Vietnam is gearing up for a major reset in how crypto trading works within its borders. According to Reuters, the nation’s authorities are drafting rules that would stop citizens from using overseas platforms like Binance and OKX.
At the same time, the government is preparing to roll out a pilot program for locally regulated exchanges, possibly as soon as this month.
The idea is simple: instead of letting billions of dollars flow through offshore platforms, Vietnam wants that activity to happen at home, where it can be monitored and regulated.
Vietnam green signals five firms for pilot program
A document from the Ministry of Finance (Vietnam) shows that five companies have already cleared the first round of screening. These include affiliates of Techcombank, VPBank, LPBank, along with VIX Securities and Sun Group, a mix of banks, brokers, and large conglomerates.
This is especially true as Vietnam continues to emerge as one of the world’s most active crypto markets. According to Chainalysis data, Vietnam is currently ranked as one of the world’s fourth most crypto-active nations in terms of adoption, with trading volumes surpassing $200 billion each year.
This is a tremendous volume of trading that is currently happening outside the control of local regulators.
Can Vietnam copy international exchanges?
By moving this trading into Vietnam itself, the government is hoping to increase control and protection for consumers.
However, there is a problem: why are international exchanges like Binance and OKX so popular? From a user’s perspective, they are simple to use, have high liquidity, and offer a wide array of features.
For Vietnam’s plan to work, local exchanges will need to offer a similarly smooth experience.
In the end, the move isn’t about shutting crypto down, it’s about reshaping where and how it happens.
Vietnam is betting that a regulated, homegrown ecosystem can match the appeal of global players while giving authorities more visibility into a fast-growing market.