Vietnam launches digital asset exchange program amid restrictions

Vietnam is launching a pilot program for local digital currency exchanges, even as its capital, Hanoi, moves to restrict trading via foreign platforms.

Vietnamese digital currency companies are racing at full speed to secure digital currency licenses following a government resolution issued in February. A March 12 Finance Ministry document reported by Reuters showed that five companies cleared an initial screening round for licenses. Included are affiliates of three private banks: Techcombank, VPBank, and LPBank. Additionally, VIX Securities and the Sun Group conglomerate are mentioned.

The move aims to regulate Vietnam’s growing digital currency market. In 2025, the country ranked fourth in Chainalysis’ Global Crypto Adoption Index, with the total digital currency transaction volume in APAC growing from $1.4 trillion to $2.36 trillion. In January to June 2025 alone, Vietnamese users were reported to have moved $200 billion in digital currency.

Despite this positive news, officials are concerned that widespread use of digital currencies and stablecoins could erode control over capital flows. Officials are worried that extensive use of digital currencies and stablecoins could undermine their control over capital flows. The Southeast Asian nation already has restrictions on cross-border transfers, and many households have limited options for saving, primarily relying on gold and real estate.

This situation has driven gold prices above global levels and sparked waves of speculation in the housing market, as the report highlights.

Vietnam’s current digital currency regulation flow

Vietnam has been working on its digital currency regulations and has made significant progress over time.

In April, the State Securities Commission (SSC) of Vietnam and the Monetary Authority of Singapore (MAS) signed a bilateral cooperation agreement to enhance supervision of their respective digital asset ecosystems.

Meanwhile, in September, Deputy Prime Minister Ho Duc Phoc signed a resolution implementing a five-year pilot program for a digital asset market framework. The framework brings strict requirements affecting domestic and foreign investors, as well as an additional licensing regime for digital asset service providers.

The most recent update was in February this year, when the country’s Ministry of Finance released a draft circular outlining a proposed tax framework for digital assets. The draft introduces a 0.1% tax through licensed platforms, marking a significant regulatory move in the country’s digital currency space.

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