Vietnam's Ministry of Finance has confirmed that no companies have applied to participate in the country's five-year digital asset trading pilot, despite increasing global interest in regulated crypto markets. At a recent news briefing, Deputy Minister of Finance Nguyen Duc Chi stated, "As of now, the ministry has not received any proposals from enterprises" seeking to pilot digital asset trading, adding that the program will allow a maximum of five participants. He emphasized that the ministry is expediting the process to license the first eligible enterprise and begin operations before 2026, but progress depends on companies meeting required conditions.
The lack of applicants highlights significant barriers, including a minimum capital requirement of 10 trillion dong (approximately $379 million), comparable to full commercial banks, and restrictions on issuing crypto assets backed by fiat currencies or securities. This rules out most stablecoins like USDT and USDC, as well as tokenized securities, narrowing the product scope. The pilot, launched under Resolution 05/2025 nearly a month ago, aims to bring offshore crypto activity onshore, targeting over 17 million traders and $100 billion in annual volumes. However, high compliance hurdles and lighter capital requirements in other Southeast Asian jurisdictions like Singapore, Hong Kong, and Japan (ranging from $1 million to $5 million) may deter firms.
Globally, stablecoin supply has surpassed $300 billion, with transfers exceeding $15.6 trillion in Q3 2025, and tokenized treasuries have climbed above $8 billion, led by BlackRock's BUIDL and Franklin Templeton's BENJI. Vietnam's restrictions contrast with this growth, potentially limiting institutional interest in yield and collateral opportunities. The government is drafting detailed implementation plans, including tax policies and anti-money laundering regulations, in coordination with institutions like the State Bank and Ministry of Public Security.
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