Vietnam's Crypto Pilot Sees No Participants Due to Stringent Regulations
Vietnam's effort to launch a crypto trading pilot has received no applications, attributed to high capital demands and strict regulatory measures.
Vietnam’s Ministry of Finance has confirmed an absence of participants in its five-year digital asset trading pilot, a move that could have tapped into burgeoning global interest in regulated cryptocurrencies.
At a Sunday press conference, Deputy Minister of Finance Nguyen Duc Chi stated, “As of now, the ministry has not received any proposals from enterprises,” stressing that only five participants will be allowed. He was optimistic about initiating the pilot before 2026, contingent on the ability of enterprises to fulfill the set conditions.
Financial Constraints and Product Limitations
This announcement follows the government’s Resolution 05/2025, which aimed at launching this much-anticipated crypto pilot. The lack of interest underscores significant compliance challenges, including hefty capital requirements and stringent regulations restricting crypto products.
The finance ministry mandates that licensed crypto asset service providers maintain a minimum capital threshold of 10 trillion dong (approximately $379 million), a figure that matches those expected from full-scale commercial banks, contrasting sharply with typical fintech ventures.
In the wider Southeast Asian landscape, alternative markets such as Singapore and Hong Kong present lighter capital requirements ranging from $1 million to $5 million, potentially making them more attractive to crypto firms.
Moreover, Vietnam’s regulations impose bans on the issuance of fiat-backed cryptocurrencies, including popular stablecoins such as USDT and USDC, thereby limiting product diversification essential for generating investor interest.
Disconnect with Global Trends
These restrictions emerge as fiat-collateralized stablecoins and tokenized treasuries are witnessing significant growth in the crypto market. The recent stablecoin supply has surpassed $300 billion, with a transfer volume exceeding $15.6 trillion in Q3 2025, highlighting robust investor liquidity.
Additionally, RWA.xyz data indicates that tokenized treasuries now exceed $8 billion, with major players like BlackRock and Franklin Templeton leading the way, suggesting an institutional shift towards seeking yield and efficient settlement options.
Source
Original source of information on the Vietnam crypto pilot initiative.
