Vietnam ranks fourth in the world in terms of cryptocurrency penetration, with annual transaction volume exceeding US$200 billion.The country is formulating rules to ban access to foreign exchanges such as Binance and OKX.The move is aimed at curbing capital outflows and strengthening supervision.Meanwhile, a pilot project for licensed domestic exchanges is likely to start this month, with five companies including Techcombank and Sun Group having passed initial screening.Industry insiders pointed out that the move has potential economic benefits, but also emphasized that the current legal framework in terms of taxation and compliance is not yet complete.