🔥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.
I am lucky to have the opportunity to work directly with many BD of crypto exchanges in VN. I have talked to some people working in VN as well as abroad, and from what I see, major exchanges like Binance, Bybit, OKX, or MEXC are still interested in VN. They are still researching and in the process of applying for licenses, not ignoring this market.
The second important thing is hoping that VN's laws will be more open for international exchanges to enter, so that the market can be competitive and beneficial for the entire sector as well as for investors like us. We should not allow monopolies like the electricity sector in VN. If the government really wants to ban it, there's nothing we can do. But I think there's a high chance that international exchanges will still be allowed to operate when they have licenses. As long as when depositing and withdrawing USDT to VND and vice versa, you must perform at a Vietnamese exchange to collect taxes, that's fine. If there are any hot insider news, I will continue to share it with everyone.
What we need to do now is:
- Be careful with invitations to new exchanges that look like scams. Also, be cautious of phishing emails pretending to be exchanges asking for your information.
- If you have a lot of money, just cash out some VND to keep it there and return to exchanges later.
- As for holding coins, just hold them without needing to do anything. I firmly believe that Vietnamese exchanges cannot yet have all the coins everyone holds to transfer back, so they haven't completely banned international exchanges.
What do you think about the above opinion? Feel free to comment for discussion and development!
Important figures about the Crypto market in VN:
- Vietnam ranks #4 globally in cryptocurrency adoption, according to Chainalysis. Annual cryptocurrency trading volume: over 200 billion USD
- Number of active cryptocurrency users: over 21 million people (~21% of the population)
- Minimum charter capital requirement: 380 million USD. Maximum foreign ownership ratio: 49% $BNB
