"Strange" moves of some blockchain wallets in Vietnam

(Dan Tri) - The move took place after the resolution on piloting the crypto asset market in Vietnam took effect, with regulations to manage this market more transparently and effectively.

Resolution 05/2025 on pilot implementation of the crypto-asset market in Vietnam takes effect from September 9, 2025. This Resolution regulates the pilot implementation of offering and issuance of crypto-assets, organization of crypto-asset trading market and provision of crypto-asset services; and State management of the crypto-asset market in Vietnam.

A notable provision in Resolution 05 is that after a period of 6 months from the date the first crypto asset service provider is licensed, domestic investors trading crypto assets without going through a crypto asset service provider licensed by the Ministry of Finance, depending on the nature and severity of the violation, will be subject to administrative sanctions or criminal prosecution in accordance with the law.

After the resolution was issued, there were two movements in the financial market. While some banks and securities companies were excited about the new regulations, some blockchain units withdrew.

On the fanpage, Coin98 Wallet - a non-custodial wallet service - has sent the latest announcement to users, with the content that it will temporarily stop providing services to users who are citizens or residents in Vietnam.

Coin98 Wallet belongs to Ninety Eight, known as a blockchain startup in Vietnam. Ninety Eight is introduced as one of the "leading" blockchain companies in Vietnam with a variety of services related to digital assets. In which, Coin98 Wallet is considered the main product and backbone of the ecosystem.

"To comply with new legal regulations in Vietnam related to crypto assets, from today, Coin98 Wallet will temporarily stop providing services to users who are citizens or residents in Vietnam," the homepage of the non-custodial wallet service, belonging to Ninety Eight - a Vietnamese blockchain startup, announced on September 10.

Coin98 Wallet announces the temporary suspension of service provision for users who are citizens or residents in Vietnam (Photo: Screenshot from Coin98 Wallet Fanpage).

In the same development, users of KyberSwap, a DEX (decentralized exchange) platform in Vietnam, reported that they were unable to access the service. Domestic network addresses were blocked from accessing, while international users could still use the KyberSwap service normally.

On the other hand, some domestic banks and securities companies seem to be very enthusiastic about participating in the upcoming digital asset market.

VPBank said it is completing the final procedures to participate in the pilot implementation of a crypto-asset trading floor. VPBank Securities Joint Stock Company (VPBankS) - a subsidiary of this bank - plays a leading role in their crypto-asset trading floor project.

Before VPBank, a number of organizations also made moves to approach this field. In mid-August, the Military Commercial Joint Stock Bank (MB) started with the information of signing a memorandum of understanding (MoU) with Dunamu Group at the Vietnam - Korea Business Forum in Seoul to cooperate in deploying the first domestic digital asset trading floor in Vietnam.

Domestic network addresses are blocked from access (Photo: Screenshot).

On the securities companies side, the race is getting "hotter" with the participation of familiar names such as SSI Securities, Techcombank Securities, VIX Securities...

The condition for being granted a license to provide services to organize crypto-asset trading markets is that the enterprise providing services to organize crypto-asset trading markets must have a minimum capital of VND 10,000 billion, with at least 65% of the charter capital contributed by shareholders and members who are organizations, of which over 35% of the charter capital is contributed by at least 2 organizations such as commercial banks, securities companies, fund management companies, insurance companies, and enterprises operating in the technology sector.

With this regulation, commercial banks, securities companies, fund management companies, and insurance companies are considered to have significant advantages in the roadmap to build a digital asset market in Vietnam.

Source: https://dantri.com.vn/kinh-doanh/dong-thai-la-cua-mot-so-vi-blockchain-tai-viet-nam-20250902165326574.htm