Vietnam has started accepting applications for licenses to run digital asset trading platforms, launching the planned pilot program for a regulated crypto market. The State Securities Commission of Vietnam opened the licensing window, aligning with Decision No. 96 by the Ministry of Finance. The move follows the enactment of Vietnam’s Law on the Digital Technology Industry.

Despite no companies applying initially, domestic banks and securities firms are now showing interest in participating in Vietnam’s crypto asset market. Approximately 10 financial institutions have publicly announced their intentions to join the market once licensed. Companies like SSI Securities and major banks are gearing up to launch operations after regulatory approval.

Vietnam’s crypto licensing framework is stringent, with requirements like a minimum paid-in capital of 10 trillion dong for Vietnamese entities applying for licenses. Foreign ownership is capped at 49%, and strict rules ban the issuance of assets backed by fiat currencies or securities. The country’s five-year crypto pilot introduces stringent controls, setting a high bar for industry players.

Read more at CoinTelegraph: Vietnam Opens Crypto Exchange Licensing Under Pilot Program