Vietnamese Firms Vie for First Domestic Crypto Licenses

• Vietnam moves to pilot local crypto exchanges, limiting overseas trading and outflows.
• Banks and conglomerates lead domestic license applications to tap the growing crypto market.
• Local exchanges could retain fees, boost the digital economy, and support government revenue.

Vietnamese companies are racing to secure the country’s first domestic cryptocurrency licenses as the government moves to limit trading on overseas platforms. Authorities plan to launch a pilot scheme for local digital asset exchanges this month, aiming to strengthen oversight of crypto transactions and capital flows. The move reflects growing concerns about the rapid adoption of cryptocurrencies in one of the world’s most active markets.

Qualified Applicants Include Banks and Conglomerates

According to reports, a finance ministry document dated March 12 shows five firms cleared an initial qualification round. They include affiliates of Techcombank, VPBank, and LPBank, as well as VIX Securities and Sun Group, one of Vietnam’s largest private conglomerates. 

Sun Group and VPBank confirmed their applications, while the other three firms did not respond to requests for comment. A ministry spokesperson declined to discuss specific applicants but said authorities were working on the matter.

Vietnam ranks fourth globally in crypto adoption, according to Chainalysis, with local traders’ transactions exceeding $200 billion in the year. Additionally, regulators are increasingly focused on stablecoins and cryptocurrencies due to risks associated with uncontrolled capital outflows. The finance ministry is drafting rules to bar Vietnamese nationals from trading on overseas platforms, reflecting the country’s strict limits on cross-border capital transfers.

Domestic Exchanges Could Boost Economy

Most Vietnamese traders currently use global exchanges like Binance, OKX, and Bybit, as digital assets are not recognized as legal payment methods in Vietnam. Domestic alternatives could help retain fees and promote financial services growth. 

Phan Duc Trung, chairman of the Vietnam Blockchain and Digital Assets Association, said, “This would not only contribute to state budget revenues but also promote the growth of the domestic digital economy.” He added that the legal framework remains incomplete in areas such as supervision, taxation, and risk management.

Vietnam’s limited investment options have driven many savers into gold or property, with gold trading at a 10% premium to global benchmarks. Additionally, the housing market often experiences speculation, highlighting the demand for regulated financial alternatives. Local exchanges could provide a safer channel for investments while supporting government revenue and broader economic development.

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