Vietnam prepares to restrict overseas crypto trading as banks, brokers bid for new local licenses: report

Vietnam's finance ministry is drafting regulations to prohibit citizens from trading on foreign cryptocurrency exchanges, driven by concerns over uncontrolled capital outflows amid the rising popularity of crypto and stablecoins. This move coincides with domestic private banks and brokerages advancing in a pilot program to secure licenses for operating the country's first regulated local exchanges. Five firms, including affiliates of Techcombank and VPBank, have reportedly passed initial qualifications. The licensing criteria are stringent, requiring a minimum charter capital of nearly $400 million and capping foreign ownership at 49%. Vietnam ranks highly globally in crypto adoption, with traders moving over $200 billion in digital assets in the year leading up to June 2025.

(Source：The Block)