Vietnam Regulates Crypto Market with Licenses and Restrictions

Vietnam is taking steps to regulate its growing cryptocurrency market by granting licenses to local exchanges and restricting offshore trading.

The country's Ministry of Finance has opened applications for licenses to operate crypto exchanges, with five companies reportedly passing an initial qualification round. These companies include affiliates of private banks Techcombank, VPBank, and LPBank, as well as stockbroker VIX Securities and conglomerate Sun Group.

Authorities are planning to restrict offshore trading by drafting rules that could prohibit Vietnamese nationals from using overseas platforms. This move aims to bring crypto trading onshore and prevent capital from moving out of the country.