"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 the pilot implementation of the cryptocurrency market in Vietnam takes effect from September 9, 2025. This resolution stipulates the pilot implementation of offering and issuing cryptocurrency assets, organizing the cryptocurrency trading market and providing cryptocurrency services; and state management of the cryptocurrency market in Vietnam.

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

Following the resolution's issuance, two reactions occurred in the financial market. While some banks and securities firms expressed enthusiasm for the new regulation, some blockchain entities took steps to withdraw.

On its fan page, Coin98 Wallet – a non-custodial wallet service – has posted a new announcement to its users, stating that it will temporarily suspend services for users who are citizens or residents of Vietnam.

Coin98 Wallet, a subsidiary of Ninety Eight, is known as a blockchain startup in Vietnam. Ninety Eight is presented as one of Vietnam's "leading" blockchain companies, offering a diverse range of services related to digital assets. Coin98 Wallet is considered its flagship product and the backbone of its ecosystem.

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

Coin98 Wallet announces the temporary suspension of services for users who are citizens or residents of Vietnam (Image: Screenshot from Coin98 Wallet Fanpage).

In a similar development, KyberSwap users, a DEX (decentralized exchange) platform in Vietnam, reported being unable to access the service. Domestic network providers blocked access, while international users could still use KyberSwap normally.

Conversely, some domestic banks and securities companies seem very enthusiastic about participating in the upcoming digital asset market.

VPBank stated that it is finalizing the last procedures to participate in the pilot implementation of a cryptocurrency exchange platform. VPBank Securities Joint Stock Company (VPBankS) - a subsidiary of the bank - will play a leading role in their cryptocurrency exchange project.

Prior to VPBank, several other organizations also took steps to enter this field. In mid-August, Military Commercial Joint Stock Bank (MB) led the way by signing a memorandum of understanding (MoU) with Dunamu Group at the Vietnam-Korea Business Forum in Seoul to cooperate in launching the first domestic digital asset exchange in Vietnam.

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

On the securities firm side, the race is heating up with the participation of familiar names such as SSI Securities, Techcombank Securities, VIX Securities, etc.

The conditions for obtaining a license to provide cryptocurrency trading market services are that the business providing cryptocurrency trading market services must have a minimum capital of VND 10,000 billion, with at least 65% of the charter capital contributed by institutional shareholders or members, of which more than 35% of the charter capital must be contributed by at least two institutions such as commercial banks, securities companies, fund management companies, insurance companies, or technology companies.

With this regulation, commercial banks, securities companies, fund management companies, and insurance companies are considered to have a significant advantage in the roadmap for building 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