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- Vietnam plans its first homegrown crypto exchange.
- The government aims to limit trading on foreign platforms.
- The country ranks fourth in global crypto adoption.
Vietnam is moving to reshape its fast-growing crypto market. Authorities in Hanoi want to launch the country’s first local cryptocurrency exchanges. The plan aims to bring trading under domestic control and improve oversight of capital flows.
A government resolution issued in February outlines a pilot program that could begin this month. It focuses on building locally run digital asset platforms for domestic users. Five companies passed an initial qualification round, according to a finance ministry document dated March 12.
The list includes firms linked to major private banks and financial groups. Techcombank, VPBank, and LPBank are among the candidates. VIX Securities and Sun Group also applied. Sun Group and VPBank confirmed their licence applications, while the others did not respond.
Officials review crypto applications
The authorities are reviewing the applications and refining the legal framework. This is a policy change. Vietnam wants to reduce its reliance on foreign exchange. Local exchanges can help strengthen control and increase transparency. Vietnam is one of the most active cryptocurrency markets in the world.
It ranks fourth in the Global Crypto Adoption Index. Blockchain analytics firm Chainalysis estimated that transactions by Vietnamese traders exceeded $200 billion in the 12 months ending June. The country lacks traditional investment opportunities.
The stock market is a frontier market, and the corporate bond market is underdeveloped. Many people invest in gold or property. Gold is trading at a premium compared with global peers, and property is often subject to speculation.
Cryptocurrencies are a new opportunity for people to save. Although it is one of the most popular forms of cryptocurrency trading, it is not yet recognized as a legal money or payment system. Most people use foreign exchanges, including Binance, OKX, and Bybit. Authorities are concerned about uncontrolled capital flows and increasing financial risks.
Vietnam Plans to Limit Foreign Crypto Trading
Vietnam is developing guidelines that will limit trading on international exchanges. The country’s goal is to redirect more trading to local bourses. The local exchanges will help Vietnam retain trading fees and support its digital financial sector.
Phan Duc Trung, chairman of Vietnam Blockchain and Digital Assets Association, said that “successful local exchanges will be a driving force for Vietnam’s digital economy and national budgets.” However, some challenges need to be addressed first. The legal framework is still incomplete. There is a need to develop supervision, taxation, and risk management systems.
Vietnam is at a turning point in its development. It is a moment that requires a delicate balance between innovation and control. If Vietnam’s local exchanges are successful, it will be a turning point in its digital financial sector and national economy.
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