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Vietnam Sets Its Sights on a Regulated Crypto Market by Late 2026

By Telemac

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Vietnam Sets Its Sights on a Regulated Crypto Market by Late 2026

Vietnam is preparing to officially launch its first regulated cryptocurrency market as early as the third quarter of 2026. Deputy Finance Minister Nguyen Duc Chi made the announcement at the Digital Trust in Finance 2026 forum, confirming that the country could see the first official activities in its regulated digital assets market by September 2026. The move marks a major turning point for one of the world’s most active crypto markets, with approximately 20 million Vietnamese citizens holding digital assets on offshore platforms such as Binance, OKX, and Bybit. Authorities now intend to bring these massive financial flows back under their jurisdiction.

Background

For several years, Vietnam has ranked among the global leaders in crypto adoption. According to Chainalysis’ 2025 Global Crypto Adoption Index, the country ranks fourth worldwide, behind India, the United States, and Pakistan. In terms of value received on the blockchain, Vietnam also ranks among the top three Asian nations for online transaction volume. Crypto transactions in Vietnam totaled approximately $200 billion over the twelve months ending June 2025, a figure that illustrates the scale of popular interest in digital assets in this Southeast Asian country.

However, this massive activity has long taken place in an unregulated environment. The majority of Vietnamese traders access digital asset markets through foreign platforms. This situation has generated persistent concerns regarding consumer protection, anti-money laundering efforts, and the preservation of national capital flows. Vietnamese regulatory authorities have long faced the impossibility of effectively monitoring transactions conducted on servers located abroad.

Faced with these challenges, Vietnamese authorities decided to act. Starting September 2025, a five-year pilot program was launched to regulate cryptocurrency exchanges within the country. This pioneering program required all transactions to pass through locally registered companies and be denominated in Vietnamese dong. This first step laid the foundations for a legal framework that should lead to the official opening of the regulated market.

Deputy Minister Nguyen Duc Chi emphasized at the forum that this new framework aims to guarantee transparency, security, and enhanced oversight of the cryptocurrency sector in Vietnam. The stated objective is to enable domestic investors to benefit from protection equivalent to that offered on traditional financial markets, while allowing the government to collect taxes on this substantial economic activity.

Key Facts

On May 12, 2026, at the Digital Trust in Finance forum, Deputy Minister Nguyen Duc Chi confirmed that Vietnam could see the first official activities in its regulated digital assets market as early as the third quarter of 2026. The initial timeline called for a technical and legal preparation phase in the second quarter, followed by an operational launch in the third quarter if conditions were met.

The process of selecting authorized platforms began in early 2026. Five companies have already successfully passed the first qualification round to operate digital asset exchange platforms. These are Techcombank, VPBank, and LPBank, three major Vietnamese private banks representing the traditional banking sector, along with VIX Securities, a securities brokerage firm bridging to the established financial market, and Sun Group, a major conglomerate with interests across multiple economic sectors.

Each of these companies must deposit a minimum registered capital of 10,000 billion dong, equivalent to approximately $408 million. This high capital requirement aims to guarantee the financial soundness of future platforms and their ability to absorb potential losses. A 49% foreign ownership limit is also imposed on each platform, in order to preserve majority domestic control over these strategic financial infrastructures.

The tax framework provides for a 0.1% tax on each crypto transaction made by individual investors through licensed platforms. This rate, modeled on that applied to traditional stock transactions, was chosen to familiarize crypto investors with the same reporting obligations as on traditional financial markets. Profits from crypto businesses will be subject to a 20% corporate income tax, with deduction of costs and operational expenses. Additionally, crypto transactions will be exempt from VAT, a measure designed to avoid double taxation and encourage adoption.

Cryptocurrencies may not be used as legal tender in Vietnam, and all settlements must be made exclusively in Vietnamese dong, the national currency. This restriction aims to preserve the country’s monetary sovereignty and prevent cryptocurrencies from competing with fiduciary currency in the daily payments market.

On the international platform side, OKX confirmed its intention to participate in the pilot program through an investment in CAEX, the Vietnamese Prosperity Crypto Asset Exchange. Founder and CEO Star Xu stated that the platform would contribute capital to CAEX starting April 2026 to enable it to meet the minimum required capital threshold. This participation demonstrates the willingness of major international exchanges to remain present in the Vietnamese market, even though their operations will remain subject to approval by regulatory authorities.

According to official figures, approximately 20 million Vietnamese citizens hold cryptocurrency assets, a figure representing more than 20% of the country’s adult population. The majority of these assets are held on offshore platforms, withdrawing these investments from any form of oversight or taxation by Hanoi authorities. The estimated grey market stands at between $220 and $230 billion annually, an amount roughly equivalent to the country’s gross domestic product over the same period.

Analysis

This Vietnamese initiative is part of a broader movement toward cryptocurrency regulation in Southeast Asia. By launching a domestic market, Hanoi seeks to regain control over a sector that has largely escaped its jurisdiction. Authorities point specifically to the risks associated with using cryptocurrencies for money laundering and terrorism financing purposes, concerns that align with international standards for combating these phenomena.

On the economic front, the project aims to redirect financial flows currently directed toward offshore platforms to a monitored domestic ecosystem. With an estimated annual volume of between $220 and $230 billion, the Vietnamese market represents a considerable financial stake for state coffers. By routing transactions to local platforms, the Vietnamese state hopes to tax this activity and limit capital flight abroad. Estimates of lost tax revenue are substantial and have contributed to accelerating the adoption of the regulatory framework.

Experts nevertheless highlight the considerable implementation challenges. The country must strengthen its supervision capabilities, train qualified inspectors, and develop specialized tools for monitoring blockchain transactions. International cooperation with foreign platforms, particularly for information sharing and freezing suspicious assets, will constitute another sensitive aspect of the arrangement. Vietnamese authorities will need to negotiate cooperation agreements with financial regulators in the countries where major international platforms are based.

Furthermore, the success of the market will depend on the ability of new local platforms to convince users to migrate from the services they are accustomed to. Vietnamese traders have developed strong ties with platforms like Binance, which offer a wide range of products, abundant liquidity, and familiar interfaces. Replicating this experience on local platforms will represent a considerable challenge, especially since restrictions on the types of available assets and capital limits could reduce the attractiveness of the new market.

Another major issue concerns cooperation with the foreign platforms that currently dominate the Vietnamese market. Authorities have stated they will block access to unauthorized platforms, a measure that could trigger protests from users accustomed to their preferred services. The technical implementation of this blocking will also present considerable challenges, as Vietnamese users are known for their ingenuity in using VPNs and other tools to circumvent government restrictions.

Market Reactions

The deputy minister’s announcement was welcomed favorably by established players in the Vietnamese financial sector. The five selected companies have strengthened their technical and legal preparations to meet the licensing criteria. On the international platform side, OKX confirmed its intention to participate in the pilot program through an investment in CAEX, a project that demonstrates the willingness of major international exchanges to remain present in this promising market.

However, retail investor reactions remain more nuanced. Many fear that regulation could lead to higher transaction fees or restrictions on the types of available assets. Others question whether new local platforms can provide the same liquidity and variety of products as established international exchanges. The transition period could prove delicate, with users tempted to circumvent restrictions to continue accessing their preferred platforms.

Financial analysts emphasize that the success of the Vietnamese market will depend largely on how authorities balance oversight and innovation. An overly rigid framework could hamper the emergence of a dynamic local ecosystem and promote the development of a parallel market in digital assets. Conversely, overly loose regulation would expose the market to risks of fraud, manipulation, and illicit use of cryptocurrencies.

International reactions have also been numerous. Major exchange platforms like Binance and Bybit are watching the situation closely, with some already announcing their intention to cooperate with Vietnamese authorities to obtain operating licenses. Others prefer to wait to see the exact conditions of the regulatory framework before committing further.

Outlook

If the timeline is maintained, Vietnam will join the growing list of Asian countries with an explicit regulatory framework for cryptocurrencies. The Q3 2026 target remains conditional on the final adoption of regulatory texts by the National Assembly and the qualification of the first platforms. Authorities are currently working on the final details of the arrangement with the State Securities Commission and Exchange, the supervisory body for the Vietnamese financial market.

The success of this project will depend largely on the country’s ability to balance oversight and innovation. Vietnam is aiming to make its digital economy at least 30% of GDP by 2030, an ambitious goal that requires an adapted regulatory framework. Cryptocurrencies and blockchain are considered key components of this digital transformation strategy. The establishment of a regulated market could also serve to attract foreign investment in Vietnam’s technology sector, offering international companies the legal security they seek.

The coming months will be crucial for assessing the reality of this timeline. Negotiations with international platforms, the progress of technical testing, and the adoption of the final regulatory texts will constitute key steps upon which the achievement of the objectives set by Vietnamese authorities depends. The entire world will be watching with interest this cryptocurrency regulation experiment in one of the most dynamic countries for digital asset adoption.

For Vietnamese investors, this regulatory transformation represents both an opportunity and a constraint. On one hand, the possibility of trading on regulated platforms could strengthen the protection of their assets and facilitate recourse in case of disputes. On the other, restrictions on the types of available assets and reporting obligations could complicate their investment strategies. The year 2026 thus promises to be a major transition period for the Vietnamese crypto ecosystem, the outcome of which will depend largely on the dexterity with which authorities manage to implement their ambitious project.

Sources

Telemac
Telemachttp://cryptoinfo.ch

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