The Vietnamese crypto market is entering a completely new phase as the legal framework gradually takes shape. This opens up great opportunities but also poses many challenges for both users and international exchanges like Binance, Bybit, or OKX.

Millions of Vietnamese people are still trading on international exchanges every day. However, if the new regulations are enforced more strictly, this flow of money may have to shift back to domestic exchanges. The big question arises: can global giants enter the Vietnamese market or not?

Market Context: Opportunities Accompanied by Barriers

From 2026, Vietnam will begin granting pilot licenses for cryptocurrency exchanges with very high requirements:

• Businesses must be established in Vietnam

• Minimum capital reaches hundreds of millions of USD

• Foreign ownership limit is no more than 49%

• Technology infrastructure meets high safety standards

• Only a maximum of 5 licenses will be granted in the initial phase

This means that international exchanges cannot 'go it alone', but must go through domestic partners.

Meanwhile, Vietnamese users are already accustomed to:

• High liquidity, fast order matching

• Hundreds of trading pairs

• Diverse derivative products

• Smooth experience

This is indeed a huge pressure on new domestic exchanges.

Actions from International Exchanges

The reality shows that major exchanges do not stand outside the game:

• Binance is reported to have plans to expand its presence in Vietnam and recruit senior leadership positions.

• Bybit actively works with regulators to propose support for building a monitoring framework.

• OKX expresses a desire to participate in the digital financial ecosystem and make long-term investments.

Clearly, Vietnam is a market that cannot be ignored.

Three Scenarios That Could Happen

Scenario 1 – 'Taking a Shortcut' Through M&A

International exchanges can acquire a maximum of 49% of the shares of a licensed domestic exchange.

This approach helps:

• No need to apply for a new license

• Immediately leverage the existing legal system

• Inject liquidity and technology from international sources

However, the major barrier lies in the fact that licenses are too scarce. When there are only a few slots, not many Vietnamese enterprises are willing to 'share the pie'.

Scenario 2 – Joint Venture with Vietnamese Enterprises

This is a more systematic approach: establishing a new company between the international exchange and the domestic partner.

• Vietnam holds the power of control

• International exchanges contribute technology, liquidity, and brand

Advantages:

• Design the model from the beginning to comply with regulations

• Leverage the strengths of both parties

Disadvantages:

• Hard to find partners that are large enough and willing

• Fierce competition due to limited number of licenses

Scenario 3 – Being Excluded from the Game

If regulations are tightened:

• Block access to unlicensed exchanges

• Remove the app from the App Store/Google Play

At that time, international exchanges will have to withdraw from the Vietnamese market.

This will cause:

• Users are forced to switch to domestic exchanges

• The market becomes completely 'localized'

Deciding Factor: User Experience

Regardless of which scenario occurs, the key factor remains:

• Is liquidity deep enough?

• Is security reliable?

• Is the experience good enough?

If domestic exchanges perform well, users will stay.
Conversely, if the gap with international exchanges remains too large, capital will always find a way to 'flow out'.

Conclusion

The door to Vietnam is not closed to international exchanges, but it is not easy to step through.

In the short term, it is highly likely that major players like Binance or OKX will choose to go around through partnerships or investments.

In the long term, the Vietnamese market will be a real competition between:

• Local understanding

• And global strength

The ultimate winner will be the party that provides the best experience for users.