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Vietnam launches a crypto exchange pilot requiring $400M capital, banning foreign platforms as transaction volumes hit $200B and hacks rise.
Vietnam is preparing to launch a pilot program for licensed domestic cryptocurrency exchanges in March while drafting regulations to ban citizens from trading on foreign platforms [1].
| At a glance | |
|---|---|
| Pilot Launch | March [1] |
| Capital Requirement | 10,000 billion VND [1] |
| Market Rank | 4th globally [1] |
| H1 Hack Losses | $1.38 billion [2] |
The government aims to formalize a market where estimated transactions exceeded $200 billion in the 12 months leading to June 2025, making Vietnam the fourth-largest market globally for crypto adoption [1]. Under Resolution 5/2025, the five-year pilot permits the issuance and trading of digital assets backed by real assets, excluding securities or fiat currency [1]. To qualify for a license, exchanges must be domestic legal entities with a minimum capital of 10,000 billion VND, and at least 35% of the capital must be held by financial institutions such as banks or securities firms [1]. Five companies, including subsidiaries of Techcombank, VPBank, and LPBank, have passed initial evaluations for licenses [1].
The regulatory push coincides with heightened security concerns, as hackers stole $1.38 billion in the first half of the year, more than double the $657 million taken during the same period a year prior, according to TRM Labs [2]. Phishing attacks were the primary cause of losses, totaling nearly $500 million, while Bitcoin prices recovered to a record high of $73,803.25 in March [2]. Authorities are increasingly concerned about capital flight and the use of stablecoins, prompting the Ministry of Finance to draft rules prohibiting trading on foreign platforms like Binance and OKX [1]. The Blockchain Association of Vietnam claims a regulated market with a 0.1% transaction tax could generate over $800 million in annual revenue [1].
Vietnam's attempt to license exchanges represents a significant effort to bring a massive, unregulated market under state control to mitigate capital flight risks while capturing potential tax revenue.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · Jun 17, 2026 · How we report
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The DAO raised roughly $150 million in Ethereum but was hacked in June 2016, resulting in the loss of about one‑third of its funds and subsequent regulatory attention.
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These platforms issue tokens that reflect user activity and allow holders to vote on protocol changes, aiming to align participation with decision‑making authority.