The Vietnamese finance ministry is drafting rules that would prohibit citizens from trading on overseas cryptocurrency platforms as local private banks and brokerages prepare to operate the country’s first licensed exchanges.

Reuters reported the development on Tuesday, citing a March 12 finance ministry document reviewed by the news agency, following a government resolution issued in February.

According to the report, authorities have grown increasingly concerned about the use of cryptocurrencies and stablecoins amid a rise in popularity regionally, increasing the risks of uncontrolled capital outflows. 

Vietnam ranks fourth globally on the Chainalysis Global Crypto Adoption Index, with traders moving more than $200 billion in digital assets in the 12 months through June 2025. Chainalysis data also shows that, within APAC, Vietnam’s crypto usage is integrated into remittances, savings, and gaming, reflecting a broader pattern of everyday infrastructure adoption.

Preparations to restrict domestic users from accessing overseas platforms come as a group of domestic lenders and brokerages reach advanced stages in the race to secure a license under the government’s pilot program, which requires firms to meet strict capital, ownership, and operational criteria. 

Five firms have passed the initial licensing qualification, according to Reuters, including affiliates of Techcombank, VPBank, LPBank, stockbroker VIX Securities, and conglomerate Sun Group. 

In February, the Ministry of Finance said a total of at least 10 domestic banks and securities firms had signaled interest in applying, with preparatory work ongoing for infrastructure, partnerships, and regulatory compliance. 

The licensing pilot requires a minimum contributed charter capital of 10 trillion dong, or nearly $400 million, and caps foreign ownership at 49%, marking one of the region’s highest thresholds for entry.