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Update news crypto assets
Vietnam has built world-class blockchain companies that remain highly active. Yet many share the same reality: their operating entities and revenue are based overseas, while their teams in Vietnam function mainly as “engineering hubs.”
Draft amendments would require crypto asset service providers in Vietnam to comply with anti-money laundering regulations.
Decree 284, which sets administrative penalties for violations involving crypto assets and the crypto asset market, will take effect on September 1. This is expected to mark the end of unlicensed crypto exchanges operating in Vietnam.
Vietnam will begin fining investors who trade through unlicensed crypto platforms from September 1, putting the future of major global exchanges in the country under scrutiny.