Vietnam is launching a pilot program for licensed crypto exchanges. Five companies have passed the i

Vietnam to Launch Licensed Crypto Exchange Pilot—5 Firms Approved, Overseas Trading to Be Banned

Vietnam is moving crypto onshore. The government plans to launch a licensed exchange pilot as early as this month, aiming to pull domestic users off offshore platforms and tighten capital controls. Five firms have passed the first vetting round: affiliates of Techcombank, VPBank, LPBank, plus securities broker VIX Securities and conglomerate Sun Group.

The pilot runs five years, caps exchanges at five, and sets strict rules: 10 trillion VND ($379M) minimum capital, foreign ownership max 49%. Meanwhile, a new ban would prohibit Vietnamese citizens from trading on foreign crypto platforms, with fines up to 100 million VND ($3,800). That could affect over 17 million local holders currently on exchanges like Binance. Enforcement kicks in six months after the first licenses drop.