PARIS, April 11, 2026 – The Bank of France has issued a stark warning to European regulators, demanding immediate restrictions on non-euro stablecoins that could trigger market volatility and a potential 10% correction in the digital asset sector. Senior official Denis Beau declared the landmark Markets in Crypto-Assets (MiCA) framework insufficient, pressing for urgent amendments to curb the use of dollar-backed stablecoins in daily transactions, citing growing systemic concerns.
While Europe tightens its grip, the picture looks very different on the other side of the world.
On April 10, Vietnam Prosperity Crypto Asset Exchange JSC, known as CAEX, announced that two major investment firms, OKX Ventures and HashKey Capital, have agreed to back the company financially and become strategic partners.
The two firms will contribute funds in April to help CAEX meet a minimum capital requirement of 10 trillion Vietnamese dong, which works out to around $380 million.
That figure is the entry bar set by Vietnam’s government for any exchange looking to join its new pilot program for regulated crypto trading.
This five-year trial program was started by Vietnam in an effort to move local traders from unregulated offshore platforms to venues under government supervision that are licensed. An exchange must reach the 10 trillion dong barrier in order to be eligible, and institutional investors like banks or securities firms must provide at least 65% of the necessary capital.
Five domestic companies, CAEX, associated with VPBank; TCEX, associated with Techcombank; and LPEX, associated with LPBank, passed an early assessment stage.
Netero Dai, vice president of OKX Global Markets, said: “Vietnam is one of the most dynamic markets for digital assets, with strong user adoption and a clear move towards a regulated framework. Our partnership with CAEX reflects our mission to create a safe, trusted environment for people to transact with crypto.”
Later in 2026, Vietnam intends to impose a tax of about 0.1 percent on cryptocurrency transactions and legally recognize digital assets in legislation.
This divergence underscores Europe’s defensive approach to protect monetary sovereignty versus Asia’s pragmatic push for regulated growth and adoption.
While France tightens MiCA to limit non-euro stablecoins in daily payments, Vietnam and similar Asian hubs are attracting capital and infrastructure through clear licensing and institutional partnerships.
The result is an emerging crypto decoupling, where stablecoins increasingly function as independent payment infrastructure rather than purely speculative assets tied to market cycles.
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