Vietnam Targets Q3 Crypto Market Launch, Curbs Offshore Trading

Vietnam is one of the world’s most active cryptocurrency markets, ranking fourth in Chainalysis’s 2025 Global Crypto Adoption Index. Transactions involving Vietnamese users topped $200 billion in the 12 months through June 2025, yet most trading has taken place on offshore venues including Binance, OKX and Bybit. Hanoi wants to move activity onshore to strengthen anti-money-laundering controls, capture tax revenue and curb capital outflows linked to cryptocurrencies and stablecoins.

Deputy Finance Minister Nguyen Duc Chi said on May 12 that the regulated market could begin operating as early as the third quarter of 2026. Affiliates of Techcombank, VPBank and LPBank, alongside VIX Securities and Sun Group, cleared an initial screening, with operators required to hold at least 10 trillion dong ($408 million) in charter capital. Decree 284, issued July 16 and effective Sept. 1, sets penalties for domestic investors who trade through unlicensed providers.