Vietnam’s Crypto Licenses: The Hunger Games of Finance

by

Vietnam’s Crypto Licenses: The Hunger Games of Finance

Ah, Vietnam, that land of endless perseverance, now attempting to tame the wild digital beast with rules tighter than a miser’s purse. The State Securities Commission-those benevolent overlords-has finally decided to open the gates for crypto exchange licenses. But don’t get too excited; they’re not handing out sweets, they’re demanding boots, belts, and a mountain of VND 10,000 billion. Yes, billion-because what’s a little money when it comes to controlling the chaos of digital gold?

To even be considered, a brave applicant must be a “Vietnamese enterprise” with capital that could buy a small country. And don’t forget, at least 65% of your funds need to be owned by-drumroll please-actual organizations! Not your cousin’s pet shop. Over 35% of that chunk must come from bigshots like banks, funds, or tech giants-because apparently, only the wealthy and powerful deserve a seat at this digital banquet.

The staff? Oh, they’ve outdone themselves! The big boss must have at least two years in banking or insurance, because why not? The CTO needs five years of tech magic-making sure they can keep the cyber pirates at bay. And let’s not forget the ten cybersecurity knights and the dozen securities pros-because even in the digital realm, you need an army to keep the pirates out.

Meanwhile, local giants like SSI and VIX are already preparing their digital arsenals, cozying up with titans like Amazon and U2U. All this is happening while the government watches, keeps a firm grip, and whispers, “We will turn this chaos into order-probably with a big splash of regulation.”

In the end, this grand show signals that Vietnam aims for the digital gold rush, but with more rules than a old grandfather clock. Will it become a shining hub of digital finance or just another place where dreams go to die? Only time will tell, but one thing’s certain: it’s going to be a wild, regulated ride, my friend.

Read More

2026-01-21 19:26