Vietnam’s Ministry of Finance has confirmed that no companies have applied to join the country’s five-year digital asset trading pilot, despite growing global momentum toward regulated crypto markets.
Speaking at a Sunday press briefing, Deputy Minister of Finance Nguyen Duc Chi said the ministry has yet to receive a single proposal from enterprises interested in participating.
“As of now, the ministry has not received any proposals from enterprises,” Chi stated, noting that the pilot will be limited to a maximum of five participants. He added that the ministry is accelerating the approval process so that the first eligible firm can be licensed and begin operations soon.
“We hope to launch this pilot before 2026,” Chi said. “However, the timeline will depend on how well enterprises can meet the required conditions.”
High barriers deter potential entrants
The announcement comes nearly a month after the government enacted Resolution 05/2025, formally launching the long-awaited crypto pilot. The absence of applicants underscores the high compliance barriers and restrictive framework companies face in order to qualify.
Participants must meet stringent capital requirements, maintain tight staffing standards, and adhere to limitations on the types of crypto assets they can offer.
According to the Ministry of Finance, licensed crypto asset service providers (CASPs) must hold a minimum capital of 10 trillion dong (about $379 million), a threshold on par with full commercial banks and far above the norms for fintech startups.
By comparison, other regional hubs such as Singapore, Hong Kong, and Japan have lower entry barriers, typically requiring between $1 million and $5 million, making them more attractive destinations for crypto businesses.
Narrow product scope limits appeal
Beyond the capital requirements, Vietnam’s framework also bans the issuance of crypto assets backed by fiat currencies or securities, effectively excluding most stablecoins such as USDT, USDC, and newer tokenized securities or money-market funds.
These restrictions significantly narrow the range of products that could attract both retail and institutional investors.
Out of sync with global trends
Vietnam’s cautious stance contrasts sharply with global market dynamics, where fiat-backed stablecoins and tokenized treasuries have become the fastest-growing segments of the crypto industry.
The stablecoin supply recently surpassed $300 billion, while quarterly transfers reached $15.6 trillion in Q3 2025. The same period saw $46 billion in net inflows, led by Tether’s USDT, Circle’s USDC, and Ethena’s synthetic stablecoin USDe.
Despite international momentum, Vietnam’s strict regulatory thresholds and narrow product scope appear to have stalled early industry participation in its long-awaited digital asset pilot.
Meanwhile, data from RWA.xyz showed that the total value of tokenized U.S. Treasuries has surpassed $8 billion, driven primarily by BlackRock’s BUIDL fund and Franklin Templeton’s BENJI tokens. The surge suggests that institutional investors are increasingly turning to tokenized assets in search of yield, collateral efficiency, and faster settlement opportunities.
