Mr. To Tran Hoa – Deputy Head of the Standing Committee of the Cryptocurrency Trading Market Management Board (SSC) – stated this at the workshop “Pilot Cryptocurrency: Monitoring Mechanism, Operational Capacity and Investment Standards” held on the morning of March 25th.
Answering a question about the management mechanism for Decentralized Exchange and the policies applied to international exchanges entering the Vietnamese market, Mr. Hoa affirmed: "After the first domestic exchange goes into operation, all transactions by domestic investors must be conducted there. Platforms that have not been licensed will not be allowed to provide services in Vietnam, according to Resolution 05."
Mr. To Tran Hoa – Deputy Head of the Standing Committee of the Cryptocurrency Trading Market Management Board (SSC) – spoke at the conference.
Mr. Hoa stated that regulatory authorities are well aware that the cryptocurrency market is a decentralized and anonymous sector. However, according to international recommendations, particularly from the Financial Action Task Force (FATF) and the International Organization of Securities Commissions (IOSCO), a policy framework for market regulation is necessary, especially in combating money laundering.
According to the leaders of the State Securities Commission, the majority of illegal funds originate from decentralized exchanges, then are "legitimized" when passing through Centralized Exchange. Therefore, establishing a licensing and supervision mechanism is not just a policy choice, but a global requirement.
From the investor's perspective, during the pilot phase, the policy is not yet open to all participants. The regulatory authority prioritizes experienced investors currently trading on international exchanges or decentralized platforms, encouraging them to switch to trading on licensed domestic exchanges.
"At this stage, we do not recommend that new investors (F0) enter the market," a representative from the State Securities Commission stated. Simultaneously, the regulatory body will coordinate with organizations such as the Vietnam Digital Asset and Blockchain Association (VBA) to disseminate knowledge to investors.
Against this backdrop, international exchanges are beginning to prepare for the possibility of entering the Vietnamese market. Recently, Binance posted a job opening for a General Manager in Vietnam, requiring candidates to have the ability to work with regulatory authorities.
According to experts, to obtain the necessary "license," Binance will have to overcome several legal compliance hurdles. These include storing user data within Vietnam as required by regulations, and fulfilling all tax obligations as a domestic legal entity.
