According to Cryptonews, Vietnam has officially ended the long-standing legal ambiguity surrounding cryptocurrency exchanges and has begun implementing a pilot licensing system. Under Decision No. 96/QD-BTC recently issued by the Vietnamese Ministry of Finance, the country has introduced three new administrative procedures covering the granting, adjustment, and revocation of licenses for cryptocurrency asset trading platforms, placing the industry under the regulation of the National Securities Commission. Approximately 10 securities companies and banks have announced their plans to apply for licenses, including SSI Securities (which has partnered with Tether, U2U Network, and AWS), MBBank (which has signed a cooperation agreement with Dunamu, the operator of South Korea's Upbit), and Techcombank and VPBank, which have already established cryptocurrency asset exchanges. Applicants must be Vietnamese enterprises with a minimum paid-in capital of 10 trillion VND (approximately $380 million USD) and must meet strict requirements regarding infrastructure, governance, and staffing.
Vietnam Launches Cryptocurrency Exchange Licensing Pilot, Major Financial Institutions Apply
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Summary
Vietnam has launched a pilot program for exchange licensing, ending years of regulatory uncertainty for cryptocurrency platforms. Under Decision No. 96/QD-BTC, the Ministry of Finance has introduced procedures for granting, adjusting, and revoking licenses, with oversight by the State Securities Commission. Major banks and securities firms, including SSI, Techcombank, and VPBank, are preparing applications. Licensing requirements include a minimum capital of 10 trillion VND and strict compliance with infrastructure and governance standards.
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