vietnam

The past period has seen many investors experiencing extreme confusion when witnessing Gold (XAU/USD)—an asset dubbed the "ultimate safe haven"—sliding down in the worst price drop since 1983.
From the all-time high of 5,608.35 USD/ounce set in January 2026, gold has evaporated approximately 18.5%, falling straight down to the range of 4,488 - 4,497 USD/ounce by the end of March. The paradox is that this crash occurred right in the eye of the storm of geopolitical tension and the global energy shock. As someone closely following institutional cash flows, I want to share my perspective on dissecting the market structure so we can see clearly: This is not illogical, but rather the brutal consequence of a cross-liquidity crisis.

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Vietnam’s digital asset market is entering a completely new phase.
What used to be a gray zone is now becoming a regulated, high-barrier industry, and the race to launch the country’s first licensed crypto exchanges is heating up fast.
But here is the twist.
This is not a race for startups.
It is a race for financial giants.
A Market With High Barriers From Day One
Under the new framework tied to the Law on Digital Technology Industry (effective from January 1, 2026), opening a crypto exchange in Vietnam is no small task.
Companies must meet strict requirements:
Minimum charter capital of around 10,000 billion VND
At least 65% institutional ownership
Over 35% held by banks, securities firms, or tech companies
In short, this is a market designed for serious players only.
And even then, not everyone gets in.
The government plans to approve only up to five exchanges during the pilot phase.
Unexpected Names Enter the Game
One of the most surprising entrants is Sun Group.
Known primarily for real estate and tourism, Sun Group recently established a digital asset company with 1,000 billion VND in capital, holding 64% of the stake.
The remaining shares involve a tech partner and PetroVietnam Securities.
It is a reminder that crypto is no longer just a fintech story.
It is becoming a cross-industry opportunity.
The Heavyweights Behind the Scenes
Some of the strongest contenders come from existing financial ecosystems.
VPBank is backing CAEX, which is reportedly scaling its capital toward the required 10,000 billion VND threshold.
Techcombank is linked to TCEX, while Sovico Group, associated with billionaire Nguyễn Thị Phương Thảo, is involved in HDEX.
Meanwhile, VIXEX is backed by VIX Securities, and LPEX is rumored to be connected to the LPBank ecosystem.
Another notable player is Vimexchange, supported by the Vimedimex pharmaceutical group, which launched with a bold 10,000 billion VND capital commitment from day one.
Not Everyone Is Willing to Play
Interestingly, some companies are choosing to stay out.
Vietcap Securities has already withdrawn from the race, citing the high capital requirements and risk profile of such a new market.
This highlights an important reality.
Even with massive potential, crypto infrastructure in Vietnam is still seen as high risk, high uncertainty.
A Government-Controlled Rollout
Zooming out, the strategy is clear.
Vietnam is not just legalizing crypto.
It is carefully controlling its entry into the financial system.
By limiting the number of licensed exchanges and requiring strong institutional backing, regulators are aiming to:
Ensure stability
Reduce systemic risk
Maintain oversight
Capture tax revenue
And perhaps most importantly, avoid the chaos seen in earlier crypto cycles.
Who Has the Edge?
At this stage, the advantage likely belongs to players who combine:
Strong capital
Banking relationships
Technology infrastructure
Regulatory alignment
This gives bank-backed ecosystems like VPBank or Techcombank a natural edge, but conglomerates like Sun Group or Sovico could still surprise the market with aggressive execution.
The Bigger Shift
A few years ago, crypto in Vietnam was largely informal.
Today, billion-dollar institutions are competing for licenses in a regulated market.
That shift says everything.
The question is no longer whether crypto will exist in Vietnam.
It is who will control it first.
#Binance #wendy #Vietnam 🇻🇳 $BTC $ETH $BNB

Vietnam is making a bold move in crypto regulation, but it is not what many headlines might suggest.
This is not a ban on crypto.
It is a move to reshape who controls the market.

From Open Market to Controlled Infrastructure
Vietnam currently ranks among the most active crypto markets globally, with massive retail participation. Instead of shutting that down, the government appears to be taking a different approach.
It wants to bring the activity onshore.
The Ministry of Finance is drafting rules that would restrict Vietnamese users from trading on foreign platforms like Binance.
At the same time, a pilot program for licensed domestic exchanges is being prepared and could launch as early as this month.
The Players Already Positioned
Five major Vietnamese institutions have already been named in the pilot:
FPT
Viettel
VPBank
Vietcombank
A joint venture between Postal Savings Bank and MB Bank
These are not small players. They represent a mix of tech, telecom, and banking, essentially the backbone of Vietnam’s digital infrastructure.
The message is clear.
Instead of relying on global exchanges, Vietnam is building its own regulated crypto ecosystem from the ground up.
The Strategic Play: Keep the Market, Capture the Value
This strategy follows a familiar pattern seen in other countries.
Rather than banning crypto outright, governments:
Limit access to international platforms
Encourage domestic alternatives
Create regulatory clarity
And most importantly, capture tax revenue
India and Turkey have experimented with similar approaches, aiming to balance innovation with control.
For Vietnam, this could mean turning one of the world’s most active retail crypto markets into a regulated, taxable financial sector.
What This Means for Binance
If enforced effectively, this policy could cut off access to millions of highly active Vietnamese users.
For global exchanges like Binance, Vietnam is not just another market. It is one of the fastest growing user bases in crypto.
Losing that access would be significant.
At the same time, local institutions gain a powerful advantage. With regulatory backing and limited foreign competition, they could scale quickly.
The Real Question: Will Users Actually Follow?
This is where things get interesting.
Crypto users are not like traditional finance users. They are often more tech savvy, more global, and more comfortable bypassing restrictions.
So the key question is not just about regulation.
It is about behavior.
Will Vietnamese traders migrate to local platforms?
Or will they simply continue using foreign exchanges through tools like VPNs?
A Turning Point for Crypto in Vietnam
This move could mark a major shift.
Vietnam is not rejecting crypto. It is trying to domesticate it, align it with national financial systems, and bring it under regulatory oversight.
If successful, it could become a model for other emerging markets.
But success will depend on one critical factor.
Whether users choose compliance, or convenience.
#Binance #wendy #Vietnam $BTC $ETH $BNB

🔥5 Major players officially approved to establish a crypto exchange in Vietnam - Is this the end of international exchanges like @binance OKX Bybit Mexc?

First, everyone needs to know an important piece of information that since the first exchange in Vietnam was announced, you still have up to 6 months to transfer money or coins to the Vietnamese exchange, so there is no need to worry or rush, just calmly wait for news.