Vietnam Slams Brakes on Crypto Exchanges with $383 Million Capital Barrier

Vietnam is introducing a significant financial barrier for companies seeking to establish cryptocurrency exchanges within its borders. The country's regulatory framework now requires prospective operators to have at least $383 million in paid-in capital, according to an update shared on X by @coinbureau.

The development marks a substantial step towards formalizing Vietnam's cryptocurrency market, which has been recognized for its high level of adoption. Currently, only five companies have passed the initial assessment under this framework: three bank affiliates, a stockbroker, and a conglomerate. None of these companies are crypto-native businesses.

Although these companies have cleared the first hurdle, they still need to complete the licensing requirements before they can legally operate as licensed exchanges. This means that Vietnam's regulated cryptocurrency exchange market has yet to officially begin operating under the new framework.