Vietnam’s Deputy Finance Minister recently announced that the country will limit its crypto exchange pilot program to a maximum of five licensed operators during a press conference held on Monday. This initiative reflects a cautious regulatory stance despite Vietnam’s prominent position as a leader in global cryptocurrency adoption. As of now, the Ministry of Finance has yet to receive any formal applications for participation, although several companies are reportedly in the process of preparing their systems and engaging in early discussions with government officials.
The announcement follows a recent governmental resolution endorsing the pilot project to establish a market for crypto assets in Vietnam. Deputy Finance Minister Nguyen Duc Chi stated that the framework is designed to facilitate only five licensed exchanges while the Ministry of Finance works on developing comprehensive regulations that will cover taxation, compliance, and operational standards.
Chi mentioned that the Ministry of Finance is still in the process of finalizing licensing procedures, collaborating with the Ministry of Public Security and the State Bank of Vietnam, among other regulatory bodies. The ministry aims to introduce regulations related to taxation, accounting, and operational frameworks, with Chi expressing optimism about licensing at least one company before 2026, though he acknowledged that this timeline hinges on the readiness of the businesses involved.
Vitaliy Shtyrkin, Chief Product Officer at B2BINPAY, commented on the significant hurdles posed by high entry requirements, stating that the stringent criteria may deter most potential applicants. He criticized the limited five-license cap, suggesting that it transforms the initiative from an open experimental environment into a restricted one, which favors larger financial institutions over innovative fintech startups. Shtyrkin emphasized the necessity for Vietnam to reduce barriers and adopt a more welcoming approach to attract crypto liquidity domestically; otherwise, he warned that innovation would remain outside the country and the pilot could become a stagnant experiment.
This regulatory move is significant, especially considering that Vietnam ranks among the top three nations globally for cryptocurrency adoption, as per Chainalysis’s 2025 Global Adoption Index. The transaction volume for the Asia-Pacific region surged from $1.4 trillion to $2.36 trillion, highlighting the increasing interest in digital assets.
According to Lionel Iruk, a senior advisor at Nav Markets and managing partner at Empire Legal, the lack of early applicants does not indicate a disinterest but rather reflects caution due to regulatory ambiguity and strict preparedness standards. He acknowledged that while limiting the pilot program to five enterprises is a sensible risk management strategy, it could stifle competition and impede the transfer of knowledge within the industry.
The pilot program is being implemented under the Digital Technology Industry Law, which received overwhelming support from Vietnam’s National Assembly in June, with 441 out of 445 lawmakers voting in favor. This legislation is set to take effect in January and positions Vietnam among the pioneering nations in regulating digital assets through specialized laws.
