⛔ CANG: Vietnam will block unlicensed international crypto exchanges and bring transactions back to domestic platforms

Vietnam is moving closer to tightening market regulation for #crypto as a new direction requires all domestic investor transactions to be conducted through licensed exchanges, while blocking international platforms without operating licenses.
At the seminar on March 25, Mr. Tô Trần Hòa stated that establishing a legal framework is necessary to meet anti-money laundering standards and improve the country's position with FATF. A representative from the Ministry of Public Security emphasized that the lack of regulations in the past caused capital to flow abroad, making it difficult to trace and handle violations.
Meanwhile, domestic businesses affirmed they are ready with technology, capable of handling large transaction volumes, and ensuring customer assets are kept separate. The pilot phase will focus on evaluating operational capacity, transparency, and system safety.
Authorities also recommended that new investors should not participate in the market at this time, and required international exchanges wishing to operate in Vietnam to store data domestically and comply with tax obligations.
This move indicates Vietnam is shifting to a centralized management model to control capital flow, increase transparency, and develop the domestic crypto market.