Vietnam is progressing towards implementing a pilot licensing regime for local cryptocurrency exchanges. According to NS3.AI, five companies have successfully passed an initial qualification round as the government in Hanoi aims to restrict trading on overseas platforms. The finance ministry is currently drafting regulations that would prohibit Vietnamese nationals from engaging in transactions on foreign crypto exchanges. Chainalysis has ranked Vietnam fourth globally in terms of crypto adoption, estimating that over $200 billion in transactions involved Vietnamese traders in the 12 months leading up to June.