Vietnam Launches Pilot for Cryptocurrency Trading Platform Licenses

Odaily News: The Vietnamese Ministry of Finance issued a resolution this week to launch a pilot program for a formal licensing system for cryptocurrency trading platforms, aiming to bring the industry from a long-standing legal gray area into a regulatory framework. According to the resolution, the State Securities Commission will be responsible for issuing, adjusting, and revoking operating licenses for crypto asset trading platforms and has published detailed application guidelines.

The system requires applicant companies to be domestic Vietnamese entities with a minimum paid-up capital of 10 trillion Vietnamese dong (approximately $380 million USD), and they must meet stringent standards for infrastructure, governance, cybersecurity, and professional staffing. Currently, around 10 securities companies and banks have expressed plans to enter the market after obtaining licenses. (Cryptonews)