Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The Vietnamese authorities are planning to impose a ban on cryptocurrency trading through foreign platforms such as Binance, as reported by journalists from Reuters. The Ministry of Finance is currently drafting new regulations.
According to a document from the Vietnamese Ministry of Finance reviewed by the publication, five local companies have passed the preliminary selection for obtaining a financial license. These include banks Techcombank, VPBank, and LPBank, the brokerage firm VIX Securities, as well as one of Vietnam’s largest conglomerates, Sun Group. In total, at least ten Vietnamese banks and brokers are interested in acquiring the license, Reuters noted.
Related Posts
As per the Global Crypto Adoption Index by Chainalysis, Vietnam ranks fourth globally in terms of “cryptocurrency adoption level.” By last summer, the annual transaction volume involving Vietnamese traders exceeded $200 billion.
The popularity of digital assets can be attributed to the stringent restrictions on cross-border money transfers currently in place in Vietnam. The local corporate bond market is underdeveloped, and the stock market is considered to be in its early stages, the agency clarified. There is no outright ban on owning cryptocurrencies in the country. Digital assets are not recognized in Vietnam as money or legal tender. Most local traders utilize foreign centralized exchanges, such as Binance, OKX, and Bybit.
At the end of January, the Vietnamese Ministry of Finance opened applications for companies wishing to provide cryptocurrency trading services. In early February, the ministry proposed introducing a 0.1% tax on transactions involving digital assets and tightening licensing standards for cryptocurrency exchanges.
