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Key Takeaways
- Vietnam Deputy Minister of Finance, Nguyen Duc Chi, announced that only a select few exchanges will receive licenses to operate under the country’s crypto market pilot.
- In June 2025, Vietnam officially legalized crypto, creating a clearer framework for digital finance in the country.
- The nation’s plans on minting out of the crypto population come amid a steady growth in the Asia Pacific region.
Vietnam plans on approving only a select number of exchanges for its upcoming five-year crypto pilot program. During a recent government briefing, the nation’s Deputy Minister of Finance, Nguyen Duc Chi, announced that only a select few exchanges will receive licenses to operate under the country’s crypto market pilot. Local media reports suggest that just five companies will be permitted to participate in this initial phase.
This action reflects Vietnam’s cautious approach to the launch of its recently legalised digital asset market. The initiative also aims to establish a controlled environment for cryptocurrency issuance, trading, and payments.
The ongoing oversight will promote innovation while enabling the government to keep a close eye on operations. Authorities may manage risks, maintain compliance, and safeguard investors as the industry expands by beginning small.
Vietnam Crypto Pilot Program Sees Zero Applications So Far
It is interesting to note that despite high expectations, Vietnam has reported that no companies have applied so far to join the pilot. The absence may be due to firms waiting for clearer rules or the novelty of operating under the nation’s controlled sandbox.
Either way, the initiative represents an important step toward integrating digital assets into the country’s financial system while keeping regulatory oversight at the forefront. The initiative also comes as an aftermath of the nation taking a progressive approach towards crypto, especially after legalizing it back in June of 2025.
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New Crypto Pilot Program Comes After Previous Soft Stance on Crypto
In June 2025, Vietnam officially legalized crypto, creating a clearer framework for digital finance in the country. The law separates virtual assets, which represent tokenized real-world products, from crypto assets like Bitcoin (BTC) and Ethereum (ETH), giving both businesses and investors more clarity on their legal status.
At the same time, the government has banned the creation of on-chain fiat-backed assets, including stablecoins and tokenized securities. This is part of the new crypto regulations and Vietnam’s ongoing five-year sandbox pilot program, which started in September.
The sandbox allows companies to experiment with digital assets in a controlled environment, promoting innovation while keeping investor protection and regulatory compliance at the forefront.
Vietnam Launches Crypto Pilot Program to Regulate Rapidly Growing Market
The new pilot program is a component of a larger strategy to give the nation’s rapidly expanding cryptocurrency business official regulation. Most trade has stayed overseas, even though the country has one of the highest rates of cryptocurrency adoption in the world.
The government hopes to capitalise on an estimated 17 million Vietnamese traders by bringing more of this activity onshore through the licensing of a few exchanges. A significant portion of the estimated $100 billion in annual transaction volumes already goes through foreign exchanges.
Asia Leads Crypto Growth Movement
Vietnam’s plans on minting out of the nation’s crypto population come amid a steady growth in the Asia Pacific region. The Asia-Pacific (APAC) region is quickly becoming a global hotspot for cryptocurrency adoption, according to Chainalysis. In fact, nine of the top 20 countries on its Global Crypto Adoption Index are from this region, showing how deeply digital assets are taking root.
Crypto activity in APAC has surged, with transaction volumes jumping from $1.4 trillion to over $2.3 trillion in 2025, marking a 69% year-over-year increase. Countries like India, Pakistan, and Vietnam are leading the way, as more people and businesses use crypto for payments, trading, and investment.
The region’s growth is fueled by a young, tech-savvy population, wider smartphone access, and expanding digital finance infrastructure. With governments gradually building clearer regulations around crypto, APAC is set to remain at the forefront of the global digital finance boom, driving innovation and shaping how the world interacts with cryptocurrencies.
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