Vietnam Launches Pilot for Cryptocurrency Trading Platform Licenses, National Securities Commission Issues Licenses and Sets Approximately $380 Million Capital Threshold

Techub News reported, according to Cryptonews, the Vietnamese Ministry of Finance issued a resolution this week to launch a pilot program for the official licensing system of crypto asset trading platforms, aiming to bring the industry into a regulatory framework. The resolution stated that the Vietnam State Securities Commission will be responsible for the issuance, adjustment, and revocation of operating licenses for crypto asset trading platforms and has published application guidelines. Applicants must be domestic Vietnamese companies with a minimum paid-up capital of 100 trillion Vietnamese dong (approximately $3.8 billion) and must meet requirements regarding infrastructure, governance, cybersecurity, and professional staffing. The report indicated that about 10 securities companies and banks have expressed interest in entering the market, including institutions such as SSI, VIX, MBBank, Techcombank, and VPBank.