Vietnam Rushes Regulated Crypto Pilot Due to FATF Pressure

• Five companies have been given the green light to take part in a five-year pilot program.
• Vietnam has been on the FATF grey list since June 2023, missing the deadline in May 2025.
• The country’s regulated crypto firms need 10 trillion dong ($381.8 million) in capital.

Vietnam is getting ready to launch its first officially regulated crypto exchanges. Five companies have been given the green light to participate in a five-year pilot program, and the first exchange could begin operations as soon as Q3 2026.

The urgency and push for regulation are closely linked to Vietnam being on the FATF (Financial Action Task Force) ‘grey list’. 

The country has been on the FATF grey list since June 2023, which means the intergovernmental organization has flagged weaknesses in how Vietnam handles money laundering and related threats. The latest assessment found gaps in ten key areas, including regulation for virtual assets and crypto service providers.

Vietnam was supposed to complete its FATF action plan by May 2025, but it missed that deadline by more than a year. Reportedly, as of the end of June, only three out of seventeen measures in the country’s revised plan had been completed.

Vietnam’s Large Crypto Population

Likely another reason why Vietnam is rushing to get regulation done is its huge crypto user base. 

Over 17 million people in Vietnam owned crypto in 2024, which is roughly one in six. The country also came in fourth on Chainalysis 2025 global crypto adoption index.

What’s notable is that most of this activity has taken place without much domestic regulation. 

Chainalysis estimated that Vietnam received more than $200 billion in crypto from June 2024 to June 2025, up 55% from the year before. That made it the third-biggest crypto market in Asia-Pacific, trailing only India and South Korea.

Huge Economic Stake

Remaining on the grey list brings more than just a reputational problem. 

An IMF (International Monetary Fund) study of 89 developing economies found that FATF grey-listing was tied to an average drop in capital inflows of about 7.6% of GDP, covering both foreign and portfolio investment. As such, a worsening FATF position could end up affecting a lot more than just the crypto market.

Under Vietnam’s crypto regulation plan, licensed companies need at least 10 trillion Vietnamese dong in paid-up capital, roughly $381.8 million. These businesses must also set up ten operating procedures covering areas like custody, trading, risk, and AML, and their IT systems must meet Level 4 security standards.

Related: Vietnam Rolls Out New Crypto Laws in Pilot Program, Following Indonesia’s Footsteps