In a noteworthy update from Vietnam’s financial authorities, the Ministry of Finance has confirmed that it has not yet received any formal proposals from enterprises seeking to participate in the country’s nascent digital asset trading pilot. This comes even as the government moves forward with plans to regulate and legitimize a market long conducted largely via offshore platforms.
The Current Status
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At a recent press briefing, Deputy Finance Minister Nguyen Duc Chi revealed that no formal applications have been submitted to date.
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Nonetheless, some companies are reportedly preparing themselves, registering new business lines and making structural adjustments in anticipation.
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Importantly, the pilot program is restricted: only up to five firms will be selected to participate initially.
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Officials are aiming to launch the pilot before 2026, though the exact timeline hinges on how quickly participants meet regulatory prerequisites.
Why the Delay?
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Regulatory Uncertainties
Although a legal framework is in development, many prospective firms may be waiting for clarity on taxation, licensing procedures, reporting standards, and accounting treatments. -
Capacity & Compliance Barriers
Entering a regulated digital asset market requires significant infrastructure, anti-money laundering (AML) systems, and risk management setups, which may be costly or technically challenging for many. -
Market Entrants’ Hesitation
Some industry players may adopt a “wait and see” approach, assessing how the pilot unfolds before committing their capital and resources.
Strategic Importance of the Pilot
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Formalizing the Market: Vietnam’s digital asset trading is currently dominated by offshore exchanges. The pilot seeks to bring a portion of that activity onshore under regulatory supervision.
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Regaining Oversight: By legalizing and monitoring these transactions, the government can improve tax collection and risk control over capital flows.
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Investor Confidence: A credible legal framework could strengthen public trust, mitigating fraud risk and encouraging more participants to engage openly in the ecosystem.
Challenges & Outlook
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Selecting the Right Firms: With a limited roster of just five participants, regulators must pick entities that can meet compliance demands and help set a trustworthy precedent.
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Execution Risks: Even approved entities may struggle to launch operations smoothly if technical or regulatory hurdles emerge late in the process.
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Scalability Questions: The pilot is just a first step — scaling beyond the pilot phase will require evolving regulations, oversight, and infrastructure.
If the pilot progresses successfully, it could mark a pivotal moment in Vietnam’s crypto sector, transitioning much of its previously offshore trade into a regulated, domestic market. That said, much depends on how soon companies formalize their interest and how rigorously authorities manage the pilot’s implementation.
