Vietnam has not licensed any crypto exchange, although five applicants passed an initial assessment stage.Applicants need 10 trillion dong in charter capital and Level 4 information-system security certification before licensing.Decree 284 takes effect September 1, establishing penalties for crypto-market violations during Vietnam’s pilot program.Domestic traders face no immediate offshore-platform fines because a separate six-month transition period applies first.Vietnam’s six-month transition starts only when the Ministry of Finance licenses its first service provider.