Vietnam sets $379M capital rule for new crypto exchanges under pilot

Vietnam is finally putting rules on the ￰0￱ government has approved a five-year crypto trading pilot, locking in what 17 million Vietnamese have already been doing behind the ￰1￱ a statement on the government website, this is a full-scale, government-backed push into regulated crypto trading after years of operating in the ￰2￱ exchange under this trial must be ￰3￱ foreign company is allowed to run platforms. Issuing, trading, and paying for crypto must all happen in Vietnamese ￰4￱ Vietnamese companies can issue crypto assets, and even then, they can only offer them to foreign ￰5￱ can trade, but they can’t ￰6￱ sets capital rules and foreign ownership limits There’s a massive barrier to ￰7￱ looking to start an exchange in Vietnam must bring a minimum capital of 10 trillion dong, that’s around $379 ￰8￱ of that, at least 65% must come from institutional ￰9￱ with that much money on the line, foreign investors can’t take control.

They’re capped at 49% ownership of any crypto trading ￰10￱ government knows exactly what it’s walking ￰11￱ year, Vietnam ranked fifth in the world in crypto adoption, based on data from ￰12￱ aren’t waiting for ￰13￱ market already holds over $100 billion in digital assets, according to Vietnam Investment ￰14￱ state is just catching ￰15￱ get things moving, Vietnamese crypto holders and foreign investors will be allowed to open new accounts under the legal ￰16￱ there’s a deadline ￰17￱ months after the first license is issued, all trades made by Vietnamese users on unlicensed exchanges will be considered ￰18￱ government hasn’t said what kind of penalties it will slap on rule ￰19￱ that clock will be ￰20￱ June, Vietnam’s parliament passed a new law officially recognizing digital assets starting January ￰21￱ law marks a clean break from past policy, when the central bank and other state agencies kept warning people to stay far away from ￰22￱ turnaround is ￰23￱ now see blockchain, crypto, and digital infrastructure as one of eleven tech areas that could help push the country toward double-digit economic ￰24￱ deal is already in motion.

Dunamu, the company behind Upbit, signed a memorandum of understanding with Vietnam’s Military Bank last ￰25￱ agreement will let the bank build a crypto exchange in Vietnam, using Upbit’s ￰26￱ transfer is already underway. Still, not everything is on the ￰27￱ and other “virtual currencies” are not legal tender in Vietnam, and the government hasn’t announced any plans to change ￰28￱ officials are looking at a ￰29￱ idea is to build sandbox mechanisms; special zones with looser ￰30￱ sandboxes are part of bigger plans to create international financial centers in Danang and Ho Chi Minh ￰31￱ means crypto could play a key role in Vietnam’s financial sector from the ground ￰32￱ Difference Wire : the secret tool crypto projects use to get guaranteed media coverage