Tightening DEX, international exchanges, bringing crypto trading back to licensed domestic exchanges🧐
According to Mr. Tô Trần Hòa – Deputy Head of the Standing Committee of the Management Board of the Cryptocurrency Market (UBCKNN) – he stated this at the seminar "Pilot Cryptocurrency: Supervision Mechanism, Operational Capacity, and Investment Standards" held on the morning of March 25.
In response to a question about the management mechanism for decentralized exchanges (DEX) and policies applied to international exchanges participating in the Vietnamese market, Mr. Hòa affirmed:
"After the first licensed domestic exchange goes into operation, all transactions of domestic investors must take place here. Unlicensed platforms will not be allowed to provide services in Vietnam, according to Resolution 05".
This means that it is almost certain that you must stop trading on Dex (swap, farm, lending, add liquidity, etc.) if you do not want to violate the law. The maximum deadline is 6 months from the time the first licensed exchange is operational.
After this period, you have 2 options:
1. Keep assets (coins, tokens) in personal wallets if you want to hold long-term, waiting for the domestic exchange to list your coin and then sell it later.
2. Sell assets for stablecoin to bring to the licensed domestic exchange to start a new journey. If you intentionally fake a VPN to swap, it will be considered illegal.
What do you think about the ban on Dex, what about those dex call groups, as well as memecoins and those hidden gems on Dex? 🥲🥲🥲
