Vietnam’s 5-Year Crypto Pilot Has No Applications – Here’s Why

Vietnam’s digital asset pilot program has yet to receive any applications from businesses, even as interest in cryptocurrencies continues to grow across the country.

The program has attracted attention from companies and investors; however, strict rules and high requirements are slowing applications, highlighting the challenges of entering Vietnam’s emerging crypto market.

Crypto Pilot Sees Slow Start

Vietnam’s Ministry of Finance has confirmed that it has not yet received any proposals from businesses seeking to pilot digital asset trading. 

Deputy Minister Nguyen Duc Chi shared this update during a press conference on Sunday. He added that 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.

Chi said that although many companies may be interested, only five can join the pilot under government rules.

He also emphasized that the Ministry of Finance is speeding up procedures so that the first eligible enterprises can be licensed and begin operations in the Vietnamese market as soon as possible.

“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,” he added. 

Vietnam’s Digital Asset Pilot

This comes after the government launched a five-year pilot for the country’s crypto market on September 9, 2025. The pilot aims to move crypto trading from informal offshore markets to formal, taxable, onshore channels that are part of Vietnam’s financial system.

The ministry is preparing regulations on taxes, transaction fees, and accounting standards for participants. It has also set up a coordination process with other key agencies, including the Ministry of Public Security and the State Bank of Vietnam, to gather feedback and finalize licensing procedures for pilot participants.

High Barriers Discourage Applicants

However, the pilot program has strict rules to ensure safety and transparency. All crypto transactions must be conducted in Vietnamese dong, and only Vietnamese companies can issue crypto assets. These assets must be backed by real, tangible assets and fiat- or securities-backed coins are not allowed. 

Foreign investors can participate only through licensed crypto asset service providers (CASPs). CASPs must maintain a minimum capital of 10 trillion dong ($379 million).

These conditions explain why applicants have been slow to come forward.

Growing Crypto Activity in Vietnam

Vietnam officially legalized digital assets after the National Assembly passed the Law on Digital Technology Industry in July. Crypto activity in Vietnam has also grown rapidly.

Around 17 million Vietnamese are already trading cryptocurrencies, with annual transactions exceeding $100 billion. Most of this activity happens on offshore platforms like Binance, Bybit, and others in Singapore, South Korea, and Hong Kong.

Vietnam ranked fourth on Chainalysis’ 2025 Global Crypto Adoption Index. The Asia-Pacific (APAC) region became the fastest-growing region for on-chain crypto, with transaction volumes rising 69% year-over-year from $1.4 trillion to $2.36 trillion, led by strong activity in India, Vietnam, and Pakistan.