Vietnam Firms Rush for Crypto Licences as Government Eyes Overseas Trading Ban

Vietnam’s crypto scene is at a crossroads. This year, financial firms are racing to secure domestic crypto licences. They are doing this as Hanoi signals a sharp shift in how it wants crypto trading to work in the country. The driving force behind this move is a possible ban on overseas crypto trading platforms. At the same time, the government is setting up its first regulated market for digital assets. This has created high demand for licences and big changes in investor behaviour.

Understanding Vietnam’s Crypto Regulation

• Crypto status: Crypto is not legal tender in Vietnam. Cannot be used as money, but owning and trading are allowed.
• Current trading: Most users trade on international platforms like Binance and Bybit via peer-to-peer.
• New regulation: Resolution No. 05/2025/NQ-CP introduced a five-year pilot licensing program for crypto markets.
• Purpose: Reduce risks like money laundering and capital flight, and create a safer domestic market.

Surge in Crypto Licence Applications

• Increase in applications: Early 2026 saw rapid growth in crypto licence requests.
• Major players: Techcombank, VPBank, LPBank, VIX Securities, and Sun Group are leading applications.
• Opportunity: Licensed platforms can legally trade digital assets and capture billions in volume currently offshore.
• Market size: Vietnam’s crypto market is estimated at over $200B annual transaction volume.
• Company strategies: Some focus on capital and compliance; others build secure tech and custody systems.

Government’s Proposed Overseas Trading Ban

• Policy move: Authorities plan restrictions orbann on foreign crypto platforms.
• Reason: Unmonitored trades risk capital flight, fraud, and tax leaks.
• Implications for users: Trading on non-licensed platforms could become illegal; sanctions are possible.
• Global trend: Reflects worldwide push for local compliance in crypto markets.

Market Impact and Business Response

• Domestic market growth: Licensed exchanges may attract volumes currently trading abroad.
• Consumer shift: Users may prefer licensed platforms with compliance and anti-fraud protections.
• Business advantage: Firms can build trusted crypto brands locally.
• Challenges: High capital and technical requirements; infrastructure upgrades needed.
• Expert view: Regulation may slow innovation but boost investor confidence and long-term investment.

Broader Economic and Regulatory Implications

• Investor message: Vietnam aims to balance innovation with risk control.
• Market transparency: Licensing can create a secure, regulated environment attracting institutional players.
• Barriers: High entry requirements could limit smaller firms.
• Tax rules: Proposed stock-style transaction taxes align crypto with traditional markets.
• Regional outlook: Effective licensing could position Vietnam as a crypto and fintech hub like Singapore or Hong Kong.

Conclusion

Vietnam’s push for crypto licences marks a major step toward regulating its digital asset market. Firms are racing to secure licences as the government moves to curb overseas trading and strengthen oversight. The policy changes reflect global trends toward tighter crypto rules. They could transform how individuals and companies trade digital assets in Vietnam. A regulated domestic market could provide safer trading conditions, reduce risks, and protect investors, but it will depend on how well the framework balances innovation with regulation.

If the licensing regime works as planned, Vietnam may soon have a regulated crypto ecosystem that supports growth, stability, and long‑term digital finance development.

FAQS

Disclaimer:

The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.