Vietnamese Firms Vie for First Domestic Crypto Licenses Amid Overseas Trading Limits
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Vietnam to pilot domestic crypto exchanges this month (finance ministry document dated March 12) to curb overseas trading and capital outflows. Five firms, led by banks and conglomerates, cleared initial vetting to apply for the country’s first licenses; onshore CEXs could retain fees and boost government revenue. Market impact: strengthens on‑shore crypto adoption and regulatory oversight, likely positive for local exchange growth and CEX liquidity but may reduce offshore DEX/CEX activity.
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- Vietnam moves to pilot local crypto exchanges, limiting overseas trading and outflows.
- Banks and conglomerates lead domestic license applications to tap the growing crypto market.
- Local exchanges could retain fees, boost the digital economy, and support government revenue.
Vietnamese companies are racing to secure the country’s first domestic cryptocurrency licenses as the government moves to limit trading on overseas platforms. Authorities plan to launch a pilot scheme for local digital asset exchanges this month, aiming to strengthen oversight of crypto transactions and capital flows. The move reflects growing concerns about the rapid adoption of cryptocurrencies in one of the world’s most active markets.
Qualified Applicants Include Banks and Conglomerates
According to reports, a finance ministry document dated March 12 shows five firms cleared an initial…
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