Vietnam opens crypto exchange licensing with nearly $400 million capital barrier to entry

Vietnam has initiated a tightly controlled pilot program, beginning to accept applications for firms seeking to operate licensed cryptocurrency trading platforms under new administrative procedures from the Ministry of Finance. A significant barrier to entry is the minimum contributed charter capital requirement of 10 trillion Vietnamese dong, equivalent to nearly $400 million. Only Vietnamese enterprises are eligible, with foreign ownership capped at 49%. This contrasts with regional hubs like Hong Kong and Singapore, which have lower capital requirements but rely on intensive supervision. The framework operationalizes legislation recognizing cryptocurrencies as property and has generated interest from at least ten domestic securities firms and banks that have been preparing infrastructure. The move aims to strengthen Vietnam's position as a regional blockchain hub while addressing ongoing concerns regarding investor protection and AML oversight, which have kept the country on the FATF grey list.

(Source：The Block)