Vietnam is getting ready to roll out a regulated crypto market. Five companies have already cleared the first selection round to launch licensed crypto exchanges, but so far, no official licenses have been handed out.

Licensing: First Round Complete

The regulator kicked things off with a preliminary screening: five companies made the cut and are moving on to the next stage toward getting their licenses. Until the licensed platforms are actually live, Vietnam’s crypto scene is still in transition mode.

Fines and User Policy

Starting September 1, violations in crypto trading could cost up to 50 million VND (~$1,900) in fines. Still, investors won’t get slapped with penalties right away just for using unlicensed platforms.

Mandatory Trading on Licensed Platforms Coming Soon

Trading exclusively on licensed Vietnamese platforms will be required six months after the first license is issued. Until then, there’s a grace period: current users and services are getting ready to meet the upcoming requirements.