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Vietnam Moves Toward Crypto Licensing

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Vietnamese companies are competing to obtain the country’s first licenses to operate domestic cryptocurrency exchanges as authorities prepare tighter oversight of digital asset trading.

The government plans to launch a pilot program that would allow locally regulated crypto platforms to operate, while restricting the use of overseas exchanges by Vietnamese traders.

Several financial institutions and investment firms have already entered the qualification process, reflecting strong industry interest in the emerging regulatory framework.

Vietnam has become one of the most active cryptocurrency markets globally, with transaction volumes reaching significant levels in recent years.

Officials aim to keep trading activity within the country’s financial system while improving supervision and managing capital flows.

The initiative could also help develop Vietnam’s digital finance sector, though policymakers note that further regulatory work is still required.

Bithumb Blames System Flaws for $40 Billion Bitcoin Error

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South Korea’s crypto exchange Bithumb said serious internal system flaws allowed an erroneous transfer of more than $40 billion in bitcoin during a promotional event last week, prompting regulatory scrutiny and market volatility. The exchange accidentally distributed about 620,000 bitcoins to customers instead of 620,000 won ($426), triggering a sharp 17% drop in bitcoin prices on its platform.

Chief Executive Lee Jae-won told lawmakers the error was exacerbated by a roughly 24-hour processing lag that delayed balance updates. The mistaken transfer amounted to roughly 15 times the exchange’s bitcoin holdings. Internal safeguards—including checks comparing transfer volumes with actual reserves—failed, and the assets were not earmarked in a separate account to ensure transaction safety.

Most of the bitcoins have since been recovered, though regulators said 1,786 coins were sold before accounts were frozen. Authorities stated that customers who sold the mistakenly credited assets are legally required to return them. The incident has sparked criticism in parliament over oversight failures in one of the world’s most active crypto markets.

The head of the Financial Supervisory Service said the episode underscores the need for stronger regulatory frameworks, adding that virtual asset platforms should ideally face oversight similar to banks, though current laws do not yet provide that authority.

China Tightens Crypto Crackdown, Targets RWA Token Issuance

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China has stepped up its crackdown on virtual currencies, banning unauthorized offshore issuance of yuan-pegged stablecoins and pledging stricter oversight of tokens backed by onshore assets, according to a notice published by the People’s Bank of China. The move reinforces Beijing’s long-standing prohibition on cryptocurrencies while drawing a clearer regulatory line around real-world asset (RWA) tokenization.

Authorities said virtual currency-related activities remain illegal financial operations and warned domestic entities—and their overseas affiliates—against issuing tokens abroad without approval. Regulators also barred both domestic and foreign firms from issuing offshore stablecoins pegged to the yuan, underscoring that such instruments effectively replicate functions of fiat currency. Financial institutions were cautioned not to provide banking or clearing services to crypto-related businesses.

While reiterating a hard line on cryptocurrencies, the notice introduces a notable distinction for RWA tokenization. Offshore issuance of tokens backed by Chinese onshore assets will be subject to strict vetting by relevant authorities, a shift some industry observers view as the beginnings of a formal legal framework. Analysts say the policy signals recognition of RWA activity—long operating in a gray area—while maintaining the central bank’s monopoly over digital money via the digital yuan.

Officials cited renewed speculative activity as justification for tighter measures. Market participants now await detailed implementation rules to determine whether regulated RWA issuance can proceed and produce viable use cases under China’s oversight.