Today I read an interesting post by Sam Morris on LinkedIn.
Binance, OKX, and Bybit have only 6 months left operating in Vietnam. According to documents from the Ministry of Finance and confirmation from Deputy Minister Nguyễn Đức Chi, there will be 5 Vietnamese entities replacing them: Techcombank (TCB), VPBank, LPBank, QVIX Securities, and Sun Group.
The licenses are expected to be issued by the end of Q3, with a minimum capital of 400 million USD per exchange, and 65% ownership must be held by domestic organizations, with payments allowed only in VND.
Jason believes this is a very significant shift. Vietnam is not banning crypto, but is gradually bringing crypto activities into a framework, increasing transparency and tax collection (0.1% onshore transaction fee). At the same time, it's creating opportunities for local banks and securities companies to get more involved.
However, with 20 million wallets currently on offshore exchanges, the next 6 months will be a major migration phase for the community.
What do you all think about this move? Is it a long-term positive signal or will it cause short-term disruption?
#jasondailyweb3 #CryptoVietnam #BlockchainRegulation
Disclaimer:
This is a personal opinion and serves an educational purpose regarding the market. Not investment advice. Always DYOR and manage your own risks.
Binance, OKX, and Bybit have only 6 months left operating in Vietnam. According to documents from the Ministry of Finance and confirmation from Deputy Minister Nguyễn Đức Chi, there will be 5 Vietnamese entities replacing them: Techcombank (TCB), VPBank, LPBank, QVIX Securities, and Sun Group.
The licenses are expected to be issued by the end of Q3, with a minimum capital of 400 million USD per exchange, and 65% ownership must be held by domestic organizations, with payments allowed only in VND.
Jason believes this is a very significant shift. Vietnam is not banning crypto, but is gradually bringing crypto activities into a framework, increasing transparency and tax collection (0.1% onshore transaction fee). At the same time, it's creating opportunities for local banks and securities companies to get more involved.
However, with 20 million wallets currently on offshore exchanges, the next 6 months will be a major migration phase for the community.
What do you all think about this move? Is it a long-term positive signal or will it cause short-term disruption?
#jasondailyweb3 #CryptoVietnam #BlockchainRegulation
Disclaimer:
This is a personal opinion and serves an educational purpose regarding the market. Not investment advice. Always DYOR and manage your own risks.
