[Vietnam Has Begun Trial Implementation of Formal Licensing System for Crypto Asset Trading Platforms] According to Cryptonews, Vietnam's Ministry of Finance has issued a resolution this week to launch a pilot program for the formal licensing system of cryptocurrency trading platforms, aiming to bring the industry out of its long-standing legal gray area and into a regulatory framework. Under the resolution, the State Securities Commission will be responsible for issuing, adjusting, and revoking operating licenses for crypto asset trading platforms, and has published detailed application guidelines. The system requires applicant companies to be local Vietnamese firms with a minimum paid-up capital of 10 trillion Vietnamese dong (approximately $380 million), and they must meet strict standards in infrastructure, governance, cybersecurity, and professional staffing. Currently, about 10 securities companies and banks have expressed plans to enter the market once licensed, including institutions such as SSI Securities, VIX Securities, MBBank, Techcombank, and VPBank, which have already begun preparations through subsidiaries or partnerships with technology providers.