Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
Share
The Vietnam Finance Ministry said it has not yet received any proposals from enterprises seeking to participate in the country’s digital asset trading pilot, even as the government pushes ahead with plans to regulate the sector.
Deputy Finance Minister Nguyen Duc Chi shared the update at a Sunday press briefing when asked about the number of applications submitted and the expected timeline for the first licenses, local news outlet Theinvestor reported Monday.
The ministry has not yet received any formal applications, though Chi noted that several companies are already making preparations, including registering new business lines to enter the digital asset market.
He added that while interest is growing, the government has capped the number of participants at a maximum of five during the pilot phase.
“The Ministry of Finance is expediting the process so that the first eligible enterprises can be licensed and begin operations in the Vietnamese market as soon as possible,” he added.
Vietnam Targets Pilot Launch Before 2026 Pending Enterprise Readiness
The deputy minister said the government hopes to launch the pilot before 2026, but the pace will depend on how quickly companies meet the requirements. With close coordination between businesses and regulatory bodies, he suggested the timeline could be brought forward.
The government issued Resolution No. 05 in September to launch a five-year pilot of the digital asset market.
Following the resolution, the finance ministry began drafting detailed regulations covering taxation, fees, and accounting standards for market participants. It also set up coordination channels with the State Bank of Vietnam and the Ministry of Public Security to finalize licensing procedures.
The move came after the National Assembly legalized digital assets earlier this year under the Law on Digital Technology Industry, which takes effect on Jan. 1, 2026. The legislation marked a turning point after years of regulatory uncertainty that had left Vietnam dependent on offshore exchanges.
Pilot Seeks To Shift Vietnam’s $100B Crypto Trade Onshore
The pilot aims to move the country’s massive informal crypto activity into formal, taxable onshore channels. Estimates suggest that as many as 17m Vietnamese already trade digital assets, with annual transaction volumes exceeding $100b, nearly all of it routed through overseas platforms such as Binance and Bybit.
Major firms in finance, securities and banking have signaled interest in joining the pilot, although none have formally submitted applications. Industry watchers say the coming months will be crucial as potential participants finalize their preparations.
Formal Recognition Seen As Key To Boosting Investor Confidence
Vietnam’s legalization of crypto follows mounting international scrutiny. Since 2023, the country has been on the Financial Action Task Force’s “gray list” due to gaps in its anti-money laundering safeguards around virtual assets. Regulators accelerated efforts to address these concerns, leading to the passage of the digital technology law and the pilot framework.
Analysts say the legal recognition of digital assets places Vietnam among the first Southeast Asian economies to formalize the sector. If implemented smoothly, the pilot could boost investor confidence and integrate digital assets more firmly into the domestic financial system.
For now, the ministry is waiting on enterprises to step forward.
Credit: Source link
