Vietnam Launches Crypto Exchange Pilot Program
Vietnam is taking steps to regulate its crypto market. The country plans to license a few exchanges under a new five-year pilot program. this move aims to bring crypto trading under official control.
The Ministry of Finance will license only a small number of exchanges. Deputy Minister Nguyen Duc Chi said only five companies will be allowed to operate. The program seeks to regulate crypto issuance, trading, and payments.
Currently, most of Vietnam’s crypto activity happens offshore. The country has over 17 million crypto traders. Annual transaction volumes exceed $100 billion. The pilot program aims to bring this activity onshore.
To enforce the pilot, the government is drafting detailed implementation plans. These include tax policies, transaction fees, accounting standards, and anti-money laundering regulations. The Ministry is also coordinating with other institutions.These include the State Bank and the Ministry of Public Security.
The government aims to license eligible businesses and have them operational before 2026. The program also targets stronger integration between crypto and the local financial system. Licensed exchanges will be required to offer trading directly in Vietnamese dong.
despite high expectations, no applications have been received yet. The government is drafting detailed implementation plans. These include tax policies, transaction fees, accounting standards, and anti-money laundering regulations.
