Vietnam's Ministry of Finance: First Batch of Cryptocurrency Transactions Expected in Q3

Vietnam is accelerating the pilot of a regulated cryptocurrency trading market to address the scrutiny from the Financial Action Task Force (FATF) regarding its anti-money laundering mechanisms. Since being placed on the FATF "grey list" in June 2023, the cryptocurrency sector has been identified as one of the main risk points. According to a five-year pilot program led by the Ministry of Finance, the minimum registered capital required for exchange licenses is 100 trillion Vietnamese dong, approximately 380 million USD, with a foreign ownership limit of 49%, and transactions can only be priced in Vietnamese dong. Currently, five applicants, including affiliates of Techcombank, VPBank, LPBank, as well as VIX Securities and Sun Group, have passed the preliminary review, and the first official trading activities in Vietnam's cryptocurrency market are expected as early as the third quarter. The Ministry of Finance is also drafting relevant regulations that aim to prohibit Vietnamese citizens from trading on overseas cryptocurrency platforms.

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