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Vietnam has begun to pilot the formal licensing system for cryptocurrency asset trading platforms.
Mars Finance reports that according to Cryptonews, the Vietnamese Ministry of Finance has issued a resolution this week to launch a pilot program for a formal licensing system for cryptocurrency trading platforms, aiming to bring the industry from a long-standing legal gray area into a regulatory framework. According to the resolution, the State Securities Commission will be responsible for issuing, adjusting, and revoking operational licenses for crypto asset trading platforms, and has published detailed application guidelines. The system requires applicant companies to be domestic Vietnamese firms, with a minimum paid-in capital of 10 trillion VND (approximately $3.8 billion USD), and must meet strict standards in infrastructure, governance, cybersecurity, and professional staffing. Currently, about 10 securities firms and banks have expressed plans to enter the market after obtaining licenses, including SSI Securities, VIX Securities, MBBank, Techcombank, and VPBank, which have already begun preparations through establishing subsidiaries or collaborating with technology partners.