Five Vietnamese companies are reportedly competing to launch the country’s first licensed crypto exchanges as authorities move to bring trading onshore and ban overseas platforms.
Five companies have passed an initial qualification round, Reuters reported on Tuesday, citing a March 12 finance ministry document. The group reportedly includes affiliates of private banks Techcombank, VPBank and LPBank, alongside stockbroker VIX Securities and conglomerate Sun Group. VPBank and Sun Group reportedly confirmed their licence applications to Reuters.
Vietnam opened applications for licenses to operate crypto exchanges in January. The move came after new procedures issued by the finance ministry and a law that, for the first time, defines crypto assets as property while still banning their use as legal tender or for payments.
Vietnam has emerged as a major hub for crypto trading, ranking fourth globally in Chainalysis’ latest Global Crypto Adoption Index with $200 billion in estimated transactions over the 12 months to June. However, despite the significant activity, most traders still rely on offshore exchanges such as Binance, OKX and Bybit to access the market.
Related: Crypto’s real boom is happening in Argentina, Nigeria, and the Philippines
Vietnam to ban overseas crypto platforms
Authorities are also reportedly drafting rules that could prohibit Vietnamese nationals from using overseas platforms. According to Reuters, officials have raised concerns about the growing use of crypto and stablecoins, particularly in relation to capital moving out of the country.
In September 2025, Vietnam launched a five-year crypto pilot with strict rules requiring all transactions to be conducted in Vietnamese dong and limiting issuance to locally registered companies. The framework also bans fiat-backed assets like stablecoins, allowing only crypto backed by real, non-financial assets.
As a result of the strict entry conditions, including high capital requirements of around $379 million, the country’s Ministry of Finance said no companies had applied for its digital asset trading pilot by October.
Cointelegraph reached out to Techcombank, VPBank and LPBank, VIX Securities and Sun Group for comment, but had not received a response by publication.
Related: Vietnam central bank expects credit growth amid rapid crypto adoption
Vietnam to tax crypto similar to stocks
In February, Vietnam drafted a tax framework for crypto transactions that would treat digital assets similarly to securities trading. Under the proposal, individuals would pay a 0.1% tax on each crypto transaction processed through licensed providers, while such transfers would remain exempt from value-added tax.
For companies, the rules would differ, with institutional investors facing a 20% corporate income tax on profits from crypto trading after costs and expenses.
Magazine: Bitcoin may take 7 years to upgrade to post-quantum — BIP-360 co-author