Vietnam has initiated a pilot program to formally license cryptocurrency trading platforms, as announced by the Ministry of Finance. This move aims to transition the industry from a legal gray area into a regulated framework. The State Securities Commission will oversee the issuance, adjustment, and revocation of licenses, with detailed application guidelines now available. To qualify, applicant companies must be Vietnamese entities with a minimum paid-up capital of 10 trillion Vietnamese dong (approximately US$380 million) and meet rigorous standards in infrastructure, governance, cybersecurity, and staffing. Currently, around 10 securities firms and banks, including SSI Securities, VIX Securities, MBBank, Techcombank, and VPBank, have expressed interest in entering the market, with some already forming partnerships or subsidiaries to enhance their market presence.