In a recent press conference, Vietnam’s Deputy Finance Minister announced that the government will issue a maximum of five licenses for a pilot program concerning cryptocurrency exchanges. Although the Ministry of Finance has yet to receive any official applications, various companies are actively developing their systems and engaging in initial discussions with government officials regarding the program. Experts in the industry have expressed concerns about the substantial capital requirements and the prevailing regulatory uncertainties, indicating that this approach may favor large financial institutions over emerging fintech innovators. This cautious regulatory stance is noteworthy, given Vietnam’s prominent position as a leader in global cryptocurrency adoption.
### Limited Licenses for Crypto Exchanges
According to Deputy Finance Minister Nguyen Duc Chi, the planned framework will restrict operations to only five licensed exchanges during the pilot phase. This initiative aims to further shape the regulations around taxation, compliance, and operational standards for the burgeoning crypto market. Chi’s statements were reported by VnEconomy, a local news outlet. He also mentioned that the Ministry of Finance has not yet received any formal applications from businesses wishing to take part in the pilot program. However, several companies are reportedly in the process of preparing their technical frameworks and are in talks with ministry officials, as noted by Vietnam Plus.
### Regulatory Developments and Future Licensing
This announcement follows closely on the heels of a government resolution issued last month, which authorized the pilot launch of a cryptocurrency asset market in Vietnam. The licensing procedures will be finalized through collaboration with the Ministry of Public Security and the State Bank of Vietnam, among other relevant agencies, according to Chi. The Ministry of Finance is working on regulations that will cover various aspects such as taxation, accounting policies, and operational frameworks. Chi expressed optimism about licensing at least one enterprise before 2026, although he acknowledged that this timeline is contingent on the preparedness of interested businesses.
### Concerns Over High Barriers to Entry
Vitaliy Shtyrkin, Chief Product Officer at B2BINPAY, commented on the situation, stating that “the entry bar is so high that most potential applicants can’t clear it.” He further criticized the five-license limit, arguing it transforms the initiative from a testing ground into a restrictive environment that favors large financial institutions over fintech startups. Shtyrkin emphasized that Vietnam needs to lower the barriers to entry and adopt a more welcoming stance to attract onshore crypto liquidity. He warned that without such changes, innovation and liquidity could remain outside the country, rendering the pilot program ineffective.
### Vietnam’s Growing Crypto Landscape
This development occurs as Vietnam ranks among the top three countries globally for cryptocurrency adoption, according to Chainalysis’s 2025 Global Adoption Index. The volume of transactions in the Asia-Pacific region has surged from $1.4 trillion to $2.36 trillion. Lionel Iruk, a senior advisor to Nav Markets and managing partner at Empire Legal, shared insights with Decrypt, stating that “the absence of early applicants doesn’t suggest a lack of interest but rather hesitation amid regulatory uncertainty and stringent readiness requirements.” He acknowledged that while limiting the pilot to five enterprises makes sense from a risk management perspective, it could stifle competition and hinder the transfer of knowledge within the industry.
### Legislative Framework for Digital Assets
The pilot program is governed by the Digital Technology Industry Law, which was passed by Vietnam’s National Assembly in June with an overwhelming majority, receiving 441 votes out of 445 lawmakers present. Set to take effect next January, this legislation positions Vietnam as one of the pioneering countries to establish comprehensive regulations for digital assets through dedicated legislative measures.
