Vietnam's new crypto decree restricts offshore exchange use

Vietnam's government issued a decree that will require all cryptocurrency trading to happen on exchanges licensed by the Ministry of Finance. The rule takes effect Sept. 1.

The country currently has no licensed domestic crypto exchanges. Most users trade on offshore platforms such as Binance and Bybit. After Sept. 1, anyone using unlicensed services could face financial penalties, the decree said.

The licensing framework tightens anti-money laundering and know-your-customer requirements. Exchanges must verify user identities, track transactions, and safeguard data. Mishandling user data or failing to verify identities carries heavy fines.