Vietnam Launches Crypto Exchange Licensing Pilot
Generally, Vietnam is taking big steps to regulate its crypto market by introducing a pilot licensing scheme for exchanges. Normally, the goal is to provide clarity on the legal status of digital asset platforms. Usually, this move is seen as a positive step towards regulating the crypto industry.
A Shift from Informal Tolerance to Formal Regulation
Apparently, the crypto market in Vietnam has been operating in a gray area for years, with no clear rules or regulations. Obviously, this lack of clarity has made it difficult for businesses and investors to operate with confidence. Fortunately, the introduction of Decision No. 96/QD-BTC by the Ministry of Finance has provided a structured licensing regime for crypto exchanges.
Normally, the new framework puts the sector under the watch of the State Securities Commission (SSC), which has already released detailed guidelines on how to apply for a license and what is required to stay compliant. Essentially, this move marks a significant shift towards official recognition of the crypto industry in Vietnam.
Financial Institutions Rush to Enter the Market
Key Players Leading the ChargeInterestingly, several key players are leading the charge in Vietnam’s crypto market. For instance, SSI Securities has created a subsidiary called SSI Digital Technology JSC to focus on blockchain finance infrastructure. Also, VIX Securities has launched the VIX Crypto Asset Exchange and partnered with FPT Corp for tech support.
Notably, MBBank has signed a cooperation deal with Dunamu, the operator of South Korea’s Upbit, to establish a regulated exchange. Similarly, Techcombank has already set up the Techcom Crypto Asset Exchange and is waiting for a license. Additionally, VPBank has announced its intention to roll out crypto trading once the necessary paperwork is completed.
