Vietnam announced a pilot that caps licensed cryptocurrency exchanges at five to limit risk and impose order in the market. The move affects providers, investors and local startups as the Ministry of Finance drafts rules on capital, taxation and operational controls. The scope and barriers will determine whether activity comes onshore or flows into large financial groups.
The government chose a gradual path with strict terms in line with the National Blockchain Strategy 2024-2030. The pilot issues only five licenses and requires a capital threshold of about $379 million (10 trillion VND), alongside a list of crypto assets that operators may issue or trade. These conditions set a high entry bar and tightly frame what markets can develop.
Industry voices criticized the design as favoring large players and limiting competition. Vitaliy Shtyrkin, CPO of B2BINPAY, said, “The entry barrier is so high that most potential applicants do not overcome it,” adding that the quota turns the pilot “from a sandbox into an enclosed precinct.”
Lionel Iruk, senior adviser at Nav Markets and managing partner at Empire Legal, told that the lack of early applicants “does not suggest a lack of interest, but hesitation in the face of regulatory uncertainty and preparation requirements.” Together, these statements suggest the pilot aims to control risk but may shrink competition and block knowledge transfer.
Regulation, compliance and market impact
The Ministry of Finance is preparing a regulatory text covering taxation, compliance protocols and operational standards. The initiative seeks alignment with international anti-money-laundering and counter-terrorist-financing practice. AML/CFT refers to measures that prevent money laundering and terrorist financing, using identity checks and transaction monitoring to detect and block illicit operations.
The final wording and day-to-day application will set the balance between oversight and room for innovation. How the rules are enforced will influence whether the pilot attracts onshore activity or concentrates liquidity within large financial groups.
The pilot will succeed only if eligible applicants emerge and if the rules are enforced as written. Framed as a multi-year program, it will shape the next regulatory steps and could serve as a reference for other countries that seek to balance supervision with technological development.
