The Ministry of Finance of Vietnam confirmed that no companies have applied for participation in a five -year digital pilot of asset trade in the country, despite the growing global interest in regulated cryptocurrency markets.
During Sunday information information, Deputy Minister of Finance Nguyen Duc Chi he said Local media, which the ministry has not received any proposals from enterprises that want to pilot trade in digital assets in this country.
“For now, the ministry has not received any proposals from enterprises,” said Chi, adding that the pilot will allow up to five participants. He also said that the ministry accelerates this process so that the first qualifying company could obtain a license and start operating as soon as possible.
“We hope to start this pilot before 2026” – said Chi. “However, progress will depend on how well enterprises can meet the required conditions.”
Capital requirements and limitations of assets snail-paced market reaction
The message appears almost a month after the issue of government resolution 05/2025, officially introducing the long -awaited cryptographic pilot.
Lack of candidates emphasizes high obstacles in the field of compliance and a narrow range of the product that companies must navigate to qualify. They include severe capital requirements, strict personnel restrictions and restrictions on cryptographic products that can be offered.
According to the Ministry of Finance, licensed cryptographic asset service providers (CASP) must maintain a minimum capital of at least 10 trillion dongs (about $ 379 million). The amount is comparable to the requirements for full commercial banks and is different than in typical startups of financial technologies.
Other jurisdictions of Southeast Asia may be a more real option for cryptographic companies. Singapore, Hongkong and Japan non-banner paths are between $ 1 to $ 5 million, offering lighter capital requirements.
In addition to high capital requirements, Vietnam also limits the issue of cryptographic assets supported by currencies or securities. This excludes most of the stableleins, including USDT, USDC and the developing class of toxicized securities and money market funds.
It contains a set of products that can attract retail and institutional interest.
Related: Vietnam state partners of the Military Bank from Dunam to launch Crypto Exchange
Contrary to global demand
Restrictions appear at a time when the treasures supported by Fiat Stableins and tokenized treasures are one of the fastest growing segments in Crypto.
Stablecoin Supply has recently passed $ 300 billion, with transfers exceeding USD 15.6 trillion in the third quarter of 2025. Revenues during the quarter amounted to $ 46 billion, conducted by SDT Tether, Circle USD and synthetic Stablecoin Ethena.
Meanwhile, RWA.XYZ data showed that the tokenized treasurers had he climbed Above $ 8 billion, run by Blackrock’s Buidl Fund and Franklin Templeton’s Benji tokeny. This means that institutions can look for crop, security and faster settlement.
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