Several Vietnamese companies apply for cryptocurrency exchange licenses

ChainCatcher news, according to Reuters, Vietnam plans to launch a pilot project for licensed cryptocurrency exchanges as early as this month, aiming to restrict domestic users from trading on overseas platforms and strengthen capital flow regulation.

Documents from Vietnam's Ministry of Finance show that five companies have passed the initial qualification review, including affiliated institutions of three private banks—Techcombank, VPBank, and LPBank—as well as securities broker VIX Securities and the large private enterprise group Sun Group. The pilot period is set for 5 years, with a maximum of 5 licensed exchanges, and the entry threshold is high, requiring a minimum registered capital of 10 trillion Vietnamese dong (approximately $379 million), with foreign shareholding capped at 49%. The Ministry of Finance is drafting relevant regulations, proposing to prohibit Vietnamese citizens from trading on overseas cryptocurrency platforms, with violators facing fines of up to 100 million Vietnamese dong (about $3,800). Analysts point out that this ban may force more than 17 million Vietnamese cryptocurrency holders to leave exchanges such as certain overseas platforms. The enforcement timeline is clear, with the regulation taking effect 6 months after the issuance of the first batch of licenses.