Vietnam proposes a ban on overseas crypto exchanges while advancing a pilot for licensed local platforms. The Ministry of Finance aims to curb capital outflows tied to risk-on assets such as crypto and stablecoins. Chainalysis data shows Vietnam’s crypto trading volume reached $200 billion over the past year, ranking fourth globally. Five firms, including Techcombank and VPBank, have passed initial screenings. The pilot requires $4 billion (100 billion VND) in capital and caps foreign ownership