Vietnam Cracks Down on International Crypto Exchanges
The Vietnamese government has introduced Decree 284, which will take effect on September 1 and impose stricter regulations on international crypto exchanges operating in Vietnam. According to Article 9 of the decree, domestic investors who trade cryptocurrencies through unlicensed exchanges will face fines ranging from VND30 million to VND50 million.
No international exchange has been licensed in Vietnam yet, but five applications are currently being reviewed by the Ministry of Finance. These include VIX Crypto Asset Exchange JSC, Loc Phat Vietnam Crypto Asset Exchange JSC, and others.
Binance has taken steps to adapt to the new regulations, posting a job listing for a general manager who will oversee sales operations in Vietnam. OKX has also made a strategic investment in CAEX, a Vietnamese digital asset exchange company.