The Vietnam Finance Ministry has announced that they have not yet received any proposals from enterprises interested in participating in the country’s digital asset trading pilot program. Despite the government’s efforts to regulate the sector, Deputy Finance Minister Nguyen Duc Chi revealed during a press briefing that no formal applications have been submitted. However, Chi did mention that several companies are in the process of preparing to enter the digital asset market by registering new business lines.
While there is a growing interest in the digital asset market, the government has limited the number of participants to a maximum of five during the pilot phase. The Ministry of Finance is working to expedite the process so that eligible enterprises can be licensed and begin operations in the Vietnamese market as soon as possible.
The government is aiming to launch the pilot before 2026, pending the readiness of the participating enterprises. Deputy Minister Chi emphasized that the timeline could potentially be accelerated with close cooperation between businesses and regulatory bodies.
In September, the government issued Resolution No. 05 to kick off a five-year pilot program for the digital asset market. The finance ministry has been drafting detailed regulations covering taxation, fees, and accounting standards for market participants. They have also established coordination channels with the State Bank of Vietnam and the Ministry of Public Security to finalize licensing procedures.
This initiative comes after the National Assembly legalized digital assets earlier this year under the Law on Digital Technology Industry, which will come into effect on January 1, 2026. This legislative move marks a significant shift after years of regulatory uncertainty that forced Vietnam to rely on offshore exchanges.
The pilot program aims to formalize the country’s substantial informal crypto activity and bring it into taxable onshore channels. It is estimated that around 17 million Vietnamese individuals are already trading digital assets, with annual transaction volumes surpassing $100 billion, mostly conducted through overseas platforms like Binance and Bybit.
While major firms in finance, securities, and banking have shown interest in joining the pilot, no formal applications have been submitted yet. Industry experts believe that the coming months will be crucial as potential participants finalize their preparations.
The formal recognition of digital assets in Vietnam is seen as a significant step towards boosting investor confidence and integrating digital assets more securely into the domestic financial system. By addressing concerns raised by international bodies like the Financial Action Task Force, Vietnam is positioning itself as one of the first Southeast Asian economies to formalize the digital asset sector.
As the Ministry of Finance awaits proposals from enterprises, the successful implementation of the pilot program could have far-reaching implications for the country’s financial landscape.