Vietnam Caps Crypto Pilot to Five Licensed Exchanges

Vietnam’s Ministry of Finance has announced plans to restrict its cryptocurrency exchange pilot program to just five licensed operators. This approach reflects the government’s cautious strategy to regulate a rapidly growing digital asset sector and integrate it into the national economy.

Analysts view this move as an effort to balance innovation with investor protection and compliance with international financial standards.

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Vietnam Crypto Pilot: Government Sets Strict Boundaries

Vietnam’s Ministry of Finance has confirmed that the nation’s pilot crypto exchange program will include no more than five licensed operators, part of a tightly controlled test phase designed to mitigate systemic risks.

Deputy Finance Minister Nguyen Duc Chi said during a government press briefing.

“The ministry has not received any proposals from enterprises” but emphasized that “the pilot will allow a maximum of five participants.”

Chi added that they hoped to launch the pilot before 2026, though he noted that the progress would depend on how well enterprises could meet the required conditions, underscoring the government’s intent to evaluate the market under a closely supervised framework.

Officials have not disclosed which companies may participate, but insiders suggest that both local fintech firms and international exchanges are preparing to meet licensing standards. The Ministry is expected to outline capital requirements, anti-money laundering (AML) obligations, and consumer protection rules in the coming months.

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Industry Experts See a Balancing Act Between Caution and Growth

While the pilot program limits participation, experts see it as a key step toward legitimizing Vietnam’s fast-growing crypto market.

Financial analyst Phan Dũng Khánh commented that “Vietnam has a large investor base ready to comply with tax and regulatory requirements if offered safe and legal trading platforms.”

According to the State Bank of Vietnam, the country has one of the world’s highest crypto adoption rates, ranking in the top ten globally. Yet, digital asset trading remains technically unregulated, leaving investors without formal legal protection.

Industry observers say the government’s cautious approach may help prevent the kinds of speculative excesses seen elsewhere in Asia. Colonel Dr. Hoang Van Thuc of the Vietnam Blockchain and Digital Asset Association said that this pilot demonstrated smart risk governance, showing that the authorities were staying cautious while making breakthroughs.

Vietnam’s Position in the Regional Regulatory Landscape

Vietnam’s limited pilot contrasts sharply with the broader frameworks in neighboring markets such as Singapore and Japan. Both countries have established full licensing regimes under clear regulatory oversight, granting approval to over a dozen digital asset exchanges each.

However, analysts note that Vietnam’s model could serve as a testing ground for future regional cooperation. The Ministry of Finance is reportedly studying Singapore’s Payment Services Act and Japan’s Financial Instruments and Exchange Act as reference points for eventual legislation.

If successful, the trial could lay the groundwork for Vietnam to formalize crypto trading within its financial system, potentially allowing greater institutional participation and integration with global digital asset markets.