The Vietnam Ministry of Finance has confirmed that no companies have applied to participate in the country’s five-year digital asset trading pilot despite increasing global interest in regulated crypto markets.
In a short -term Sunday news, Deputy Minister of Finance Nguyen Duc Chi said Local media outlets whose ministry has not received any proposals from businesses that seek to suppress digital asset trading in the country.
“So far, the ministry has not received any proposals from businesses,” said Chi, adding that the pilot will allow a maximum of five participants. He also said that the ministry speeds up the process so that the first -fitting business can be licensed and start operations as soon as possible.
“We hope to launch this pilot before 2026,” Chi said. “However, the development depends on how well businesses can meet the necessary conditions.”
Capital requests and restrictions of possession are slow -to -market response
The news is coming almost a month after the government released the resolution 05/2025, official Launching a long -awaited crypto pilot.
The lack of applicants features high obstacles to compliance and narrow product ranges that companies should navigate to qualify. This includes heavy capital requirements, strict staff limits and restrictions on crypto products that can be offered.
According to the Ministry of Finance, the licensed Crypto Asset Service Provider (CASP) should maintain a minimum capital of at least 10 Dong trillion (about $ 379 million). The value is comparable to the requirements for whole commercial banks and unlike the usual financial technology startups.
Other Southeast Asian covers can be a more viable choice for crypto companies. Singapore, Hong Kong and Japan’s non-Bannian paths are within $ 1 million to $ 5 million range, offering lighter capital requirements.
In addition to high capital requests, Vietnam also restricts the release of crypto assets supported by fiat currencies or security. It decides most stablecoins, including the USDT, USDC and an emerging class of tokenized securities and money funds.
It is narrow the product set that can attract interest in retail and institutional.
Related: Vietnam State-run military bank partners with Dunamu to launch the Crypto Exchange
In the odds with global demand
Restrictions come at a time when fiat-back stablecoins and tokenized wealth are some of the fastest growing crypto segments.
The supply of stablecoin The $ 300 billion has recently passedwith the transfer more than $ 15.6 trillion In the third quarter of 2025. The quarter flowers reached $ 46 billion, led by Tether’s USDT, the USDC of the Circle and the synthetic stablecoin USDE of Ethena.
Meanwhile, RWA.xyz data has shown that tokenized treasures are climb up Above $ 8 billion, led by the Benji’s Buidl Fund of Blackrock and Benji token of Franklin Templeton. This means that institutions may be looking for yield, collateral and faster regulating.
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