Vietnam has begun to pilot the formal licensing system for cryptocurrency asset trading platforms.

PANews January 21 News, according to Cryptonews, the Vietnamese Ministry of Finance has issued a resolution this week to launch a pilot program for the formal licensing system of 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 companies, with a minimum paid-in capital of 100 trillion VND (approximately $3.8 billion), 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 laid out plans through establishing subsidiaries or collaborating with technology partners.