Vietnam's new crypto penalty rules take effect September 1; first exchange license still pending, with five firms in assessment.

Vietnam has not yet issued its first crypto asset exchange license, though five companies have passed the first round of assessment, Vietnamplus reports. These firms must next meet Level 4 information system security requirements and hold capital of at least VND 10 trillion, roughly $383 million. Under the current pilot program, domestic investors will only be required to trade through licensed platforms six months after the Ministry of Finance grants the first license to a service provider. The new penalty rules for crypto asset and market violations take effect September 1.

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