As of February 2026, Vietnam has high cryptocurrency adoption, ranking among the top globally for retail participation. Cryptocurrencies are not legal tender, but individuals can hold and trade them at their own risk in a regulatory gray area.
In January 2026, Vietnam launched a five-year pilot program for a regulated crypto asset market. The State Securities Commission began accepting license applications on January 20, 2026, with strict requirements:
- Minimum charter capital of VND 10 trillion (~$380-400 million)
- At least 65% institutional ownership
- Foreign ownership capped at 49%
- Rigorous IT security certification
The program aims to approve around five exchanges, favoring domestic banks and securities firms. Processing can take 30+ days, with potential operations starting as early as March 2026. No licenses have been granted yet.
Several major institutions are preparing:
- MBBank (partnered with Dunamu, operator of Upbit)
- SSI Securities (with Tether and AWS)
- VIX Securities
- Techcombank
- VPBank
Additionally, a draft proposal introduces a 0.1% tax on crypto transactions, aligning them with securities trading rules (exempt from VAT).
Current Exchange Landscape
Vietnamese users predominantly rely on international and offshore platforms, often accessed via P2P fiat on-ramps for Vietnamese Dong (VND) deposits. Multi-platform usage is common: beginners use localized or P2P services for entry, while experienced traders shift to global exchanges for liquidity, derivatives, or advanced features. No fully licensed domestic exchanges operate under the new pilot yet.
Top Exchanges Used in Vietnam (2026)
| Rank | Exchange | Type/Role | Key Appeal for Vietnamese Users |
|---|---|---|---|
| 1 | Binance | Global | Deep liquidity, P2P VND support, advanced tools |
| 2 | OKX | Global | Strong P2P, wide trading products (spot/derivatives) |
| 3 | Bybit | Global | Fast execution, streamlined interface |
| 4 | HIBT | Region-oriented (Southeast Asia) | Beginner-friendly, localized VND payments, simple spot trading |
| 5 | KuCoin | Global | Access to emerging/small-cap tokens |
| 6 | Gate.io | Global | Niche and early-stage assets |
| 7 | Bitget | Global | Derivatives, copy trading features |
| 8 | MEXC | Global | New listings, high-volatility assets |
| 9 | BitcoinVN | Local/OTC | Direct VND access, Vietnamese language support |
| 10 | Remitano | P2P-focused | Escrow-based VND-to-crypto trades |
Sources for rankings and descriptions.
Outlook
The pilot program marks Vietnam's shift toward formal regulation, potentially attracting institutional participation and improving transparency. In the short term, offshore and P2P platforms will continue dominating, with users prioritizing VND accessibility, security, and task-specific features (e.g., onboarding vs. advanced trading). Long-term, licensed exchanges from banks could emerge, reducing reliance on international platforms and integrating crypto more deeply into the financial system.
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