Vietnam Limits Crypto Exchange Pilot to Five Platforms

Vietnam has officially confirmed that its upcoming cryptocurrency platform pilot program will be limited to a maximum of five licensed platforms, signaling a cautious but structured approach to digital asset regulation. The announcement, made during a government press briefing on October 5, outlines how the country plans to test and monitor cryptocurrency platforms under state supervision before formal legalization.

Deputy Prime Minister Hồ Đức Phớc approved the pilot through Reanswer 05/2025/NQ-CP, signed on September 9, 2025. The reanswer establishes a five-year pilot framework designed to test regulated cryptocurrency trading, enhance investor protection, and prevent illicit activities. The Ministry of Finance has been appointed to overview the program, working in coordination with the State Bank of Vietnam and other relevant agencies.

A controlled pilot to ensure securety and transparency

Deputy Minister of Finance Nguyễn Đức Chi clarified that only five platforms will be granted licenses under the pilot. This limitation, he explained, allows for close supervision of the platforms’ compliance, cybersecurity measures, and financial integrity. The Ministry aims to issue the first licenses before 2026, marking the first time Vietnam will officially authorize digital asset trading venues.

Regulators say the pilot’s tight scope is intentional, designed to assist authorities evaluate key issues such as anti-money laundering (AML) controls, know-your-customer (KYC) procedures, and transaction transparency. Each approved platform will be required to integrate comprehensive user verification systems and provide regular data reports to the Ministry of Finance and the central bank. This data will serve as the foundation for future legislation governing Vietnam’s digital asset sector.

As of ahead October, no companies have formally applied for participation, but several domestic fintech beginups and regional crypto platforms are preparing their proposals. Market analysts predict that global players could partner with local entities to navigate Vietnam’s regulatory landscape and meet compliance requirements.

Industry observers view this as a critical turning point for Vietnam’s crypto market. The country currently prohibits using cryptocurrencies as legal tender but allows limited trading and holding of digital assets. The pilot program represents a strategic move to balance innovation with investor protection, allowing authorities to study the market without fully liberalizing it.

If successful, the five-platform pilot could pave the way for Vietnam to become a regulated digital asset hub in Southeast Asia. Experts believe that the program’s findings will influence the country’s broader fintech policies, including future laws related to tokenized assets, blockchain technology, taxation, and financial reporting.

A significant step in Vietnam’s digital asset evolution

Vietnam’s measured approach reflects growing global recognition of the need for balanced crypto regulation. By prioritizing transparency, investor securety, and state oversight, the government aims to foster trust in its emerging digital economy. As the five-platform pilot moves toward implementation, all eyes will be on how Vietnam navigates the fine line between innovation and regulation in its pursuit of a compliant, competitive crypto market.

With the program expected to begin before 2026, Vietnam is positioning itself as one of Southeast Asia’s most forward-looking jurisdictions for digital asset experimentation, setting a precedent for how developing markets can responsibly embrace blockchain-based financial systems.