Vietnam's Crypto Pilot Sees Zero Applicants as Tough Rules Drive Firms Away

Vietnam’s ambitious five-year digital asset trading pilot has failed to attract a single participant, according to the Ministry of Finance. Deputy Minister Nguyen Duc Chi confirmed during a recent press briefing that no companies have applied to join the program despite rising global interest in regulated crypto markets.

“As of now, the ministry has not received any proposals from enterprises,” Chi said, noting that up to five participants could eventually be licensed. He added that the ministry aims to launch the pilot before 2026 but that progress depends on how quickly companies can meet the strict entry conditions.

The government’s Resolution 05/2025, which established the pilot last month, has faced criticism for setting excessively high barriers to entry. To qualify, crypto asset service providers must hold at least 10 trillion Vietnamese dong ($379 million) in capital — a figure more typical of commercial banks than tech startups. Firms must also comply with restrictive staffing requirements and can only offer a limited range of crypto products.

Vietnam’s tight rules have pushed potential applicants to consider nearby hubs like Singapore, Hong Kong, and Japan, where entry thresholds range from $1 million to $5 million and regulatory frameworks are far more accessible.

Adding to the challenge, Vietnam’s pilot bans the issuance of stablecoins and tokenized assets backed by fiat or securities, excluding popular tokens like USDT, USDC, and tokenized treasuries. This restriction contrasts sharply with global trends, as the stablecoin market recently surpassed $300 billion and tokenized treasury assets exceeded $8 billion worldwide.

The lack of interest highlights Vietnam’s struggle to balance innovation with control — a tension that could leave it trailing behind Asia’s rapidly advancing digital asset economies.