The Vietnam Finance Ministry mentioned it has not but obtained any proposals from enterprises searching for to take part within the nation’s digital asset buying and selling pilot, whilst the federal government pushes forward with plans to manage the sector.
Deputy Finance Minister Nguyen Duc Chi shared the replace at a Sunday press briefing when requested in regards to the variety of purposes submitted and the anticipated timeline for the primary licenses, native information outlet Theinvestor reported Monday.
The ministry has not but obtained any formal purposes, although Chi famous that a number of firms are already making preparations, together with registering new enterprise strains to enter the digital asset market.
He added that whereas curiosity is rising, the federal government has capped the variety of members at a most of 5 in the course of the pilot section.
“The Ministry of Finance is expediting the method in order that the primary eligible enterprises could be licensed and start operations within the Vietnamese market as quickly as potential,” he added.
Vietnam Targets Pilot Launch Earlier than 2026 Pending Enterprise Readiness
The deputy minister mentioned the federal government hopes to launch the pilot earlier than 2026, however the tempo will depend upon how shortly firms meet the necessities. With shut coordination between companies and regulatory our bodies, he recommended the timeline could possibly be introduced ahead.
The federal government issued Decision No. 05 in September to launch a five-year pilot of the digital asset market.
Following the decision, the finance ministry started drafting detailed rules protecting taxation, charges, and accounting requirements for market members. It additionally arrange coordination channels with the State Financial institution of Vietnam and the Ministry of Public Safety to finalize licensing procedures.
The transfer got here after the Nationwide Meeting legalized digital belongings earlier this 12 months below the Regulation on Digital Expertise Trade, which takes impact on Jan. 1, 2026. The laws marked a turning level after years of regulatory uncertainty that had left Vietnam depending on offshore exchanges.
Vietnam has formally legalized crypto belongings, introducing its first authorized framework to manage digital currencies and digital belongings. Right here's what the brand new legislation covers. #Vietnam #CryptoLaw https://t.co/p3SC5jp9UL
— Cryptonews.com (@cryptonews) June 16, 2025
Pilot Seeks To Shift Vietnam’s $100B Crypto Commerce Onshore
The pilot goals to maneuver the nation’s huge casual crypto exercise into formal, taxable onshore channels. Estimates counsel that as many as 17m Vietnamese already commerce digital belongings, with annual transaction volumes exceeding $100b, practically all of it routed via abroad platforms equivalent to Binance and Bybit.
Main companies in finance, securities and banking have signaled curiosity in becoming a member of the pilot, though none have formally submitted purposes. Trade watchers say the approaching months will probably be essential as potential members finalize their preparations.
Formal Recognition Seen As Key To Boosting Investor Confidence
Vietnam’s legalization of crypto follows mounting worldwide scrutiny. Since 2023, the nation has been on the Monetary Motion Job Pressure’s “grey record” as a consequence of gaps in its anti-money laundering safeguards round digital belongings. Regulators accelerated efforts to deal with these issues, resulting in the passage of the digital expertise legislation and the pilot framework.
Analysts say the authorized recognition of digital belongings locations Vietnam among the many first Southeast Asian economies to formalize the sector. If applied easily, the pilot may enhance investor confidence and combine digital belongings extra firmly into the home monetary system.
For now, the ministry is ready on enterprises to step ahead.
The put up Vietnam But To Obtain Proposals For Digital Asset Buying and selling Pilots: Ministry appeared first on Cryptonews.