According to CoinMeta, as reported by The Business Times, Vietnam is advancing pilot programs for the regulation of the crypto market in order to address the anti-money laundering reform pressures from the Financial Action Task Force (FATF). Currently, five companies have been approved to proceed with related operations, and the first batch of local digital asset exchanges may start as early as the third quarter of 2026. Vietnam was listed on the FATF's "gray list" in June 2023 and still needs to make reforms in ten areas, including the regulation of virtual assets and service providers. Data shows that there were over 17 million cryptocurrency holders in Vietnam in 2024, and the volume of cryptocurrency transactions exceeded 200 billion US dollars within one year as of June 2025, a year-on-year increase of 55%. Licensed operators are required to meet a minimum paid-in capital requirement of 10 trillion Vietnamese dong (approximately 381.8 million US dollars).