Vietnam firms compete for first domestic crypto licences

Vietnamese companies are racing to launch the country’s first licensed cryptocurrency exchanges as Hanoi moves to restrict citizens from trading on overseas platforms, one of the world’s most active crypto markets.

A government pilot scheme, set to begin this month, aims to roll out locally run digital asset exchanges to tighten oversight of crypto trading and capital flows. Five firms have passed an initial qualification round, including affiliates of Techcombank, VPBank, LPBank, stockbroker VIX Securities, and conglomerate Sun Group, News.Az reports, citing Reuters.

Vietnam ranks fourth globally in crypto adoption, with transactions estimated at over $200 billion in the 12 months to June, according to blockchain data firm Chainalysis. Authorities are increasingly concerned about the rise of cryptocurrencies and stablecoins, citing risks of uncontrolled capital outflows.

Currently, most Vietnamese traders rely on overseas exchanges like Binance, OKX, and Bybit. Domestic exchanges could help keep transaction fees in the country, boost state revenues, and support the growth of Vietnam’s digital financial sector, experts say.

News.Az 

By Aysel Mammadzada