Five companies vie for Vietnam crypto licences as overseas ban looms: Report
Five companies, including bank affiliates and a major conglomerate, are competing for Vietnam’s first crypto exchange licences as authorities plan to restrict offshore trading.
Five Vietnamese companies are reportedly competing to launch the country’s first licensed crypto exchanges as authorities move to bring trading onshore and ban overseas platforms.
Five companies have passed an initial qualification round, Reuters reported on Tuesday, citing a March 12 finance ministry document. The group reportedly includes affiliates of private banks Techcombank, VPBank and LPBank, alongside stockbroker VIX Securities and conglomerate Sun Group. VPBank and Sun Group reportedly confirmed their licence applications to Reuters.
Vietnam opened applications for licenses to operate crypto exchanges in January. The move came after new procedures issued by the finance ministry and a law that, for the first time, defines crypto assets as property while still banning their use as legal tender or for payments.