#越南拟2026年发首批加密牌照
Previously in Southeast Asia, many people competed on “who can move faster” in crypto. Now the competition is shifting to “who can obtain a legitimate entry ticket.”
For Vietnam, I don’t think we should treat this step merely as a piece of regulatory news.
Since January this year, Vietnam has officially started accepting applications for service licenses for crypto asset trading markets. By March, the Ministry of Finance had received seven applications, and five of them were deemed to have complete and valid materials. The authorities have also previously stated that a regulated crypto asset market could launch as early as the third quarter of 2026, and that the first batch of licenses may be issued around then.
What I’m truly focused on is the change behind this:
Vietnam is not asking “whether to have crypto,” but rather “how to regulate it and integrate it into the formal financial system.”
These two logics are completely different.
In the past, the grey market competed for traffic, users, and nerve. Once official licenses come out, the competition becomes about capital strength, risk control, custody, AML, and compliance capabilities. The better you can meet the bar, the harder it gets for others to stay—thresholds will keep rising.
For exchanges, this naturally means the competition gets even more intense.
But for the industry as a whole, I actually think it’s a good thing.
Because the real big money isn’t most afraid of volatility—it’s afraid of unclear rules. The clearer the rules are, the more willing banks, institutions, and traditional capital will be to enter.
Of course, don’t interpret “issuing licenses” as an immediate full opening.
Vietnam is still moving forward with a controlled pilot approach, with clear boundaries around licenses, trading scope, and regulatory requirements.
But the direction is already unmistakable:
The crypto market is shifting from “savage growth” to “sit at the table with a license.”
In the next round of competition, it may not just be which coin pumps the fastest—but who gets that truly valuable ticket first.
#越南 #加密货币 #交易所 #Web3
Previously in Southeast Asia, many people competed on “who can move faster” in crypto. Now the competition is shifting to “who can obtain a legitimate entry ticket.”
For Vietnam, I don’t think we should treat this step merely as a piece of regulatory news.
Since January this year, Vietnam has officially started accepting applications for service licenses for crypto asset trading markets. By March, the Ministry of Finance had received seven applications, and five of them were deemed to have complete and valid materials. The authorities have also previously stated that a regulated crypto asset market could launch as early as the third quarter of 2026, and that the first batch of licenses may be issued around then.
What I’m truly focused on is the change behind this:
Vietnam is not asking “whether to have crypto,” but rather “how to regulate it and integrate it into the formal financial system.”
These two logics are completely different.
In the past, the grey market competed for traffic, users, and nerve. Once official licenses come out, the competition becomes about capital strength, risk control, custody, AML, and compliance capabilities. The better you can meet the bar, the harder it gets for others to stay—thresholds will keep rising.
For exchanges, this naturally means the competition gets even more intense.
But for the industry as a whole, I actually think it’s a good thing.
Because the real big money isn’t most afraid of volatility—it’s afraid of unclear rules. The clearer the rules are, the more willing banks, institutions, and traditional capital will be to enter.
Of course, don’t interpret “issuing licenses” as an immediate full opening.
Vietnam is still moving forward with a controlled pilot approach, with clear boundaries around licenses, trading scope, and regulatory requirements.
But the direction is already unmistakable:
The crypto market is shifting from “savage growth” to “sit at the table with a license.”
In the next round of competition, it may not just be which coin pumps the fastest—but who gets that truly valuable ticket first.
#越南 #加密货币 #交易所 #Web3
