Vietnam, ranked 4th in global crypto use with over $200 billion in yearly trading, is planning a big change in its crypto rules. Authorities are planning to ban users from trading on foreign platforms like Binance and OKX.
The government’s goal is to build a local crypto market while tightening control over capital flows.
Vietnam to Ban Overseas Exchange Binance and OKX
According to a Ministry of Finance document, Vietnam is planning new rules that may ban access to foreign crypto exchanges, including the world’s largest crypto exchange, Binance & OKX.Â
This move comes as authorities grow concerned about uncontrolled money flowing out of the country through crypto trading.
Vietnam already has strict rules on moving money outside the country. With limited investment options in stocks and bonds, many people turn to crypto, gold, and real estate.
By restricting foreign platforms, the government aims to keep trading within the country, improve monitoring and taxation, and reduce financial risks.
Vietnam Promoting Local Crypto Exchange
At the same time, Hanoi plans to launch a pilot program for locally licensed crypto exchanges as early as this month.Â
Five firms have already passed the initial screening, including companies linked to Techcombank, VPBank, LPBank, brokerage VIX Securities, and conglomerate Sun Group.
Industry leaders believe local exchanges could benefit Vietnam’s economy.
Phan Duc Trung, chairman of the Vietnam Blockchain and Digital Assets Association, said regulated platforms could keep transaction fees within the country and support the digital economy.
However, he also noted that the legal framework is still incomplete, especially around taxation, compliance, and risk management.
Last month, a new proposal suggested a 0.1% tax on each crypto trade or transfer made through licensed platforms.
Restrictions Push Users to DEXs
In the past, similar rules in other countries did not reduce crypto trading. Instead, users simply moved to other options like decentralized exchanges (DEXs), non-custodial wallets, and peer-to-peer trading.
With Vietnam already among the top crypto markets, any limits on centralized platforms may push more users toward decentralized systems.
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FAQs
The government aims to stop uncontrolled money flow out of the country, improve tax monitoring, and keep transaction fees within Vietnam by promoting locally licensed exchanges.
Yes, but likely only on government-approved local exchanges. Authorities are launching a pilot program for licensed platforms, pushing users away from international sites.
A new proposal suggests a 0.1% tax on each crypto trade or transfer made through licensed Vietnamese exchanges, pending the finalization of the legal framework.
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