Strict Capital Rules and Product Limits Stall Digital Asset Program
Vietnam’s five-year digital asset trading pilot has yet to attract a single applicant, as the country’s tough entry requirements and restrictions on token types appear to have discouraged potential participants. Officials confirmed this week that, despite growing interest in regulated crypto markets globally, no companies have applied to join the pilot program.
At a recent press briefing, Deputy Minister of Finance Nguyen Duc Chi stated that the ministry has not received any official proposals from enterprises seeking to participate. The initiative, which was introduced earlier this year, plans to admit up to five licensed participants once the framework is finalized.
“We aim to launch this pilot before 2026,” Chi said. “The timeline depends on how quickly enterprises can meet the required conditions.”
High Capital Demands Deter Applicants
The slow response reflects Vietnam’s strict financial thresholds and limited product scope. Under the program’s regulations, crypto asset service providers (CASPs) must maintain a minimum registered capital of 10 trillion dong, roughly $379 million — a requirement more typical of commercial banks than technology startups.
This amount is nearly 100 times higher than similar licensing standards in neighboring Asian financial hubs, where entry barriers range from $1 million to $5 million. Analysts say the capital rule alone effectively eliminates small and mid-sized blockchain companies that might otherwise apply.
Vietnam’s pilot also bans crypto assets backed by fiat currencies or securities, cutting out stablecoins such as USDT or USDC, and excluding tokenized securities and money-market funds — two of the fastest-growing segments of the global digital asset market.
Globally, stablecoin circulation has surpassed $300 billion, while tokenized treasuries now exceed $8 billion in value. Vietnam’s strict framework, experts warn, may cause it to miss early opportunities in a sector increasingly favored by institutions seeking yield and faster settlements.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.