Vietnam Launches Cryptocurrency Exchange Licensing Pilot

BlockBeats News, January 21, the Vietnamese Ministry of Finance has issued a resolution this week to launch a pilot scheme for the official licensing of cryptocurrency exchanges, aiming to bring the industry out of a long-standing legal gray area and into a regulatory framework. According to the resolution, the State Securities Commission will be responsible for issuing, adjusting, and revoking operational licenses for cryptocurrency exchanges, and has released detailed application guidelines.

The scheme requires applying entities to be local Vietnamese companies with a minimum charter capital of 100 trillion Vietnamese dong (approximately $3.8 billion) and to meet strict standards for infrastructure, governance, cybersecurity, and professional staffing. Currently, about 10 securities firms and banks have indicated plans to enter the market upon receiving the license. (Cryptonews)