Vietnam's Cryptocurrency Exchange Plans Face Skepticism Amid Strict Requirements

Vietnam's Ministry of Finance has set its sights on launching the country's official digital-asset exchange in the third quarter of this year. Five companies are reportedly making preparations for the launch, all backed by major banks or conglomerates.

However, analysts are skeptical about the feasibility of the project. Vo Dinh Tri, a lecturer from University of Economics Ho Chi Minh City, believes that the odds of a working exchange within 12 months are 'very low'. He cites three main reasons: the operational rules, anti-money-laundering and know-your-customer systems, and the requirement for minimum charter capital.

Alex Phan, a veteran investor, agrees with Vo's assessment. He notes that operators must meet stringent requirements, including holding a minimum of VND10,000 billion ($400 million) in charter capital and achieving level-four security standards. Phan also points out that foreign operators often struggle to make a profit due to the country's smaller market size.