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Several companies in Vietnam have applied for cryptocurrency exchange licenses, and 5 companies have passed the preliminary qualification review

According to Reuters, Vietnam plans to launch a pilot project for licensed cryptocurrency exchanges as early as this month to restrict domestic users from trading on foreign platforms and strengthen capital flow regulation.Documents from the Vietnamese Ministry of Finance show that five companies have passed the preliminary qualification review, including affiliated institutions of three private banks: Techcombank, VPBank, and LPBank, as well as the securities brokerage VIX Securities and the large private enterprise group Sun Group. The pilot period is set for five years, with a cap of five licensed exchanges, and the entry threshold is high, requiring a minimum registered capital of 100 trillion Vietnamese dong (approximately 37.9 million USD), with foreign ownership not exceeding 49%. The Ministry of Finance is drafting relevant regulations that aim to prohibit Vietnamese citizens from trading on foreign cryptocurrency platforms, with violators facing fines of up to 100 million Vietnamese dong (approximately 3,800 USD).Analysts point out that this ban may force over 17 million cryptocurrency holders in Vietnam to withdraw from foreign exchanges such as Binance and Bybit. The enforcement timeline is clear, set to take effect six months after the first batch of licenses is issued.

The Financial Supervisory Service of South Korea, the Customs Service, and credit card companies join forces to combat cryptocurrency exchange and illegal overseas withdrawals

According to New Daily, the Financial Supervisory Service (FSS) of South Korea, the Customs Service, the Credit Finance Association, and nine credit card companies in the country signed the "Public-Private Cooperation Agreement to Block Transnational Criminal Funding" on the same day. The plan aims to cut off the funding chain for telephone fraud and virtual asset crimes at the source by analyzing overseas credit card usage details and entry and exit records.In the past, due to information gaps between agencies, the Customs Service had entry and exit data but could not monitor abnormal overseas consumption in real-time, while credit card companies had payment data but did not have access to cardholders' customs clearance dynamics. Under the new mechanism, the Customs Service will provide credit card companies with information on high-risk transaction trends, while the Financial Supervisory Service will establish guidelines authorizing credit card companies to take effective measures such as interrupting transactions when abnormalities are detected.Lee Chan-jin, the head of the Financial Supervisory Service of South Korea, stated that this move signifies that South Korea has established a normalized monitoring system to block the outflow of criminal proceeds at the source. The system will focus on precisely targeting currency exchange behaviors that involve cash withdrawals at overseas ATMs using overseas credit cards and laundering through cryptocurrencies.
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