2025-12-24 16:26:24

Interesting things are happening in Vietnam. On one side, ordinary people are scanning crypto wallets at street stalls to buy seafood and order coffee, while crypto enthusiasts hold trillions of dollars in digital assets; on the other side, the government’s carefully designed official "amusement park" gates remain unopened.

Digital assets are arriving rapidly: Vietnam ranks among the top three globally in cryptocurrency adoption rates year after year. By 2025, the capital inflow alone will exceed $220 billion, a 55% year-over-year surge. Over 20 million digital asset holders, accounting for more than 20% of the national population. When it comes to enthusiasm for crypto, Vietnam is definitely serious.

But looking from the government’s perspective, the situation is different. The five-year pilot project launched in September 2025 has yet to see a single company submit a formal application. Why? Because the entry barriers are too high.

Regulators only issued five licenses, and applicants must be domestic Vietnamese companies with a minimum capital requirement of 10 trillion VND—roughly $3.8 billion USD. What does this mean? Opening a nationwide commercial bank costs about the same. A single qualification certificate, and the entire market is shut out.

The gap between market demand and policy is enormous. Bottom-up demand has already taken root on the streets, with consumers using crypto payments long ago. But top-down regulatory rules are ridiculously strict. The unreasonably high entry thresholds have caused this officially planned pilot to stumble from the start.

Honestly, it seems like the rule makers and market participants haven't sat down to have a proper conversation.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

13 Likes

Reward
13
3
Repost
Share

Comment

0/400

MoonMathMagic

· 6h ago

This is a classic case of armchair strategizing. How do you guys still not understand? --- I'm really stunned by the Vietnamese government's move—$3.8 billion threshold? They just scare everyone away. --- The disconnection between reality and policy is truly remarkable. People are already using it on the streets, but even with official pilots, no one is participating. --- Five licenses worth 10 trillion VND—this isn't a pilot program, it's a joke. --- The funniest part is that people have already spontaneously adopted crypto payments, yet the government is still dithering over capital requirements. --- Vietnam's approach is a bit outrageous—on one hand, the market is booming, but on the other, policies are stuck and can't move forward. --- Honestly, the rule makers and the market are just not on the same page. --- Haha, Vietnam's government really is self-sabotaging with this set of tactics.

View OriginalReply0

OldLeekNewSickle

· 6h ago

$380 million worth of tickets... Isn't this just a disguised way of scamming retail investors? The official version of a Ponzi scheme, hilarious.

View OriginalReply0

TrustMeBro

· 6h ago

This is a typical case of "one wants to play, the other doesn't let them," hilarious. The government's move is brilliant, starting with 3.8 billion USD for 5 licenses, basically saying "don't come here." Cryptocurrency is now used on the streets of Vietnam, but official pilot programs are deserted, the gap is ridiculously large. Regulators simply don't understand the market, what is this thing? Starting with 10 trillion VND? Even more aggressive than opening a bank, essentially shooting themselves in the foot. Vietnam's recent actions are a bit funny; the market has already taken off, but regulators are still dreaming. Where is the promised pilot? Why is no one coming? Because they simply can't get in, ha. This is the story of "I built a park but don't let people in," Vietnam government edition.

View OriginalReply0