Financial and Business News

Vietnam’s Crypto Pilot Sees No Applicants as Capital, Product Rules Keep Firms Away

Monday, 06/10/2025 | 11:36 GMT by Tareq Sikder
  • Capital requirements of around $379 million deter companies from applying.
  • Most stablecoins and tokenized securities are excluded under current rules.
Lung Cu flag tower from drone in Hagiang, Vietnam
Lung Cu flag tower from drone in Hagiang, Vietnam

Vietnam’s Ministry of Finance has confirmed that no companies have applied to participate in the country’s five-year digital asset trading pilot. Deputy Minister Nguyen Duc Chi told local media at a Sunday briefing that the ministry has not received any proposals from enterprises seeking to join the program.

The lack of applicants comes nearly a month after the government issued a resolution that officially launched the crypto pilot. Analysts say the slow response reflects high compliance hurdles and a narrow product scope. Companies must meet heavy capital requirements, strict staffing limitations, and restrictions on the types of crypto products they can offer.

Pilot Structure and Timeline

The pilot will allow a maximum of five participants. Chi said the ministry is working to expedite the process so that the first eligible enterprise can be licensed and start operations as soon as possible.

Digital assets meet tradfi in London at the fmls25

“We hope to launch this pilot before 2026,” he added, noting that progress will depend on enterprises meeting the required conditions.

Capital Requirements Remain a Barrier

Licensed crypto asset service providers (CASPs) in Vietnam must maintain a minimum capital of 10 trillion dong (around $379 million), comparable to full commercial banks.

This is significantly higher than capital requirements for financial technology startups in other Southeast Asian jurisdictions. Singapore, Hong Kong, and Japan offer non-bank pathways with capital requirements ranging from $1 million to $5 million.

Product Restrictions Limit Market Appeal

Vietnam’s regulations also restrict the issuance of crypto assets backed by fiat currencies or securities, effectively ruling out most stablecoins and tokenized securities. The Ministry’s rules limit offerings that could appeal to both retail and institutional investors.

Vietnam’s Ministry of Finance has confirmed that no companies have applied to participate in the country’s five-year digital asset trading pilot. Deputy Minister Nguyen Duc Chi told local media at a Sunday briefing that the ministry has not received any proposals from enterprises seeking to join the program.

The lack of applicants comes nearly a month after the government issued a resolution that officially launched the crypto pilot. Analysts say the slow response reflects high compliance hurdles and a narrow product scope. Companies must meet heavy capital requirements, strict staffing limitations, and restrictions on the types of crypto products they can offer.

Pilot Structure and Timeline

The pilot will allow a maximum of five participants. Chi said the ministry is working to expedite the process so that the first eligible enterprise can be licensed and start operations as soon as possible.

Digital assets meet tradfi in London at the fmls25

“We hope to launch this pilot before 2026,” he added, noting that progress will depend on enterprises meeting the required conditions.

Capital Requirements Remain a Barrier

Licensed crypto asset service providers (CASPs) in Vietnam must maintain a minimum capital of 10 trillion dong (around $379 million), comparable to full commercial banks.

This is significantly higher than capital requirements for financial technology startups in other Southeast Asian jurisdictions. Singapore, Hong Kong, and Japan offer non-bank pathways with capital requirements ranging from $1 million to $5 million.

Product Restrictions Limit Market Appeal

Vietnam’s regulations also restrict the issuance of crypto assets backed by fiat currencies or securities, effectively ruling out most stablecoins and tokenized securities. The Ministry’s rules limit offerings that could appeal to both retail and institutional investors.

Topics
crypto
vietnam
cryptocurrency
About the Author: Tareq Sikder
Tareq Sikder
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A Forex technical analyst and writer who has been engaged in financial writing for 12 years.

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