Five companies in Vietnam are competing to establish the country’s first licensed crypto exchanges. Authorities plan to ban overseas platforms by bringing trading to the country. According to Reuters’ report on Tuesday, subsidiaries of Techcombank, VPBank, and LPBank, along with VIX Securities and Sun Group, passed the first elimination round according to the Ministry of Finance’s document dated March 12. VPBank and Sun Group confirmed their license applications. License applications opened in January; the new law defines crypto assets as property while prohibiting their use as a means of payment.
Vietnam ranks fourth in the world in crypto adoption according to Chainalysis. Source: Chainalysis
Vietnam Crypto Market: $200 Billion Volume
Vietnam ranks fourth in Chainalysis’ Global Crypto Adoption Index. The country, which reached a trading volume of $200 billion in the last 12 months, stands out due to users mostly using offshore exchanges like Binance, OKX, and Bybit. This situation is pushing authorities to establish local infrastructure.
Ban on Offshore Exchanges and Stablecoin Concerns
Authorities are preparing rules to ban overseas platforms. There is particular concern about stablecoin usage, as they can be seen as means of payment. The five-year pilot program launched in September 2025 received no applications due to the $379 million capital requirement. This obstacle was removed to accelerate the new process.
New Tax Framework and License Details
In February, a draft tax framework was announced: 0.1% tax on individual transactions, 20% corporate tax for companies. This could increase the competitiveness of local exchanges. Participation of strong players like Sun Group could transform the market. Follow Vietnam developments for SUN detailed analysis.
Sun Group-Related SUN Token Technical Outlook
Sun Group’s license race could affect the SUN futures market. SUN price $0.02, 24h change +1.39%. RSI 55.42 (neutral), trend downward, Supertrend bearish. Supports: S1 $0.0164 (strong, 65% score), S2 $0.0149. Resistances: R1 $0.0168 (71% score), R2 $0.0175. EMA 20: $0.0163. Investors should review SUN spot analysis.
Source: https://en.coinotag.com/5-companies-competing-for-licensed-crypto-exchange-in-vietnam
