Vietnam’s plan to test a regulated framework for cryptocurrency trading has yet to gain traction.
Despite outlining a five-year trial period, the country’s Ministry of Finance recently shared that no companies have submitted applications to join the pilot.
Speaking at a press conference on October 5, Deputy Finance Minister Nguyen Duc Chi confirmed that there was no formal interest from businesses.
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While the ministry intends to select up to five participants, no proposals have been received so far. Chi stated that efforts are being made to speed up the process so that at least one company can be approved and begin operations soon.
The goal is to start the program before 2026, although the timeline will depend on whether applicants can meet the set requirements.
One of the main reasons for the lack of interest appears to be the high entry barriers. To qualify, companies must meet strict conditions, including a large capital base, limitations on product offerings, and specific staffing rules.
According to the ministry, service providers dealing in crypto assets must show a minimum capital of 10 trillion Vietnamese dong, around $379 million.
Additionally, the types of crypto products allowed are limited. The current guidelines do not permit digital assets that are backed by traditional currencies or securities, which excludes commonly used stablecoins like USDT
Recently, Pakistan invited global cryptocurrency businesses to begin the process of securing licenses to operate in the country. What are the requirements? Read the full story.
