Vietnam Crypto Market Nears Regulation with Five Firms Passing Initial Review

Five companies have passed Vietnam's initial exchange review under its five-year pilot program for a regulated crypto market. These firms must now meet Level 4 security standards and implement anti-money laundering controls before they can operate.

The review process requires significant capital, with each applicant contributing at least 10 trillion Vietnamese dong, worth around $383 million, in addition to meeting ownership rules that emphasize institutional participation and financial capacity.

The pilot program also introduces new administrative penalties for several violations involving crypto assets and markets. Unlicensed providers can face organizational fines between 180 million and 200 million Vietnamese dong, while licensed providers may be penalized for weak customer verification or inadequate transaction monitoring.