Vietnam Advances Crypto Regulation with Licensed Exchange Pilot

Vietnam is taking steps towards regulating its cryptocurrency market by launching licensed exchanges. The country has selected five companies to participate in a pilot program as part of this effort.

The selected companies include affiliates of Techcombank, VPBank, and LPBank, as well as stockbroker VIX Securities and conglomerate Sun Group. These companies will be required to meet certain conditions, including having 10 trillion VND ($380 million) in capital and capping foreign ownership at 49%.

The Vietnamese government plans to implement a formal legal framework for cryptocurrency trading, which is expected to challenge the dominance of international exchanges like Binance.