Vietnam Approves First Crypto Platforms

Vietnam Advances Plans for Licensed Crypto Exchanges

• Vietnam is preparing to launch its first licensed crypto exchanges to reduce reliance on foreign platforms and control capital flows.
• A March 12 finance ministry document indicates five companies, including affiliates of Techcombank (TCEX), VPBank (CAEX), and LPBank (LPEX), have passed an initial qualification round.
• The country plans a 0.1% personal income tax on crypto transactions via licensed platforms as part of a five-year pilot program that began in September 2025.
• Licensed exchanges must meet capital requirements of 10 trillion VND ($380 million) and limit foreign ownership to 49%. Currently, only CAEX is nearing this threshold.
• Authorities are drafting rules that may restrict citizens from using foreign exchanges due to concerns over capital outflows.

Vietnam’s move towards establishing licensed crypto exchanges aims to challenge the dominance of platforms like Binance, while fostering the growth of its domestic digital economy.