Vietnam to Ban Offshore Exchanges, Launch Local Platforms
Table of ContentsKey Takeaways:Vietnam Moves to Block Overseas Crypto TradingRace to Launch First Licensed Domestic ExchangesWhat the Pilot Aims to DoA $200 Billion Market Driving Policy ShiftLimited Investment Options Fuel Crypto Demand
The popularity of crypto in Vietnam is linked to the financial environment. There are limited financial instruments for investments. The Vietnamese stock exchange is still considered a frontier market. Corporate bonds are not well developed.
Moreover, the price of gold is higher in the country compared to the global market. There are also cases of speculative surges in the property market. That is why people are showing interest in crypto. Still, crypto assets are not considered legal means of payment in the country.
Ownership is allowed, but the relevant framework for this sector is incomplete. The industry believes that the fees paid in the exchange could stay in the country and contribute to the development of the digital economy. However, the relevant areas are still incomplete.
Read More: US Appeals Court Rejects Custodia Bank’s Fed Account Bid in Major Blow to Crypto Bank
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