越南的加密飛行員計劃：一個艱難的開始？

越南雄心勃勃的加密飛行員計劃由於嚴格的要求而面臨零申請人的障礙。調整會振興主動性並解鎖越南的加密潛力嗎？

Vietnam's foray into the regulated crypto space with its 'Vietnam, Crypto, Pilot program' has hit a snag. Despite high hopes and strong local interest, the program has yet to attract a single applicant. What's going on?

越南憑藉其“越南，加密飛行員計劃”進入受監管的加密貨​​幣空間的襲擊已經陷入困境。儘管寄予厚望和強烈的當地興趣，但該計劃尚未吸引單個申請人。這是怎麼回事？

Ambitious Goals, Unrealistic Requirements?

雄心勃勃的目標，不現實的要求？

Launched with Resolution 05/2025, the five-year pilot aimed to create a domestic digital asset trading regime under strict government oversight. Up to five qualified firms would be licensed to operate. However, the requirements are proving to be a major deterrent. A minimum capital requirement of 10 trillion VND (around $379 million) is a huge barrier, effectively excluding all but the largest financial institutions. Furthermore, the pilot excludes stablecoins and tokenized securities, significantly limiting the business opportunities available.

這位為期五年的飛行員以第5/2025號決議啟動，旨在在嚴格的政府監督下建立國內數字資產交易制度。多達五家合格的公司將獲得許可。但是，這些要求被證明是主要的威懾力量。最低資本要求為100萬億佛蒙特州（約3.79億美元）是一個巨大的障礙，實際上不包括最大的金融機構。此外，飛行員不包括穩定的證券，大大限制了可用的商機。

Enforcement Lags and Market Realities

執法滯後和市場現實

Adding to the uncertainty, enforcement details and licensing mechanics are still under development. While the government aims to launch the pilot before 2026, progress depends on companies meeting the stringent conditions. This has led to caution among potential applicants, with many reportedly preparing to adjust their business lines before committing. Opacity around tax treatment, accounting standards, and oversight coordination also contribute to the hesitation.

除了不確定性外，執行細節和許可機制仍在開發中。儘管政府的目標是在2026年之前發射飛行員，但進展取決於符合嚴格條件的公司。這導致了潛在申請人的謹慎，據報導，許多人準備在犯下其業務範圍。圍繞稅收治療，會計標準和監督協調的不透明度也有助於猶豫。

User Demand vs. Regulatory Hesitation

用戶需求與監管猶豫

Despite the slow rollout of the regulated pilot, crypto activity among Vietnamese users continues through offshore platforms. Vietnam ranks fourth globally in crypto adoption, with annual trading volumes exceeding $100 billion. This divergence highlights the tension between high user demand and the restrictive nature of the regulated offering. The pilot program seeks to shift Vietnam’s $100B Crypto Trade Onshore.

儘管受監管的飛行員的推出緩慢，但越南用戶的加密活動仍在海上平台繼續進行。越南在加密採用中排名全球第四，年度交易量超過1000億美元。這種差異強調了高用戶需求與受監管產品的限制性之間的張力。試點計劃試圖將越南$ 100B的加密貨幣貿易轉移。

Can Vietnam Salvage Its Pilot?

越南可以搶救飛行員嗎？

Vietnam's situation illustrates a key challenge in crypto regulation: balancing risk management with fostering innovation. The current pilot leans too heavily toward rigidity, making it unattractive to potential participants. To succeed, Vietnam needs to strike a better balance. Relaxing some of the capital requirements and broadening the permissible product range could make the pilot more appealing.

越南的情況說明了加密法規中的關鍵挑戰：平衡風險管理與促進創新。當前的飛行員對剛性的傾向過於嚴重，這使其對潛在參與者沒有吸引力。為了成功，越南需要取得更好的平衡。放鬆一些資本要求並擴大允許的產品範圍可能會使飛行員更具吸引力。

The recent news of SWIFT piloting a blockchain messaging system with LINEA shows promise for blockchain applications in finance. Perhaps Vietnam can learn from these developments and adapt its approach to crypto regulation.

最近，Swift使用Linea駕駛區塊鏈消息系統的消息顯示出對金融中的區塊鏈應用的希望。也許越南可以從這些發展中學習，並適應加密監管的方法。

A Personal Take

個人看法

It seems Vietnam's approach is a classic case of trying to run before you can walk. While a cautious approach is understandable, the current requirements are so restrictive that they stifle innovation. By creating a more welcoming environment for crypto businesses, Vietnam can tap into its huge potential.

看來越南的方法是試圖在行走之前進行奔跑的經典案例。儘管謹慎的方法是可以理解的，但當前的要求是如此限制，以至於扼殺了創新。通過為加密貨幣創造更熱情的環境，越南可以利用其巨大的潛力。

The Future of Crypto in Vietnam

越南加密的未來

Vietnam's crypto journey is just beginning. While the initial pilot program may face challenges, the country's high crypto adoption rate and the government's commitment to regulation suggest a bright future. With some adjustments and a more pragmatic approach, Vietnam can become a leading player in the global crypto landscape.

越南的加密之旅才剛剛開始。儘管最初的試點計劃可能面臨挑戰，但該國的高加密採用率和政府對監管的承諾表明了光明的未來。通過一些調整和更務實的方法，越南可以成為全球加密景觀的主要參與者。

So, will Vietnam's crypto pilot take off, or will it remain grounded? Only time will tell, but one thing's for sure: the world will be watching!

那麼，越南的加密飛行員會起飛，還是會保持紮根？只有時間會說明，但是可以肯定的是：世界將在觀看！