Vietnam crypto pilot gets no applicants as high capital rules and bans on stablecoins deter firms compared to regional peers.
Author: Akshat Thakur
October 6, 2025 — The Vietnam crypto pilot program has received no applications since its announcement, according to Deputy Finance Minister Nguyen Duc Chi. Despite global interest in regulated digital asset markets, Vietnam’s initiative has seen zero participation due to steep financial and operational barriers.
The lack of participation highlights the difficulty of meeting Vietnam’s strict requirements. To qualify as a licensed crypto asset service provider (CASP), firms must maintain 10 trillion dong (≈$379 million) in registered capital on par with full commercial banks, and far beyond typical fintech startup levels.
In addition, the Vietnam crypto pilot bans issuing or trading stablecoins and tokenized securities, which excludes products like USDT, USDC, and tokenized treasuries some of the fastest-growing segments in global digital assets. This limitation significantly narrows the scope for participants and dampens institutional interest.
While Vietnam struggles to attract applicants, other Asian markets are adopting more flexible approaches to digital asset regulation. Singapore, Hong Kong, and Japan have introduced licensing regimes with capital requirements between $1 million and $5 million, opening the door for fintech innovators without imposing heavy banking-style obligations.
These regional contrasts reveal why the Vietnam crypto pilot faces challenges. Neighboring countries allow innovation under regulatory oversight, while Vietnam’s approach remains closer to banking compliance than startup incubation.
The timing of the pilot coincides with a surge in regulated digital asset markets. Stablecoin supply surpassed $300 billion in Q3 2025, facilitating over $15 trillion in transactions, while tokenized treasuries exceeded $8 billion, led by BlackRock’s BUIDL and Franklin Templeton’s BENJI. Vietnam’s restrictive stance, however, prevents participation in these booming sectors.
Analysts argue that Vietnam risks falling behind its regional peers if it fails to balance innovation with compliance. Without adjustments to capital and product rules, the Vietnam crypto pilot may struggle to attract credible participants or deliver meaningful outcomes before its 2026 target.
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