- •Vietnam’s crypto pilot is yet to receive firm applications by October 2025.
- •Program launch contingent on firms meeting criteria.
- •Crypto market largely reliant on offshore exchanges.
Vietnam's government crypto pilot, announced in September 2025, remains without formal applications by October 7, 2025, due to stringent requirements confirmed by Deputy Minister Nguyen Duc Chi.
The absence of applications highlights regulatory challenges facing Vietnam's crypto framework, impacting market dynamics and delaying the country's entry into the regulated digital asset exchange landscape.
Vietnam’s government crypto pilot program announced in September 2025 remains without applications as no firms have formally applied, citing stringent conditions in a statement from the Ministry of Finance.
The absence of applicants underlines Vietnam's cautious approach to digital asset regulation and the industry's dependency on offshore exchange platforms.
Vietnam's Rigorous Entry Barriers Deter Crypto Firms
The Ministry of Finance announced a pilot program for the regulated exchange of crypto assets in September. As of October, no companies have applied, highlighting rigorous entry requirements and industry hesitation. Deputy Minister Nguyen Duc Chi confirmed during a press briefing that while some firms may be preparing, no formal applications have been submitted.
“Although no formal applications have been received, several companies are preparing to enter the market by registering additional business lines to participate in the digital asset market. We hope to launch this pilot before 2026. However, the progress will depend on how well enterprises can meet the required conditions. With close coordination between businesses and the ministry’s relevant units, we believe the timeline can be accelerated.” – Nguyen Duc Chi, Deputy Minister of Finance, Ministry of Finance, Vietnam
The framework mandates Vietnamese-only tangible-backed crypto assets.
VNĐ10 Trillion Capital Hurdle Stalls Crypto Pilot Entry
The absence of applications emphasizes a cautious market sentiment and the challenges of rigorous entry criteria. The situation impacts traders and firms who continue relying on offshore platforms like Binance.
The requirement for a minimum capital of VNĐ10 trillion is a significant hurdle, restricting smaller enterprises from engaging. This may delay the anticipated shift towards a regulated domestic crypto market.
Learning from South Korea and Japan's Crypto Lessons
The current regulatory landscape in Vietnam, seen in South Korea’s and Japan's early cryptocurrency efforts, suggests the initial high barriers may slow domestic market development but ensure future stability. With no licensed exchanges operating locally, parallels with previous international regulatory experiences indicate potential gradual growth as firms adapt strategies to meet conditions and potentially enter the pilot.