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Vietnam Yet To Receive Proposals For Digital Asset Trading Pilots: Ministry

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The Vietnam Finance Ministry stated it has not but obtained any proposals from enterprises looking for to take part within the nation’s digital asset buying and selling pilot, at the same time as the federal government pushes forward with plans to manage the sector.

Deputy Finance Minister Nguyen Duc Chi shared the replace at a Sunday press briefing when requested concerning the variety of functions submitted and the anticipated timeline for the primary licenses, native information outlet Theinvestor reported Monday.

The ministry has not but obtained any formal functions, although Chi famous that a number of corporations are already making preparations, together with registering new enterprise strains to enter the digital asset market.

He added that whereas curiosity is rising, the federal government has capped the variety of members at a most of 5 through the pilot section.

“The Ministry of Finance is expediting the method in order that the primary eligible enterprises could be licensed and start operations within the Vietnamese market as quickly as attainable,” he added.

Vietnam Targets Pilot Launch Before 2026 Pending Enterprise Readiness

The deputy minister stated the federal government hopes to launch the pilot earlier than 2026, however the tempo will depend upon how rapidly corporations meet the necessities. With shut coordination between companies and regulatory our bodies, he prompt the timeline might be introduced ahead.

The authorities issued Resolution No. 05 in September to launch a five-year pilot of the digital asset market.

Following the decision, the finance ministry started drafting detailed rules overlaying taxation, charges, and accounting requirements for market members. It additionally arrange coordination channels with the State Bank of Vietnam and the Ministry of Public Security to finalize licensing procedures.

The transfer got here after the National Assembly legalized digital assets earlier this yr beneath the Law on Digital Technology Industry, which takes impact on Jan. 1, 2026. The laws marked a turning level after years of regulatory uncertainty that had left Vietnam depending on offshore exchanges.

Pilot Seeks To Shift Vietnam’s $100B Crypto Trade Onshore

The pilot goals to maneuver the nation’s huge casual crypto exercise into formal, taxable onshore channels. Estimates counsel that as many as 17m Vietnamese already commerce digital property, with annual transaction volumes exceeding $100b, almost all of it routed by abroad platforms similar to Binance and Bybit.

Major companies in finance, securities and banking have signaled curiosity in becoming a member of the pilot, though none have formally submitted functions. Industry watchers say the approaching months will probably be essential as potential members finalize their preparations.

Formal Recognition Seen As Key To Boosting Investor Confidence

Vietnam’s legalization of crypto follows mounting worldwide scrutiny. Since 2023, the nation has been on the Financial Action Task Force’s “grey listing” as a result of gaps in its anti-money laundering safeguards round digital property. Regulators accelerated efforts to deal with these issues, resulting in the passage of the digital expertise legislation and the pilot framework.

Analysts say the authorized recognition of digital property locations Vietnam among the many first Southeast Asian economies to formalize the sector. If carried out easily, the pilot may enhance investor confidence and combine digital property extra firmly into the home monetary system.

For now, the ministry is ready on enterprises to step ahead.

The publish Vietnam Yet To Receive Proposals For Digital Asset Trading Pilots: Ministry appeared first on Cryptonews.

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