Vietnam Launches Pilot Licensing Regime for Domestic Crypto Trading Platforms
Vietnam's Ministry of Finance issued a resolution on Jan. 21 to pilot a formal licensing framework for cryptocurrency trading platforms, aiming to bring the sector under regulation after a prolonged period in a legal grey area, Cryptonews reports. The State Securities Commission will oversee the issuance, modification and revocation of operating licenses for crypto asset trading venues and has released detailed application guidelines. The regime requires applicants to be Vietnam-based companies with minimum paid-in capital of 10 trillion Vietnamese dong (around $380 million) and to meet strict criteria on infrastructure, governance, cybersecurity and professional staffing. Around 10 securities firms and banks have indicated plans to enter the market once licensed, according to Cryptonews.