Vietnam to Launch 5-Year Crypto Exchange Pilot Program
Vietnam is set to launch a five-year pilot program to license a small number of cryptocurrency exchanges. The move aims to bring offshore crypto activity onshore and integrate it with the local financial system, as revealed by the Deputy Minister of Finance.
The pilot program will initially allow only five enterprises to operate. Licensed exchanges, acting as copilots, will be required to facilitate trading directly in Vietnamese dong. This comes as Vietnam seeks to regulate crypto issuance, trading, and payments within an official framework.
Vietnam's high cryptocurrency adoption in 2021, ranking among the top countries in the Global Crypto Adoption Index, has likely influenced this decision. With over 17 million traders and $100 billion in annual volumes, the country aims to harness this activity for its economy.
The pilot program signals Vietnam's commitment to regulating and integrating cryptocurrency within its financial system. By licensing a few exchanges and requiring trading in local currency, the government seeks to bring offshore crypto activity onshore, potentially boosting the economy and providing a framework for future growth.
