Vietnam’s plans to formalize the digital asset market in the country has hit an unexpected silence. The Ministry of Finance confirmed on October 05 that no companies have applied to join a pilot digital asset trading.
The country took this initiative to regulate the cryptocurrency market to operate under strict rules to test how digital assets can be integrated into Vietnam’s financial system. Deputy Minister Nguyen Duc Chi acknowledged this during a press meeting on Sunday.
In the meeting, he stated that while no official applications have been received, some firms are getting ready by adding crypto trading to their business plans. This is because businesses in the country currently face tough rules to qualify, including needing a lot of money, strict limits on staff, and restrictions on the types of crypto products they can offer. Only companies that get a special license from Vietnam’s Ministry of Finance can offer crypto‑asset services or advertise and market crypto‑related activities.
The Ministry of Finance is actively working to create rules for a crypto trading pilot, aiming to license the first companies before 2026. Vietnamese asset management company VinaCapital’s analysts said that the government wants to shift crypto trading from unregulated foreign platforms to a regulated, taxable system within the country’s financial network.
As per a report, it’s also teaming up with the Ministry of Public Security, the State Bank of Vietnam, and other agencies to finalize licensing processes and get feedback on these rules. Vietnam legalized digital assets in July 2025 with the Law on Digital Technology Industry, paving the way for this plan.
Vietnam’s crypto pilot: VND-based, foreign-focused
The Vietnam government launched a 5‑year crypto pilot program with Resolution on September 9, 2025. In it, only Vietnamese firms can issue crypto or run platforms, using VND for all transactions. As per an official statement, crypto must be backed by real assets, not securities or fiat, and sold only to foreign investors, with foreign ownership capped at 49%.
Only Vietnamese with crypto and foreigners can trade on licensed platforms. Around 17 million people in Vietnam trade cryptocurrencies, with their total transactions estimated to be worth over $100 billion each year. Almost all cryptocurrency trading in Vietnam happens on foreign platforms like Binance and Bybit, based in places like Singapore, South Korea, and Hong Kong.