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Vietnam Expected to Officially Launch a Cryptocurrency Market in Q3 2026

Vietnam’s Deputy Minister of Finance said the country is expected to officially launch its cryptocurrency market in the third quarter of 2026. Why is even Vietnam—long known for being cautious—giving the green light to cryptocurrency and crypto-asset trading?

1. The market has already reached scale, but it is slipping out of control: Vietnam is the fourth-highest country globally in crypto adoption, with annual trading volume exceeding $200 billion, but the majority of trading takes place on overseas platforms, leading to fee, tax, and data outflows.

‌2. Growing concern over capital outflows: Against the backdrop of strict foreign exchange controls, cryptocurrencies have become one of the main channels for capital outflows. The government urgently needs to build a “firewall” to intercept capital flows and assert regulatory authority.

‌3. Initial legal framework taking shape: Resolution No. 05/2025/NQ—CP issued in September 2025 provides the legal basis for the pilot program, clearly defining crypto assets as tradable goods and setting rules for issuance, trading, and regulation.

‌4. Local institutions are ready: Five domestic industry giants, including Techcombank, VPBank, and Sun Group, have passed preliminary qualification reviews and have the technical and capital capabilities to operate compliant exchanges.

Impact on the crypto market

‌Positive outlook for the local ecosystem and tax revenue: Once users move to licensed platforms, Vietnam is expected to gain nearly $800 million in additional tax revenue year over year (estimated based on a 0.1% trading tax) and to drive the development of digital financial services.

‌Users face challenges from a potential downgrade in experience: In the early stage, local platforms may suffer from insufficient liquidity and a limited range of products, leading some investors to turn to over-the-counter (OTC) trading or decentralized exchanges (DEX) to get around restrictions.

‌The dual CEX + DEX framework is accelerating: Centralized exchanges (CEX) are supported by regulation, while decentralized platforms such as XBIT—attracting high-net-worth users thanks to advantages like holding assets directly and on-chain transparency—are gaining traction.

‌Regional regulatory “demo effect” becomes apparent: Vietnam’s model may be emulated by other emerging markets, pushing global crypto regulation from “tacit acceptance” toward “sovereignty competition,” with compliance becoming a prerequisite for entry.