W3BStation
Markets
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
10/06/2025

No Companies Have Applied for Vietnam's Crypto Pilot Program

Hanoi – Vietnam is facing a stark reality: zero corporate participation in its digital asset trading pilot program, even as global demand for regulated crypto markets continues to surge. Vietnam's Ministry of Finance has confirmed that no companies have submitted applications to participate in the five-year cryptocurrency pilot program established under Resolution 05/2025. At a recent press conference, Deputy Minister of Finance Nguyen Duc Chi stated: "As of this moment, the Ministry has not received any proposals f

No Companies Have Applied for Vietnam's Crypto Pilot Program

Hanoi – Vietnam is facing a stark reality: zero corporate participation in its digital asset trading pilot program, even as global demand for regulated crypto markets continues to surge.

Vietnam's Ministry of Finance has confirmed that no companies have submitted applications to participate in the five-year cryptocurrency pilot program established under Resolution 05/2025. At a recent press conference, Deputy Minister of Finance Nguyen Duc Chi stated:

"As of this moment, the Ministry has not received any proposals from businesses. We hope to grant a license to the first entity and launch before 2026, but the timeline depends on companies' ability to meet the requirements."

Major Barriers: Capital, Products, and Regulations

Under current rules, companies seeking a license must meet a minimum capital requirement of VND 10,000 billion (approximately $379 million USD) — on par with requirements for commercial banks, not typical fintech companies.

Furthermore, Vietnam prohibits the issuance of crypto assets backed by fiat currency or securities, meaning most stablecoins such as USDT and USDC, as well as security tokens and tokenized money market funds, are off the table. This significantly narrows the product range that could attract retail and institutional investors.

Some experts argue that the high capital threshold and restrictive regulatory framework make it nearly impossible for fintech companies to participate. Meanwhile, regional peers like Singapore, Hong Kong, and Japan require only $1–5 million USD in capital, creating a far more welcoming environment for blockchain and digital finance companies.

Swimming Against the Global Current

Vietnam is tightening its rules at precisely the moment the global crypto market is seeing an explosion in stablecoins and tokenized financial assets.

According to the latest data, stablecoin supply has surpassed $300 billion, with Q3 2025 transaction volume reaching $15.6 trillion. In addition, tokenized bonds and treasury funds have crossed a combined value of $8 billion, led by products like BlackRock's BUIDL and Franklin Templeton's BENJI.

Analysts say this trend reflects growing demand for yield, collateral, and faster settlement across the global financial system — opportunities that a more open regulatory framework could position Vietnam to capture.

For now, the Ministry of Finance maintains it will continue refining its regulatory framework and accelerate the licensing process to bring the first company on board before 2026. However, given the stringent conditions currently in place, Vietnam's ability to attract meaningful crypto investment in the near term remains a big open question.