Vietnam has passed a resolution to trial local cryptocurrency exchanges under a strict five-year program. Only Vietnamese companies will be allowed to operate platforms, with foreign participation capped at 49%. Exchanges must conduct all issuance and trading using the dong, the national fiat currency.
To qualify, firms must hold at least VND 10 trillion ($380 million) in capital, with 65% of funding coming from institutional investors. Applicants must also demonstrate profitability for two consecutive years before applying for a license. These high requirements are aimed at maintaining strong oversight of the sector.
Vietnam has one of the highest crypto adoption rates globally, with over 20% of its population owning digital assets, according to Triple-A. Chainalysis ranked the country fifth in overall adoption in 2024, after topping the list in 2021 and 2022. While global platforms like Binance and Bybit dominate fiat on-ramps, the pilot could pave the way for locally controlled crypto trading firms.
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