Vietnam to license only five exchanges for crypto market pilot

Vietnam is moving ahead with its crypto market plans, outlining a framework to license a few exchanges under a new pilot program.

Vietnam’s Deputy Minister of Finance, Nguyen Duc Chi, revealed during a recent government press briefing that only a few exchanges will be licensed for its crypto market pilot. According to local media , only five enterprises will be allowed to operate during this phase.

His comments follow the recent launch of the five-year pilot program for crypto market trading, intended to bring issuance, trading, and payments of crypto within a regulated framework. The minister added that no applications have been received from companies looking to participate yet, despite high expectations for strong interest.

To enforce the pilot, the government is drafting detailed implementation plans, including tax policies, transaction fees, accounting standards, and anti-money laundering regulations. The Ministry is also coordinating with other institutions, such as the State Bank, the Ministry of Public Security, and others, to finalize licensing procedures.

Chi emphasized that the government aims to license eligible businesses and have them operational before 2026, though progress will depend on how quickly companies are ready to meet the requirements.

Pilot program aims to bring Vietnam’s crypto activity onshore

The new pilot program is part of a broader plan to bring the country’s fast-growing crypto market under official oversight. Despite having one of the world’s highest crypto adoption rates, most trading activity has remained offshore. 

By licensing a small number of exchanges, the government aims to bring more of this activity onshore, tapping into an estimated 17 million Vietnamese traders. Annual transaction volumes are believed to exceed $100 billion, with much of that currently flowing through foreign exchanges.

The program also targets stronger integration between crypto and the local financial system. Under the pilot, licensed exchanges will be required to offer trading directly in Vietnamese dong, tying digital assets more closely to the national economy.