Vietnam Caps Crypto Pilot at Five Licensed Exchanges

Vietnam is planning to limit its crypto exchange pilot program to just five licensed operators, pointing to a cautious regulatory approach despite the country’s status as a global crypto adoption leader.

The framework would allow for only five licensed exchanges to operate during the pilot as the Ministry of Finance develops detailed regulations for taxation, compliance, and operational standards, Deputy Finance Minister Nguyen Duc Chi said at a government press conference on Monday, according to a VnEconomy report, a local media publication.

Chi revealed the Ministry of Finance has not yet received formal proposals from businesses to participate in the pilot, though several companies are preparing technical systems and conducting preliminary discussions with ministry officials, according to a Vietnam Plus report.

The announcement comes less than a month after the government issued a resolution last month to authorize the pilot implementation of a crypto asset market in Vietnam.

Under the framework, the ministry would finalize licensing procedures through coordination with the Ministry of Public Security and the State Bank of Vietnam, among other agencies, according to Chi.

The Ministry of Finance is establishing regulations covering taxation, accounting policies, and operational frameworks, with Chi expressing hope to license at least one enterprise before 2026, though he cautioned the timeline depends on business readiness.

Vitaliy Shtyrkin, CPO at B2BINPAY, told Decrypt that “the entry bar is so high that most potential applicants can’t clear it.”

Shtyrkin said the 5-license cap turns the initiative “from a sandbox into a closed compound,” favoring “large financial groups over fintech innovators,” and that Vietnam must “lower the barriers and be much more open” if it hopes to attract crypto liquidity onshore.

“Otherwise, liquidity and innovation will stay offshore, and the country’s ‘pilot’ will remain a stuck experiment,” he noted.

The move comes as Vietnam ranks among the top three countries globally for crypto adoption, according to Chainalysis’s 2025 Global Adoption Index, with APAC regional transaction volume growing from $1.4 trillion to $2.36 trillion.

Lionel Iruk, senior advisor to Nav Markets and managing partner at Empire Legal, told Decrypt that “the absence of early applicants doesn’t suggest a lack of interest but rather hesitation amid regulatory uncertainty and stringent readiness requirements.”

“Capping the pilot at five enterprises is understandable as a risk-management measure, but it may limit competition and slow knowledge transfer,” he added.

The pilot program operates under the Digital Technology Industry Law, passed by Vietnam’s National Assembly in June with overwhelming support, 441 votes out of 445 lawmakers present.

The legislation, taking effect next January, makes Vietnam one of the first countries to comprehensively regulate digital assets through dedicated legislation.