysis shows that Vietnam's crypto transaction volume exceeded $200 billion in the 12 months leading up to June 2025, ranking fourth globally on the crypto adoption index. Crypto assets have already been integrated into scenarios such as cross-border remittances, savings, and gaming. Currently, five institutions, including Techcombank, VPBank, affiliates of LPBank, securities firm VIX Securities, and conglomerate Sun Group, have passed the first round of qualification review. The pilot program requires applicants to have a minimum paid-in capital of 10 billion Vietnamese dong (approximately $4 million), with a foreign ownership cap of 49%. (The Block)