Vietnam's Homegrown Crypto Exchanges: A New Era
Bitcoin & Crypto News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Vietnams Crypto Rush: Local Exchanges Emerge as Government Seeks Control
Vietnamese companies are scrambling to secure licenses for the countrys first domestic cryptocurrency exchanges, as the government aims to curb trading on foreign platforms and gain more market control. The pilot program, approved in February, could launch as early as March, with five firms already passing the initial screening round, including Techcombank, VPBank, LPBank, VIX Securities, and the Sun Group conglomerate. Vietnam, ranked fourth globally in crypto adoption, has seen users move over $200 billion in crypto through June 2021. Officials are concerned about heavy crypto use, particularly stablecoins, which could disrupt money flow management efforts. The countrys crypto law, passed last year, aims to create a safer framework for growth.
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