Vietnam, the Next Web3 Holy Land?
Vietnam has officially launched a pilot program for cryptocurrency exchange licensing, marking a shift from a regulatory gray area to a formal oversight framework. The key requirements include a high capital threshold of 10 trillion VND (approximately 300 million RMB), which effectively excludes smaller players and encourages participation from major local financial institutions such as SSI Securities and MB Bank.
This move aligns with a broader regional trend in Southeast Asia, where countries like Thailand, Malaysia, and the Philippines have also upgraded their regulatory frameworks. Vietnam’s approach resembles Singapore’s institutional-friendly model, emphasizing compliance and stability over retail speculation. However, challenges remain, including potential market concentration among traditional financial players, higher compliance costs for users, and a possible mismatch between regulatory capacity and fast-evolving Web3 innovations.
Rather than competing directly with hubs like Hong Kong or Singapore, Vietnam may find its niche as a development center within a new geographic division of labor: compliance in places like Dubai, development in cost-effective markets like Vietnam, and global operations elsewhere. This strategy could allow Vietnam to leverage its talent pool and supportive policies while avoiding the complexities of becoming a full-scale financial hub.
marsbit01/27 12:39
