TLDR
- Vietnam has not received any proposals from businesses for its digital asset pilot program.
- The Ministry of Finance confirmed that strict rules and high requirements are delaying applications.
- Only five companies will be allowed to participate in the pilot under current government regulations.
- The pilot program requires crypto transactions to be in Vietnamese dong and issued only by Vietnamese companies.
- Foreign investors can only participate through licensed crypto asset service providers based in Vietnam.
Vietnam has not received a single business proposal for its digital asset pilot, despite strong industry interest and rising demand for such initiatives. Strict entry rules, licensing hurdles, and capital requirements continue to delay applications to the government’s five-year crypto program. The Ministry of Finance confirmed the update during a press conference held on Sunday.
No Applications Yet for Vietnam Crypto Pilot
Vietnam’s Ministry of Finance confirmed that no enterprises have submitted proposals to join the national digital asset pilot. Deputy Minister Nguyen Duc Chi stated that although interest remains high, formal submissions are still pending. Several companies are updating their business lines in preparation, but none have officially applied.
Only five enterprises will be granted licenses to participate in the pilot, as outlined in current government regulations. The ministry has also emphasized the importance of meeting all legal and financial conditions for participation. “We are accelerating procedures to license the first participants as soon as possible,” said Chi.
Authorities launched the pilot on September 9, 2025, to bring crypto activity under regulated onshore systems. The program aims to shift users from offshore platforms to licensed and taxed domestic channels. The initiative is also supported by coordination between ministries and regulatory agencies.
Tough Entry Rules Slow Business Participation
Vietnam enforces strict rules to ensure stability and accountability in its emerging crypto market. All digital asset transactions must be conducted in Vietnamese dong, and only Vietnamese companies are permitted to issue digital assets. The government prohibits coins backed by securities or fiat currencies.
Crypto asset service providers (CASPs) must hold a minimum capital of at least 10 trillion dong, equivalent to $379 million. Foreign investors are allowed but only through officially licensed CASPs under local control. These barriers remain a significant reason why businesses hesitate to apply.
Moreover, the ministry is drafting detailed rules covering tax, transaction fees, and accounting systems. Licensing procedures are still under development, with feedback being collected from security and banking regulators. As a result, enterprises remain cautious while navigating complex compliance frameworks.
Crypto Adoption Surges While Pilot Lags
While Vietnam’s pilot program awaits participants, the country’s cryptocurrency usage continues to grow rapidly. Nearly 17 million Vietnamese are already involved in crypto trading, primarily through offshore exchanges. Annual trading volumes have crossed $100 billion.
Vietnam ranked fourth in Chainalysis’ 2025 Global Crypto Adoption Index. The Asia-Pacific region, led by India, Vietnam, and Pakistan, saw a 69% rise in on-chain volume. Offshore platforms like Binance and Bybit dominate Vietnam’s crypto landscape.
The National Assembly legalized digital assets in July by passing the Law on Digital Technology Industry. However, shifting users to regulated domestic platforms will depend on easing entry for local businesses. Until then, Vietnam’s pilot remains on hold despite rising adoption.
