Gate News reports that on March 17, Vietnam plans to launch a pilot program for licensed cryptocurrency exchanges as early as this month to restrict domestic users from trading on overseas platforms and strengthen capital flow regulation. A document from the Vietnamese Ministry of Finance dated March 12 shows that five companies have passed preliminary qualification reviews, including Techcombank, VPBank, and LPBank (affiliated with three private banks), as well as securities broker VIX Securities and the large private enterprise group Sun Group. The pilot will last five years, with a maximum of five licensed exchanges. The entry requirements are high, requiring a minimum registered capital of 100 trillion VND (about $37.9 million), and foreign ownership must not exceed 49%. The Ministry is drafting related regulations to prohibit Vietnamese citizens from trading on overseas cryptocurrency platforms, with violators facing fines of up to 100 million VND (about $3,800). This ban may impact over 17 million cryptocurrency holders in Vietnam, forcing them to withdraw from certain overseas exchanges like CEX. Enforcement will officially begin six months after the first licenses are issued.
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