Overview of Vietnam’s Digital Asset Trading Pilot Program
In a recent briefing, Deputy Finance Minister Nguyen Duc Chi disclosed that the Vietnamese Finance Ministry has not received any applications from businesses looking to take part in the impending digital asset trading pilot program, despite ongoing governmental efforts to regulate this emerging sector. Chi’s statements were reported by local media outlet The Investor on Monday, following inquiries regarding the number of applications and projected timelines for issuing licenses.
Current Status and Future Plans
Although no formal applications have reached the ministry, Chi mentioned that several companies are preparing by registering new business lines aimed at tapping into the digital asset market. As the government gears up for this pilot initiative, it has set a limit of five participating entities during the initial phase.
“The Ministry of Finance is making efforts to expedite the licensing process so that qualified companies can begin operating in Vietnam swiftly,”
Chi stated.
Regulatory Framework and Timeline
The establishment of a pilot program for digital assets is aimed at launching ahead of 2026, contingent upon the readiness of interested companies. Chi noted that, with effective collaboration between businesses and regulators, the timeline might be accelerated. In September, the government unveiled Resolution No. 05, which outlines a five-year pilot of the digital asset market. Subsequently, the finance ministry initiated the drafting of regulations regarding taxation, fees, and accounting practices for those involved in the market.
Coordination is also being established with the State Bank of Vietnam and the Ministry of Public Security to streamline the licensing process.
Legalization and Market Potential
The move to pilot digital asset regulation follows the National Assembly’s earlier legalization of digital assets under the Law on Digital Technology Industry, set to take effect on January 1, 2026. This legislative decision marks a significant shift after years of regulatory ambiguity that forced many Vietnamese traders to rely on overseas exchanges.
Vietnam is looking to harness its substantial informal crypto trading landscape, which sees estimates of about 17 million individuals engaged in transactions totaling over $100 billion annually. Currently, a large portion of this trading occurs on international platforms such as Binance and Bybit. Significant interest has been exhibited by major companies in finance, securities, and banking sectors, although no official applications have yet been filed, making the upcoming months vital as these entities finalize their arrangements.
International Context and Future Outlook
The legalization of crypto in Vietnam has emerged in the context of increasing international scrutiny, with the country having been placed on the Financial Action Task Force’s “gray list” since 2023 due to deficiencies in anti-money laundering measures for virtual assets. Regulatory bodies are intensifying efforts to rectify these gaps—a drive that has culminated in the passage of the digital technology law and the development of the pilot program.
Analysts suggest that formalizing digital assets positions Vietnam among the front-runners in Southeast Asia regarding cryptocurrency regulation, with the potential to enhance investor confidence and more thoroughly integrate digital assets into the local financial ecosystem. Currently, the Ministry of Finance awaits proactive steps from the enterprises.
