Vietnam Restricts Cryptocurrency Exchanges to Five Licenses

In a move to further regulate Vietnam’s cryptocurrency industry, the country’s Deputy Minister of Finance announced on Monday that only five licenses will be issued for exchange operations within a pilot program. Despite some companies actively preparing systems and engaging in preliminary discussions with officials, the Ministry of Finance has not yet received formal applications. This restriction has sparked criticism from industry experts who argue that the high capital requirements and lack of clarity on regulations could disadvantage smaller players and stifle fintech innovation.