Vietnam Prepares to License Five Crypto Platforms Under New Pilot Framework

Highlights:

• Vietnam is preparing to license five crypto exchanges under a new pilot plan.
• The pilot aims to link digital assets with the Vietnamese dong and strengthen oversight of crypto activity.
• Officials expect the first licensed exchanges to begin operations before 2026 as enterprise readiness grows.

Vietnam is advancing its plans to build a regulated crypto market through a five-year pilot program. Deputy Minister of Finance Nguyen Duc Chi said the government will license only five exchanges during this initial phase. His remarks came after the official rollout of the pilot program, which aims to oversee the issuance, trading, and payment of digital assets under a structured system. Although the initiative has generated strong interest, the ministry has not yet received any formal applications from companies wishing to participate.

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Vietnam's Finance Ministry has received no formal applications for the digital-asset trading pilot, capped at five firms. Several companies are preparing, but submissions are pending. Govt targets launch before 2026 to onshore $100B informal crypto market. #VietnamCrypto pic.twitter.com/MjneWjoDul

— Vincent Bu Lu (@VincentBuLu1) October 6, 2025

The Ministry of Finance is preparing detailed implementation rules to support the pilot. These include frameworks for taxation, transaction fees, accounting standards, and anti–money laundering compliance. Officials are also working closely with other state bodies, such as the State Bank and the Ministry of Public Security, to finalize procedures for licensing. Nguyen Duc Chi emphasized that progress will depend on how quickly interested enterprises meet the set requirements. The ministry expects that qualified firms could begin operations before 2026 if preparations advance smoothly.

Vietnam Prepares to License Five Exchanges Under Market Pilot

The pilot program represents a major step toward bringing Vietnam’s crypto trading activity onshore. For years, most digital asset transactions have taken place through offshore platforms. Authorities estimate that more than 17 million Vietnamese have traded crypto, with annual transaction volumes exceeding $100 billion.

The licensed exchanges under the pilot should be able to trade in Vietnamese dong as well. The purpose of this requirement is to enhance the connection of the digital asset industry to the domestic economy. The government is also interested in increasing the regulation of market activity so that the digital assets become safe components of the local financial system. Officials are of the idea that the framework will offer clarity to enterprises and investors and reduce risks associated with unregulated trading.

Several companies are already preparing to enter the market by registering new business lines, though it has not received any formal submissions. The ministry confirmed that it will expedite the process once applications are received. Nguyen Duc Chi stated that the goal is to license eligible enterprises and allow them to operate as soon as possible.

🚨 JUST IN: No companies apply for Vietnam crypto pilot amid high barriers. Steep capital rules and bans on stablecoins and tokenized securities limit interest. #Vietnam #CryptoNews

— CryptoAlert (@SatoshiWatch) October 6, 2025

In other regions, some countries have launched pilot programs to support the crypto industry. Australia recently launched the project Acacia to test digital money in wholesale markets. In Korea, the Bank of Korea (BOK) announced that it will begin a pilot project called Hangang to test its CBDC.

Vietnam Targets Pilot Launch Before 2026

Vietnam aims to launch the first licensed exchanges before 2026, though the timeline depends on enterprise readiness. Nguyen Duc Chi said the ministry is working to ensure smooth cooperation between regulators and businesses to speed up implementation. He added that the government hopes to see eligible firms begin operations earlier than the initial target if they meet requirements quickly.

The pilot follows the National Assembly’s decision to approve the Law on Digital Technology Industry, which takes effect in January 2026. The law provides the foundation for digital asset regulation after years of uncertainty. It also supports Vietnam’s plan to strengthen anti–money laundering safeguards and align its crypto framework with international standards.

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