Vietnam’s Crypto Program: Can the Money-Traffic Jam Be Unstuck?

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In a land where the hustle of life flows like a ceaseless river, Vietnam’s ambitious digital asset pilot program stands yet like an unwelcome guest at a wedding feast-invited but without any takers! The beauty of cryptocurrencies sparkles across the nation like a shinny bauble, yet this program remains as barren as a desert of sand. 🌵

Ah, yes, while the companies and investors wag their tails like eager puppies, the iron-clad rules and Herculean requirements seem to throw cold water on their fiery passions. Like a dragon well-guarded by bureaucratic knights, the path to this emerging crypto market is fraught with challenges. 🐉

Crypto Pilot Sees Slow Start 🚦

The Ministry of Finance, that authoritative oracle, has announced the grim news that not a single proposal has graced their offices. Deputy Minister Nguyen Duc Chi made this revelation during a press conference that felt more like a funeral than a celebration. He cheerfully added that while no formal applications have rolled in, some valiant companies are heroically preparing to enter this la-la-land of digital assets. 📜

But lo and behold, even with a shimmering interest in the distance, only five lucky souls can join the pilot according to the mystical government scrolls. The Minister waved his wand and declared, “While many may knock at our doors, only a select few shall be granted entry!” ✨

He further shared the optimistic vision of launching this pilot before the grand arrival of 2026! But alas, our heroes must first meet intimidating conditions that could scare even the bravest knight. With a little luck and a dash of coordination, the timeline may just be fattened up like a turkey before Thanksgiving! 🦃

Vietnam’s Digital Asset Pilot 🪙

It all commenced on the day of September 9, 2025-a date that will live infamously in history! For here, the government attempted to corral the wild beasts of crypto trading from far-off shores into securely taxable waters. Like shepherds guiding their flock, they seek to tether these elusive assets into the fabric of Vietnam’s financial tapestry. 🧵

The Ministry is arduously crafting regulations to create an intricate web of taxes, fees, and accounting standards for this once lawless wilderness. Meanwhile, serious coordination has begun with other powerful entities: the Ministry of Public Security and the State Bank of Vietnam, both with an eye keen enough to catch any false moves. 🎶

High Barriers Discourage Applicants 🧗‍♂️

Yet, dear reader, let us not forget the many chains binding our brave applicants! This pilot program is not for the faint of heart. All transactions must be wrapped snugly in the embrace of Vietnamese dong, and only local companies can conjure up crypto assets! It’s like a club where foreign investors can only peep through the window! 🔍

To be a member of this exclusive party, one must bring a treasure chest containing no less than 10 trillion dong ($379 million!). One can’t help but wonder, is this a crypto venture or a high-stakes game of Monopoly? 💰

Growing Crypto Activity in Vietnam 📈

Ah, the winds of change are blowing softly! Vietnam has heralded the era of legal digital assets with the passing of the Law on Digital Technology Industry this past July. The crypto tsunami looms larger as around 17 million Vietnamese are embracing digital coins, exchanging fortunes worth over $100 billion with breathless fervor! 📊

Sadly, most of this thrilling action occurs on offshore platforms-those mythical lands of Binance and Bybit, far beyond the shores of Vietnam! And here’s a fun nugget: Vietnam is strutting confidently in fourth place on Chainalysis’ Global Crypto Adoption Index! With the APAC region rising like a phoenix, we can be sure that our digital heroes are gearing up for yet another miraculous rise in transaction volumes! 🦸‍♀️

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2025-10-06 17:10