What happened?
Vietnam’s Finance Ministry says it hasn’t received any formal applications for its digital asset trading pilot even though the government has legalized digital assets and is fast‑tracking rules. The pilot will be limited to a maximum of five participants and aims to launch before 2026 if companies meet requirements. Several firms are preparing by registering new business lines, but no licenses have been issued yet.
Who does this affect?
This will affect domestic banks, securities firms, fintechs and other companies planning to enter crypto trading and custody. It also affects millions of Vietnamese retail traders who now use offshore platforms and could shift to onshore options. Regulators and tax authorities are impacted too, since onshoring trading brings new supervision, AML controls and taxable flows.
Why does this matter?
Onshoring Vietnam’s estimated $100B‑plus annual crypto volume could create a large regulated market and meaningful fee and tax revenue. It could boost investor confidence, address FATF concerns and move liquidity toward licensed local platforms and incumbent financial firms. The shift may also cause short‑term volatility, raise compliance costs, and spark intense competition between local entrants and global exchanges as the limited pilot unfolds.