Several Vietnamese companies apply for cryptocurrency exchange licenses, Ministry of Finance plans to launch pilot program and ban overseas trading

Techub News reported, according to Reuters, Vietnam's Ministry of Finance plans to launch a pilot for licensed cryptocurrency exchanges this month, restricting domestic users from overseas trading and strengthening capital supervision. Five enterprises have passed the preliminary review, including affiliates of Techcombank, VPBank, LPBank, VIX Securities, and Sun Group. The pilot period is 5 years, with a maximum of 5 licensed exchanges, a minimum registered capital of 10 trillion Vietnamese dong (approximately $379 million), and foreign ownership not exceeding 49%. The Ministry of Finance is drafting regulations that propose banning citizens from using overseas platforms, with violators facing fines of up to 100 million Vietnamese dong (approximately $3,800). The ban will take effect 6 months after the first licenses are issued, potentially forcing over 17 million cryptocurrency holders to exit platforms like Binance and Bybit.