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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.<\/p>\n
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<\/i> report, a local media publication.<\/p>\n
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<\/i> report.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Vitaliy Shtyrkin, CPO at B2BINPAY, told Decrypt<\/i> that “the entry bar is so high that most potential applicants can’t clear it.”<\/p>\n
Shtyrkin said the 5-license cap turns the initiative \u201cfrom a sandbox into a closed compound,\u201d favoring \u201clarge financial groups over fintech innovators,\u201d and that Vietnam must \u201clower the barriers and be much more open\u201d if it hopes to attract crypto liquidity onshore.<\/p>\n
Asia-Pacific Leads Worldwide Crypto Adoption: Chainalysis<\/a><\/p>\n \u201cOtherwise, liquidity and innovation will stay offshore, and the country’s ‘pilot’ will remain a stuck experiment,\u201d he noted.<\/p>\n