Vietnam has begun piloting a formal licensing system for cryptocurrency trading platforms.

PANews reported on January 21 that, according to Cryptonews, Vietnam's Ministry of Finance issued a resolution this week to launch a pilot program for a formal licensing system for cryptocurrency trading platforms, aiming to bring the industry out of a long-standing legal gray area and into the regulatory framework. According to the resolution, the State Securities Commission will be responsible for issuing, adjusting, and revoking operating licenses for cryptocurrency trading platforms, and has published detailed application guidelines.

The system requires applicant companies to be Vietnamese domestic entities with a minimum paid-up capital of 10 trillion Vietnamese dong (approximately US$380 million), and to meet stringent standards regarding infrastructure, governance, cybersecurity, and professional staffing. Currently, about 10 securities firms and banks have indicated their intention to enter the market upon obtaining a license. Among them, SSI Securities, VIX Securities, MBBank, Techcombank, and VPBank have already established subsidiaries or partnered with technology companies to expand their presence.