Vietnam has begun trialing a formal licensing system for cryptocurrency trading platforms

According to Cryptonews, the Vietnamese Ministry of Finance has issued a resolution this week to launch a pilot program for the formal licensing system of cryptocurrency trading platforms, aiming to bring the industry out of a long-standing legal gray area into a regulatory framework.

According to the resolution, the National 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 local Vietnamese firms with a minimum paid-up capital of 100 trillion Vietnamese dong (approximately 3.8 million USD), and they must meet strict standards regarding infrastructure, governance, cybersecurity, and professional staffing. Currently, about 10 securities companies and banks have expressed plans to enter the market after obtaining licenses, including institutions such as SSI Securities, VIX Securities, MBBank, Techcombank, and VPBank, which have already begun to establish subsidiaries or collaborate with technology partners for their setup.