Deputy finance minister Nguyen Duc Chi said at a press conference on Sunday that the Ministry of Finance has yet to receive any proposals from crypto firms for its crypto pilot program rolled out close to a month ago, as per a report by the Investor.
Although the country is known for being crypto-friendly, with around $600 million of transactions in daily circulation, according to Vietnam Investment Review.
Currently, there are no established cryptocurrency exchanges in Vietnam, with all trades processed by overseas exchanges such as Binance and Bybit.
The deputy said the ministry is speeding up the process so the first set of firms to list will be able to begin operations in the country as soon as they can—with plans to launch the pilot before 2026.
Key rules set out for the pilot program include 2 years of experience as a profitable company; trading and issuance to be carried out using the national currency; and 10,000 billion of capital on hand.
The scheme is expected to run for 5 years, after which it will continue as normal, but it can be changed or replaced entirely.
Digital assets were legalized by the country’s national assembly in July through a ‘Law on Digital Technology Industry’.