Catenaa, Thursday, October 09, 2025-Vietnam’s Finance Ministry has not yet received proposals from companies seeking to join the country’s digital asset trading pilot, even as the government moves to formalize the $100 billion crypto market.
Deputy Finance Minister Nguyen Duc Chi said several firms are preparing, but applications are still pending. The pilot will initially allow up to five participants, with licenses expected before 2026 depending on readiness.
The five-year pilot, outlined under Resolution No. 05, aims to shift Vietnam’s largely offshore crypto activity into regulated, taxable channels.
Estimates suggest roughly 17 million Vietnamese trade digital assets annually, mostly through foreign exchanges including Binance and Bybit.
The ministry has been coordinating with the State Bank of Vietnam and the Ministry of Public Security to finalize licensing procedures, tax regulations, and accounting standards.
The initiative follows the National Assembly’s legalization of digital assets earlier this year under the Law on Digital Technology Industry, effective January 1, 2026.
Regulators view formal recognition as a key step to enhance investor confidence and address international concerns over anti-money laundering compliance.
Vietnam has been on the Financial Action Task Force’s “gray list” since 2023 due to gaps in oversight of virtual asset transactions.
Industry observers note that the pilot could accelerate domestic adoption, providing major banks, securities firms, and fintechs with an opportunity to operate legally within the country.
With global crypto markets maturing and Vietnam poised to become a Southeast Asian hub, the coming months are critical for enterprises to finalize preparations and submit applications for licensing.
