Vietnam's Digital Asset Pilot: Still Waiting for Takeoff

Vietnam's ambitious plan to launch a digital asset trading pilot program is facing a slight delay. While the government has made significant strides in legalizing and regulating the sector, the Finance Ministry has revealed that it has not yet received any formal proposals from enterprises seeking to participate.

Deputy Finance Minister Nguyen Duc Chi shared this update, noting that several companies are preparing, including registering for relevant business licenses. The government aims to launch the pilot before 2026, depending on how quickly companies meet requirements. The pilot program is capped at a maximum of five participants.

Key Takeaways

• No Formal Applications: Despite government efforts, no companies have formally applied for the digital asset trading pilot.
• Preparations Underway: Several companies are reportedly making preparations to enter the market.
• 2026 Target: The government hopes to launch the pilot before 2026, contingent on enterprise readiness.
• Regulation is Progressing: The Finance Ministry is drafting regulations covering taxation, fees, and accounting standards for market participants.
• Onshoring Crypto Activity: The pilot program aims to bring the country's substantial crypto trading activity, estimated at $100 billion annually, onto regulated onshore platforms.

Background

In September, the government launched Resolution No. 05 to start a five-year pilot of the digital asset market. This followed the National Assembly's legalization of digital assets under the Law on Digital Technology Industry, effective January 1, 2026.

The pilot seeks to shift Vietnam’s $100 billion crypto trade onshore. An estimated 17 million Vietnamese already trade digital assets, mostly through overseas platforms.

Formal recognition is seen as key to boosting investor confidence and addressing concerns raised by the Financial Action Task Force (FATF). Vietnam has been on the FATF's "gray list" due to gaps in anti-money laundering safeguards around virtual assets.

Analysts believe the pilot, if implemented smoothly, could integrate digital assets into Vietnam's financial system.