Vietnamese companies are vying to establish the country's first licensed cryptocurrency exchanges as the government takes steps to limit trading on foreign platforms in one of the world's most vibrant crypto markets.
Hanoi intends to launch a pilot program for domestically operated digital-asset exchanges as early as this month, as outlined in a government resolution released in February. This initiative is part of a broader effort to strengthen the regulation of crypto trading and capital movements.
Vietnam has established itself as one of the globe's most active crypto markets, ranking fourth worldwide in last year's Global Crypto Adoption Index produced by blockchain data firm Chainalysis, which estimated that transactions involving Vietnamese traders surpassed $200 billion in the year ending in June. Authorities have become increasingly alarmed about the use of cryptocurrencies and stablecoins amid their growing popularity in the region, heightening the risk of unregulated capital outflows.
South Korea’s Financial Intelligence Unit (FIU) has levied a fine of 36.8 billion won ($25 million) and imposed a six-month partial business suspension on the cryptocurrency exchange Bithumb. This action follows the discovery of over 6.6 million violations of the nation’s financial reporting and compliance regulations.
The enforcement measure is a result of regulatory inspections carried out from 2024 to 2025 across the five major exchanges in South Korea: Upbit, Bithumb, Coinone, Korbit, and Gopax, reflecting the nation's ongoing efforts to strengthen oversight of digital asset trading platforms.
Officials stated that the violations were mainly due to shortcomings in customer identification and transaction monitoring, as stipulated by South Korea's Act on Reporting and Use of Specific Financial Transaction Information.