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Vietnam has shortlisted five prominent domestic firms to receive the nation's inaugural digital asset licences, according to Reuters. The Ministry of Finance document identifies three listed lenders, Techcombank, VPBank and LPBank, alongside brokerage VIX Securities and the Sun Group conglomerate. If approved, these entities could launch regulated platforms by the end of March.
Banking giants lead race
The selection marks a critical step in the five-year pilot program. The government has established stringent requirements for digital assets, mandating that they are fully backed by real-world assets. Furthermore, all trades must be settled using the local currency, the Vietnamese dong.
Regulatory framework nears completion
The licensing regime aims to bring the burgeoning sector under closer state supervision. Local users have reportedly been given until the end of the month to migrate their holdings to these licensed venues. According to Reuters, the move coincides with plans to restrict overseas trading to ensure capital remains within the domestic economy.
According to Chainalysis, Vietnam is the fourth-largest crypto-adopting nation in the world, behind the US, India and Pakistan.
Sandmark has contacted the firms to confirm their participation in the initial qualification round.