TechFlow reports, on January 21, according to Cryptonews, Vietnam has officially ended the long-standing legal gray area for cryptocurrency exchanges by launching a pilot licensing regime. Based on Decision No. 96/QD-BTC recently issued by the Ministry of Finance, the country has introduced three new administrative procedures covering the issuance, adjustment, and revocation of licenses for crypto asset trading platforms, placing the industry under the supervision of the State Securities Commission.
Around 10 securities firms and banks have announced plans to apply for licenses, including SSI Securities (which has partnered with Tether, U2U Network, and AWS), MBBank (which signed a cooperation agreement with Dunamu, operator of South Korea's Upbit), as well as Techcombank and VPBank, which have already established crypto asset exchanges.
Applicants must be Vietnamese enterprises with a minimum paid-in charter capital of 10 trillion Vietnamese dong (approximately $380 million) and must meet stringent requirements regarding infrastructure, governance, and staffing.
