Vietnam’s Ministry of Finance (MoF) has announced that the pilot program for crypto asset exchanges will be capped at a maximum of five licensed enterprises. This follows the Government’s issuance of Resolution No. 05/2025/NQ-CP on September 9, 2025, which mandated the pilot implementation of the crypto asset market in Vietnam. The MoF is currently drafting regulations to govern this market.
Deputy Minister of Finance Nguyen Duc Chi confirmed the limitation during a government press briefing on October 6, stating that despite the hope for broader business interest, the pilot would maintain a strict limit.
Key areas of regulatory focus
The move follows September’s announcement of the five-year pilot program for regulated cryptocurrency trading in the country. Some of the key areas of this program include Policy Development, where the Ministry of Finance is actively working to create specific decrees. These decrees include defining tax policies for crypto asset transactions and establishing corresponding fees and charges.
In addition, precise Accounting Standards are being developed to govern how businesses involved in the pilot market must account for their crypto asset activities. Finally, the program requires Inter-Agency Coordination, involving the establishment of a formalized process with relevant government bodies, such as the Ministry of Public Security and the State Bank of Vietnam, to finalize the essential licensing procedures.
Mr. Chi talked about the MoF’s intention to implement the framework immediately. The aim is for eligible businesses to be licensed and operational in the Vietnamese market before 2026.
As of the press briefing date, the Ministry of Finance had not yet received formal proposals from any businesses seeking to participate in the pilot program for establishing a crypto asset exchange.