What impact would SCEX have if granted approval to operate in Vietnam?
The impact if SCEX is licensed in Vietnam.
If SCEX completes the licensing process and receives operational approval, this could be one of the notable steps in the formation of a domestic cryptocurrency market in Vietnam.
Previously, most Vietnamese users accessed crypto through international exchanges or P2P trading. This model has the advantage of quick access, but also comes with many problems such as counterparty risk, difficulty controlling money flow, lack of reporting standards, and heavy reliance on foreign platforms.
If domestic cryptocurrency exchanges are licensed, the market could gradually shift to a more supervised model. Users would have to provide full identification, VND deposits and withdrawals could be directly linked to the domestic financial system, assets would be held in custody according to risk management standards, and transaction history could be aggregated for reporting purposes.
With SCEX, the key area to watch is the potential for connectivity between four layers: cryptocurrency trading infrastructure, traditional banking/financial systems, user education via simulators, and domestic compliance requirements. If successfully implemented, this could serve as a benchmark model for how the Vietnamese cryptocurrency market operates during the pilot phase.
However, this prospect still largely depends on the licensing outcome, detailed regulations from the regulatory authority, and the platform’s actual operational capabilities. Therefore, SCEX should not be viewed as an officially approved exchange, but rather as a business undergoing evaluation and one worth watching.【Vietnam Crypto Exchange】
The time when SCEX or another domestic exchange is licensed also marks the beginning of a 6-month period for Vietnamese investors to transfer crypto assets from foreign platforms to domestic ones to avoid the risk of administrative penalties or criminal prosecution as stipulated in Resolution 05.
Summary
It’s clear that SCEX is one of the noteworthy businesses during Vietnam’s pilot phase of the cryptocurrency market. Its key feature lies in its focus on building a cryptocurrency trading platform to serve Vietnamese users, with elements such as trading in VND, bank deposits/withdrawals, asset custody, electronic identity verification, tax reporting, and the SCEX Simulator trading simulation program.
However, SCEX is currently undergoing evaluation and has not yet been officially licensed to operate. Users should continue to monitor further information from the regulatory authority and the platform before making a decision.