Vietnam advances plans for first crypto asset exchange

Vietnam is progressing toward the establishment of its first crypto asset exchange. According to To Tran Hoa, Deputy Head of the Crypto Asset Market Management Board under the State Securities Commission, five organizations have been initially selected to register as service providers.

These organizations are currently developing information technology systems to meet level 4 standards as required by Resolution 05. Once technical standards are met, these entities must contribute 10,000 billion VND in capital and complete their documentation. Under the current regulatory framework, once organizations receive their initial certification, they have one year to fulfill all remaining requirements. If the process began in May of this year, the deadline for all exchanges to be fully operational would be May of next year.

The Ministry of Finance and the State Securities Commission are coordinating with the Ministry of Public Security and the State Bank of Vietnam to implement the tasks assigned by Resolution 05.