The turning point in Vietnam's crypto market has arrived. On January 15th, the Vietnamese government announced the official implementation of a pilot licensing system, finally bringing what was once a "gray area" into a regulatory framework. However, the true story behind this policy adjustment is worth all participants pondering carefully.

In the past few years, Vietnam's crypto scene has been a typical state of disorder—people trading in the shadows, with no accountability when issues arise, and it even became a hotbed for money laundering. There was a case where suspects involved in real estate scams embezzled hundreds of billions of Vietnamese dong to transfer into digital assets, leaving victims with nothing. The new regulations aimed to standardize the market and protect investors, but a closer look at these provisions reveals—this is not an open door; it’s more like building a fortress only certain groups can enter.

Key data is laid out clearly: Vietnam only grants 5 licenses in total. No room for negotiation. Having money is not enough; you must be a local Vietnamese legal entity with a registered capital threshold of 100 trillion VND, roughly 380 million to 400 million RMB. This number alone filters out most small and medium-sized entrepreneurs.

The ownership structure is even more ingeniously designed: institutional investors must hold at least 65% of shares, with at least two licensed financial institutions involved holding over 35%, and foreign investment capped at 49%. Individual investors? There’s simply no opportunity to participate.

From another perspective, these rules effectively concentrate the market voice entirely in the hands of top-tier institutions. Retail investors wanting to enter Vietnam’s crypto market through legitimate channels? The threshold might be even higher than before. Although the gray area was chaotic, it at least offered some space for participation. Now that it’s officially legal, it has instead become an exclusive club for institutions.