Vietnam’s Crypto Pilot: Silence, Red Tape, and Big Questions 😂🤔

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In the long ledger of a nation’s life, the attempt to rustle coins into the daylight is a patient drama, and today the plains of Vietnam offered a scene of measured breath and quiet rooms. The Ministry of Finance, that stern keeper of ledgers, confirmed on the fifth day of October that not a single soul had come forward to join a pilot of digital asset trading. The assent of markets, it seems, travels slower than a horse on a monastery road, and so the air was thick with the sound of nothing at all. 😶

There stood the plan-formalize the digital asset market to probe how these strange assets might slip into the country’s financial loom without breaking its old bones. A test, a mercy, a calculation in which finance ministers and clerks would observe the coin’s step by step; and in that quiet Sunday gathering, Deputy Minister Nguyen Duc Chi spoke as one might speak to a reluctant horse: patient, hopeful, and perhaps a touch weary. 🧭💸

The tale grew more particular: though no official petitions arrived, some firms began to apply the idea of crypto trading to their business plans, as a man throws a lantern into the wind to see which way the future might blow. Yet the gatekeepers-those who sign the licenses-demanded a household of capital, a staff capable of bearing the weight, and a menu of crypto products that could be offered without scandal. Only the holder of a special license from the Ministry of Finance may offer crypto assets or publicly herald crypto activities. 🤨🏛️

And so the Ministry, in its austere resolve, labors to write rules for a pilot, with the aim of admitting the first merchants before the turning of the year 2026. Analysts from VinaCapital, a name that seems to glide along the river of money, say the government desires to mould crypto within its own taxable chest, to draw the element away from foreign, ungoverned realms and place it under the quiet, careful canopy of Vietnam’s financial network. 🧭💰

To that end, the Ministry of Finance has enlisted partners-Public Security, the State Bank of Vietnam, and other stewards of order-to finalize the licensing path and to hear the counsel of those who would trade in these things. In July of 2025, Vietnam blessed digital assets with a Law on Digital Technology Industry, and thus prepared the soil for this patient sowing. 🧭🏛️

Five years, they say, this is a trial of coin and law, born by resolution on September 9, 2025: only Vietnamese firms may issue crypto or run platforms, all transactions to be settled in the dong, and the crypto must be backed by real assets, not by securities or mere fiat, sold solely to foreign investors, with foreign ownership capped at 49 percent. 🔒💶

Thus it is declared: only Vietnamese entities with crypto and foreigners may trade on licensed platforms. The land hums with numbers: about 17 million in Vietnam trade cryptocurrencies, and the yearly tide of transactions exceeds 100 billion dollars. The vast majority of this commerce runs on foreign platforms-Binance, Bybit, and fellow wanderers-rooted in places like Singapore, South Korea, and Hong Kong, while the fields of home policy remain quiet as a snowdrift. 🤖💸😂

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2025-10-06 17:20