Vietnam's Crypto Market Gains Momentum with Five Companies Passing Exchange Review
Vietnam's journey towards a regulated crypto market is gaining momentum as five companies have passed the initial exchange review. The pilot program, established under Resolution No. 05, requires significant capital investment and institutional ownership from applicants.
The requirement for contributed charter capital stands at VND 10 trillion (approximately $383 million), with at least 65% of this coming from institutional shareholders. This emphasis on financial capacity is part of Vietnam's efforts to build a structured digital asset market under its five-year pilot program.
New administrative penalties are set to take effect on September 1, targeting unlicensed providers and platforms advertising exchange services. However, domestic traders using offshore platforms will not automatically face fines until the first license is issued.