越南的加密飞行员计划：一个艰难的开始？

越南雄心勃勃的加密飞行员计划由于严格的要求而面临零申请人的障碍。调整会振兴主动性并解锁越南的加密潜力吗？

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?

越南凭借其“越南，加密飞行员计划”进入受监管的加密货币空间的袭击已经陷入困境。尽管寄予厚望和强烈的当地兴趣，但该计划尚未吸引单个申请人。这是怎么回事？

Ambitious Goals, Unrealistic Requirements?

雄心勃勃的目标，不现实的要求？

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.

这位为期五年的飞行员以第5/2025号决议启动，旨在在严格的政府监督下建立国内数字资产交易制度。多达五家合格的公司将获得许可。但是，这些要求被证明是主要的威慑力量。最低资本要求为100万亿佛蒙特州（约3.79亿美元）是一个巨大的障碍，实际上不包括最大的金融机构。此外，飞行员不包括稳定的证券，大大限制了可用的商机。

Enforcement Lags and Market Realities

执法滞后和市场现实

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.

除了不确定性外，执行细节和许可机制仍在开发中。尽管政府的目标是在2026年之前发射飞行员，但进展取决于符合严格条件的公司。这导致了潜在申请人的谨慎，据报道，许多人准备在犯下其业务范围。围绕税收治疗，会计标准和监督协调的不透明度也有助于犹豫。

User Demand vs. Regulatory Hesitation

用户需求与监管犹豫

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.

尽管受监管的飞行员的推出缓慢，但越南用户的加密活动仍在海上平台继续进行。越南在加密采用中排名全球第四，年度交易量超过1000亿美元。这种差异强调了高用户需求与受监管产品的限制性之间的张力。试点计划试图将越南$ 100B的加密货币贸易转移。

Can Vietnam Salvage Its Pilot?

越南可以抢救飞行员吗？

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.

越南的情况说明了加密法规中的关键挑战：平衡风险管理与促进创新。当前的飞行员对刚性的倾向过于严重，这使其对潜在参与者没有吸引力。为了成功，越南需要取得更好的平衡。放松一些资本要求并扩大允许的产品范围可能会使飞行员更具吸引力。

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驾驶区块链消息系统的消息显示出对金融中的区块链应用的希望。也许越南可以从这些发展中学习，并适应加密监管的方法。

A Personal Take

个人看法

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.

看来越南的方法是试图在行走之前进行奔跑的经典案例。尽管谨慎的方法是可以理解的，但当前的要求是如此限制，以至于扼杀了创新。通过为加密货币创造更热情的环境，越南可以利用其巨大的潜力。

The Future of Crypto in Vietnam

越南加密的未来

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.

越南的加密之旅才刚刚开始。尽管最初的试点计划可能面临挑战，但该国的高加密采用率和政府对监管的承诺表明了光明的未来。通过一些调整和更务实的方法，越南可以成为全球加密景观的主要参与者。

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!

那么，越南的加密飞行员会起飞，还是会保持扎根？只有时间会说明，但是可以肯定的是：世界将在观看！