Vietnam Starts Crypto Exchange Pilot, Blocks Offshore
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- Vietnam issued a February resolution calling for a pilot program for locally run digital asset exchanges, with a rollout possible as soon as March.
- Finance Ministry reported that five companies cleared an initial screening round, including affiliates of Techcombank, VPBank, LPBank, VIX Securities, and Sun Group.
- The pilot program aims to regulate the growing crypto market and restrict trading on foreign platforms.
- Vietnam passed a landmark law early last year officially recognizing digital and crypto assets and outlining a broad framework for managing crypto and fostering innovation.
- Vietnam ranked fourth in Chainalysis’ Global Crypto Adoption Index, with users moving an estimated $200 billion in crypto through June 2025, prompting officials to curb capital‑flow risks.
Why it matters: The pilot gives five domestic firms—bank affiliates and Sun Group—a legal path to operate crypto exchanges, redirecting Vietnamese traders from offshore platforms and strengthening the government's grip on capital flows. Foreign exchanges lose a large user base, while households face tighter savings options beyond gold and property.
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