Many companies in Vietnam have applied for cryptocurrency exchange licenses, and 5 companies have passed the preliminary qualification review

According to Reuters, Vietnam plans to launch a pilot project for licensed cryptocurrency exchanges as early as this month to restrict domestic users from trading on foreign platforms and strengthen capital flow regulation.

Documents from the Vietnamese Ministry of Finance show that 5 companies have passed the preliminary qualification review, including affiliated institutions of three private banks: Techcombank, VPBank, and LPBank, as well as the securities brokerage VIX Securities and the large private enterprise group Sun Group. The pilot period is 5 years, with a maximum of 5 licensed exchanges allowed, and the entry threshold is high, requiring a minimum registered capital of 100 trillion Vietnamese dong (approximately 37.9 million USD), with foreign ownership not exceeding 49%. The Ministry of Finance is drafting relevant regulations that aim to prohibit Vietnamese citizens from trading on foreign cryptocurrency platforms, with violators facing fines of up to 100 million Vietnamese dong (approximately 3,800 USD).

Analysts point out that this ban may force over 17 million cryptocurrency holders in Vietnam to withdraw from foreign exchanges such as Binance and Bybit. The enforcement timeline is clear, set to officially take effect 6 months after the first licenses are issued.