Vietnam plans to ban its citizens from using overseas cryptocurrency trading platforms, while a pilot program for domestic exchanges has entered the licensing screening phase.

Vietnam's Ministry of Finance is drafting regulations to ban Vietnamese citizens from trading on overseas cryptocurrency platforms, while simultaneously piloting a license program for domestic cryptocurrency exchanges. This move stems from regulators' concerns about increased capital outflow risks due to the popularity of cryptocurrencies and stablecoins. Chainalysis data shows that Vietnam's cryptocurrency trading volume exceeded $200 billion in the 12 months ending June 2025, ranking fourth globally in cryptocurrency adoption. Crypto assets have been integrated into cross-border remittances, savings, and gaming. Currently, five institutions, including Techcombank, VPBank, LPBank affiliates, VIX Securities, and Sun Group, have passed the first round of qualification reviews. The pilot program requires applicants to have a minimum paid-in registered capital of 10 billion VND (approximately $400 million) and a maximum foreign ownership ratio of 49%. (The Block)