Vietnam’s ambitious plan to pilot regulated cryptocurrency trading has failed to attract a single applicant, with companies reportedly deterred by steep financial barriers and rigid restrictions on permissible digital assets.

At a press briefing on Sunday, Deputy Minister of Finance Nguyen Duc Chi confirmed that the Ministry of Finance had yet to receive any applications from companies seeking to participate in the five-year digital asset trading pilot.

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“As of now, the ministry has not received any proposals from enterprises,” Chi told local outlets, emphasizing that the government still hopes to license up to five firms for the program.

The deputy minister added that the timeline for the pilot’s launch would depend on how quickly prospective companies can meet Vietnam’s strict licensing criteria.

“We hope to begin this pilot before 2026,” he said. “But the progress depends on how well enterprises can meet the required conditions.”

High entry barriers stall interest

The lack of interest follows the introduction of Resolution 05/2025, which formally established Vietnam’s long-awaited digital asset trading framework. However, the pilot’s stringent compliance demands — especially its 10 trillion Vietnamese dong ($379 million) minimum capital requirement — have raised eyebrows across the industry.

This threshold is comparable to that required of commercial banks and significantly higher than typical fintech licensing standards in neighboring jurisdictions. By contrast, Singapore and Hong Kong only require capital reserves in the $1 million–$5 million range for similar virtual asset service providers (VASPs).

Beyond capital requirements, firms are restricted from offering stablecoins or tokenized securities, cutting out two of crypto’s fastest-growing market segments. These bans effectively exclude products like USDT, USDC, and tokenized money-market funds — instruments that have become central to modern crypto liquidity and on-chain finance.

“Without stablecoins or tokenized assets, the scope for innovation and investor participation is very limited,” one regional fintech executive told Cointelegraph anonymously. “It’s hard to justify deploying hundreds of millions in capital for such a narrow market.”

A mismatch with global trends

The timing of Vietnam’s cautious approach stands in stark contrast to global market momentum. The stablecoin market cap recently surpassed $300 billion, with over $15.6 trillion in transfer volume during the third quarter of 2025.

Meanwhile, tokenized treasury products — led by BlackRock’s BUIDL fund and Franklin Templeton’s BENJI tokens — have grown beyond $8 billion, marking a surge in institutional interest in real-world assets (RWA).

Analysts say Vietnam’s prohibitive model risks alienating international investors at a time when neighboring financial hubs are competing to attract blockchain and Web3 innovation.

“Vietnam’s crypto policy framework shows intent but lacks practicality,” said a senior regulatory consultant in Ho Chi Minh City. “If the capital requirements aren’t adjusted, the pilot may never even get off the ground.”

Tokenized treasuries data. Source: RWA.xyz