Vietnam Crypto Pilot Sees Five Firms Clear Initial Assessment

Vietnam's digital asset market pilot has made progress, despite not issuing its first crypto exchange license. At least five companies have passed an initial assessment under the country's five-year pilot program.

The applicants must meet strict requirements to obtain a license, including having at least $383 million in contributed charter capital, with 65% coming from institutional shareholders and 35% from at least two qualifying organizations.

The companies also need to secure Level 4 information-system security certification and pass an appraisal of their technology. Other licensing requirements cover management qualifications, custody, transaction monitoring, internal controls, conflict management, and customer complaints.

A decree taking effect on September 1 will establish penalties for crypto-market violations during the pilot program, including fines ranging from $180 million to $200 million for unlicensed services or advertising an exchange without a license.