TLDR
- Vietnam has started a five-year pilot program to license domestic crypto exchanges.
- Techcombank and TCBS are the first applicants and meet the $400 million capital requirement.
- The government will approve only five exchanges during the initial phase of the pilot.
- Citizens must link their crypto wallets to licensed platforms within six months of the first launch.
- Vietnam recorded over $230 billion in crypto transactions between July 2024 and June 2025.
Vietnam has launched a five-year pilot to license domestic crypto exchanges for the first time, targeting financial growth and regulatory oversight, and setting strict criteria for participation, while prioritizing investor protection and financial system safety.
Techcombank Leads as Licensing Opens
Techcombank and its securities unit TCBS have submitted applications under Vietnam’s new crypto exchange pilot program. Both meet the required charter capital threshold of 10 trillion dong, which equals around $400 million.
The government will license only five exchanges initially, despite interest from nearly eight other banks and securities firms. This approach aligns with efforts to filter applicants based on financial and technical readiness.
TCBS is backed by institutional shareholders, aligning with the government’s intent to attract stable and capable financial players. Applicants must also show cybersecurity strength and specialized digital asset expertise.
Vietnam Plans to Capture Crypto Outflows
Before January 20, there were no licensed exchanges in Vietnam and no legal framework for domestic crypto platforms. This led to an estimated 20 million local wallets being opened with offshore exchanges such as Binance, OKX, and Bybit.
Huy Pham, a finance professor at RMIT University, warned that unregulated outflows complicate capital tracking and impact currency stability.
“Unregulated crypto flows moving offshore could make it harder for Vietnam to track capital,” he explained.
The new pilot mandates traders link wallets to licensed exchanges within six months of the first launch or face criminal penalties. This rule aims to reduce untaxed transactions and strengthen the government’s oversight of digital asset trading.
Crypto trading has averaged around $600 million daily in Vietnam, despite the previous lack of legal channels. These transactions include remittances, salaries, and P2P exchanges through platforms like Remitano.
Vietnam Aims to Build a Secure Blockchain Ecosystem
The Digital Technology Industry Law took effect on January 1, 2026, forming a base for digital asset oversight. It introduces tax benefits, land incentives, and R&D support for blockchain firms to lower business setup costs.
Vietnam recognizes crypto, AI, and semiconductors as key economic growth drivers under this law. The government hopes to channel domestic tech strength toward secure and compliant crypto infrastructure.
Vietnam houses blockchain developers such as Sky Mavis, ONUS, Verichains, and U2U Network, supporting pilot implementation.
Lawmaker Hai Nam Nguyen emphasized, “Our priority is innovation with risk control, investor protection, and system safety.”
The pilot targets institutional-grade exchanges to ensure stability and appeal to foreign fintech companies. Applicants must meet strict financial, technological, and regulatory benchmarks to qualify for licensing.
The government will allow only domestic trading initially, which may create liquidity constraints. This approach aims to limit exposure to risky tokenized products while digital literacy improves.
Huy Pham stated, “They want to test out those products first on a foreign investor base,” referring to tokenized assets. He added, “They don’t want the Vietnamese to get scammed.”
Without futures products, licensed exchanges may face profitability challenges due to thin margins in spot trading. Pham said futures could help licensed platforms become more commercially sustainable.
Vietnam recorded over $230 billion in crypto transactions between July 2024 and June 2025, ranking third globally. The crypto pilot is projected to bring a $200 billion boost to the local economy through regulated growth.
