Overview
- The finance ministry is drafting rules that would prohibit Vietnamese residents from using overseas crypto exchanges as the government prepares a pilot for locally run platforms.
- A March 12 ministry document shows five applicants passed initial screening: affiliates of Techcombank, VPBank and LPBank, plus VIX Securities and Sun Group.
- Sun Group and VPBank confirmed their licence applications, while authorities said they would not comment on specific candidates.
- Reported licensing terms under consideration include a 10 trillion VND minimum capital requirement and a 49% foreign ownership cap, alongside stringent governance, cybersecurity and AML standards.
- Regulators are finalizing taxes and transition mechanics, with reports citing a possible 0.1% transaction levy and a grace period after first approvals, both yet to be confirmed.