Vietnam launches a pilot program allowing only five licensed crypto exchanges to operate within a stringent regulatory framework. The initiative aims to balance innovation with control, while fostering the country’s integration into the global cryptocurrency market. 5 firms have been selected for the pilot program. This move comes after Vietnam’s Ministry of Finance issued Resolution No. 05/2025/NQ-CP on September 9, 2025, outlining a five-year framework for regulated exchanges. 4 other firms are in consideration, but are yet to officially apply. The pilot program focuses on ensuring the financial stability and operational efficiency of crypto exchanges through stringent capital requirements, ownership restrictions, and compliance protocols.