Vietnam’s Ministry of Finance confirmed that no corporations had utilized to take part within the nation’s five-year digital asset buying and selling pilot regardless of growing world curiosity in regulated crypto markets.
At a Sunday information briefing, Deputy Minister of Finance Nguyen Duc Chi informed native media retailers that the ministry has not obtained any proposals from enterprises searching for to pilot digital asset buying and selling within the nation.
“As of now, the ministry has not obtained any proposals from enterprises,” Chi mentioned, including that the pilot will permit a most of 5 contributors. He additionally mentioned the ministry is expediting the method in order that the primary eligible enterprise might be licensed and start operations as quickly as potential.
“We hope to launch this pilot earlier than 2026,” Chi mentioned. “Nonetheless, the progress will rely on how nicely enterprises can meet the required circumstances.”
Capital calls for and asset restrictions sluggish market response
The information comes almost a month after the federal government issued Decision 05/2025, formally launching a long-awaited crypto pilot.
The dearth of candidates highlights the excessive compliance hurdles and slender product scope that corporations should navigate to qualify. These embody heavy capital necessities, strict staffing limitations and restrictions on the crypto merchandise that may be supplied.
In keeping with the Ministry of Finance, licensed crypto asset service suppliers (CASPs) should keep a minimal capital of at the least 10 trillion dong (about $379 million). The quantity is akin to the necessities for full business banks and is not like these of typical monetary expertise startups.
Different Southeast Asian jurisdictions could also be a extra viable choice for crypto corporations. Singapore, Hong Kong and Japan’s non-bank pathways are throughout the $1 million to $5 million vary, providing lighter capital necessities.
Along with excessive capital calls for, Vietnam can also be proscribing the issuance of crypto belongings backed by fiat currencies or securities. This guidelines out most stablecoins, together with USDT, USDC and a booming class of tokenized securities and money-market funds.
It narrows the product set that would entice retail and institutional curiosity.
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At odds with world demand
The restrictions come at a time when fiat-backed stablecoins and tokenized treasuries are a number of the fastest-growing segments in crypto.
The stablecoin provide not too long ago handed $300 billion, with transfers exceeding $15.6 trillion within the third quarter of 2025. Inflows in the course of the quarter totaled $46 billion, led by Tether’s USDT, Circle’s USDC and Ethena’s artificial stablecoin USDe.
In the meantime, RWA.xyz knowledge confirmed that tokenized treasuries had climbed above $8 billion, led by BlackRock’s BUIDL fund and Franklin Templeton’s BENJI tokens. Which means establishments could also be in search of yield, collateral and quicker settlement.
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