The Vietnamese Ministry of Finance has confirmed that despite the growing global interest in regulated cryptocurrency markets, no companies have applied to participate in the country's five-year digital asset trading pilot program.
At a press conference on Sunday, Deputy Minister Nguyen Duc Chi told local media that the Ministry has not yet received any proposals from businesses seeking to pilot digital asset trading in the country.
"As of now, the Ministry has not received any proposals from companies," Chi stated, adding that the pilot program allows for a maximum of five participants. He also mentioned that the Ministry is expediting the process so that the first eligible company can obtain a license and start operations as soon as possible.
"We hope to launch this pilot program before 2026," Chi said. "However, progress will depend on how well companies can meet the required conditions."
This news comes nearly a month after the government issued Resolution No. 05/2025, officially launching the long-awaited cryptocurrency pilot program.
The lack of applicants highlights the high compliance thresholds and narrow product range that companies must navigate to qualify. These include heavy capital requirements, strict staffing limitations, and restrictions on the types of crypto products that can be offered.
According to the Ministry of Finance, licensed Crypto Asset Service Providers (CASPs) must maintain a minimum capital of at least 100 trillion Vietnamese dong (approximately $3.79 billion). This amount is comparable to the requirements for fully licensed commercial banks, which is different from typical fintech startups.
Other Southeast Asian jurisdictions may present more viable options for crypto companies. The non-bank pathways in Singapore, Hong Kong, and Japan range from $1 million to $5 million, offering lighter capital requirements.
In addition to high capital requirements, Vietnam also restricts the issuance of crypto assets backed by fiat currency or securities. This excludes most stablecoins, including USDT, USDC, and the burgeoning categories of tokenized securities and money market funds.
This narrows the product offerings that could attract retail and institutional interest.
These restrictions come at a time when fiat-backed stablecoins and tokenized government bonds have become one of the fastest-growing segments in cryptocurrency.
The supply of stablecoins recently surpassed $300 billion, with transfer volumes exceeding $15.6 trillion in the third quarter of 2025. The total inflow for that quarter reached $46 billion, led by Tether's USDT, Circle's USDC, and Ethena's synthetic stablecoin USDe.
Meanwhile, data from RWA.xyz shows that tokenized government bonds have climbed to over $8 billion, led by BlackRock's BUIDL fund and Franklin Templeton's BENJI token. This suggests that institutions may be seeking yield, collateral, and faster settlement.
Related: The UK is set to lift the ban on crypto ETNs, with several companies expressing their views.
Original article: “High Barriers Lead to Zero Applications, Vietnam's Cryptocurrency Pilot Program Cools Down”
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