Svmuu News: Vietnam's Ministry of Finance is drafting regulations to prohibit its citizens from trading on overseas cryptocurrency platforms, while simultaneously advancing a pilot program for domestic crypto exchange licenses. This move stems from regulators' concerns about the rising risk of capital outflow due to the popularity of cryptocurrencies and stablecoins. Chainalysis data shows that Vietnam's crypto transaction volume exceeded $200 billion in the 12 months ending June 2025, ranking fourth globally in the crypto adoption index, with crypto assets integrated into cross-border remittances, savings, and gaming. Currently, five institutions have passed the initial qualification review, including Techcombank, VPBank, affiliates of LPBank, brokerage VIX Securities, and conglomerate Sun Group. The pilot program requires applicants to have a minimum paid-up registered capital of 10 billion Vietnamese dong (approximately $400 million) and a foreign ownership cap of 49%. (The Block)