Several Vietnamese Businesses Apply for Crypto CEX License, 5 Companies Pass Initial Qualification Review

BlockBeats News, March 17th - According to Reuters, Vietnam plans to launch a licensed cryptocurrency CEX pilot project as soon as this month to restrict domestic users from trading on foreign platforms and enhance capital flow regulation. A document from the Vietnamese Ministry of Finance on March 12th revealed that 5 companies have passed the initial qualification review, including three private banks' affiliated entities - Techcombank, VPBank, LPBank - as well as the securities brokerage VIX Securities and the large private conglomerate Sun Group. The pilot will last for 5 years, with a maximum of 5 licensed exchanges, high entry requirements including a minimum registered capital of 100 trillion Vietnamese dong (approximately $3.79 billion), and a cap of 49% foreign ownership. The Ministry of Finance is drafting related regulations, intending to prohibit Vietnamese citizens from trading on offshore cryptocurrency platforms, with violators facing a maximum fine of 1 billion Vietnamese dong (around $3,800).

Analysts pointed out that this ban may force over 17 million cryptocurrency holders in Vietnam to withdraw from overseas CEXs like Binance and Bybit. The enforcement timeline is clear, with the regulations set to take effect 6 months after the initial batch of licenses is issued.