Vietnam’s ambitious initiative to establish a test environment for regulated cryptocurrency transactions is facing unexpected difficulties. The intended regulatory experiment, designed to operate under specific local guidelines, has so far struggled to gain momentum.
Despite plans for a five-year experimental phase, Vietnam’s financial authorities have revealed a striking lack of participation. As of now, the Ministry of Finance reports that no enterprises have formally requested permission to participate in the digital currency test program.
Deputy Finance Minister Nguyen Duc Chi publicly acknowledged the absence of business applications during an October 5 press briefing, confirming the current lack of industry enthusiasm.
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While the Vietnamese government aims to approve up to five entities for the trial, progress remains stalled. Minister Chi stated that efforts are underway to accelerate the application process, with the hope of greenlighting at least one participant soon to initiate operations.
The objective is to launch the cryptocurrency program prior to 2026, but the realization of this timeline is subject to successful application submissions that meet the predefined standards.
A significant factor contributing to the evident lack of participation stems from the substantial barriers to entry. Qualification demands stringent criteria, including significant capital reserves, constrained service offerings, and prescriptive personnel requirements.
According to the Ministry of Finance, crypto firms are required to demonstrate a minimum capital threshold of 10 trillion Vietnamese dong, equivalent to approximately $379 million.
Furthermore, the scope of permitted crypto assets is restricted. Current guidelines disallow digital currencies backed by conventional currencies or securities, thus excluding widely used stablecoins such as
In related news, Pakistan has extended an invitation to international cryptocurrency firms, encouraging them to apply for operational licenses within the country. Interested in the specific requirements? Discover the details here.