Pilot crypto asset market in Vietnam from September 9

The pilot crypto asset market is carried out on the principle of caution and control...

Vietnam is building a pilot crypto asset market. Illustration photo using AI technology by Tuoitre.vn

On September 9, Deputy Prime Minister Ho Duc Phoc signed and issued Resolution No. 5/2025/NQ-CP of the Government on piloting the crypto asset market in Vietnam. This Resolution takes effect from the date of signing; the pilot implementation period is 5 years.

Resolution regulating the pilot offering and issuance of crypto-assets, organization of crypto-asset trading market and provision of crypto-asset services; state management of crypto-asset market in Vietnam.

The pilot crypto-asset market is carried out on the principles of prudence, control, a roadmap suitable to practice, safety, transparency, efficiency, and protection of the legitimate rights and interests of organizations and individuals participating in the crypto-asset market.

Organizations and individuals participating in the crypto-asset market are responsible for ensuring the accuracy, honesty, completeness, timeliness and non-misleadingness of published information; complying with regulations on issuance, trading, internal information and purposes of using crypto-assets. Only organizations licensed by the Ministry of Finance to provide services for organizing crypto-asset trading markets are allowed to provide services related to crypto-assets and advertising and marketing related to crypto-assets.

Organizations and individuals participating in the crypto-asset market must comply with relevant legal provisions on preventing and combating money laundering, terrorist financing, financing the proliferation of weapons of mass destruction, electronic transactions, network information security, network security, data protection to ensure security and safety in the crypto-asset market and other relevant specialized laws.

The offering, issuance, trading and payment of crypto assets must be made in Vietnamese Dong.

Crypto assets are used for exchange or investment purposes as prescribed in this Resolution.

Tax policies for transactions, transfers, and trading of crypto assets are applied as tax regulations for securities until there is a tax policy for the crypto asset market in Vietnam.

Regarding the conditions for offering and issuing crypto assets, the crypto asset issuer must be a Vietnamese enterprise, registered to operate as a limited liability company or joint stock company under the Enterprise Law. Crypto assets must be issued based on underlying assets that are real assets, excluding assets that are securities or legal currency.

Crypto assets may only be traded between foreign investors through crypto asset service providers licensed by the Ministry of Finance.

At least 15 days before offering or issuing, the organization issuing the crypto-asset must disclose information about the Prospectus for offering or issuing the crypto-asset according to Form No. 01 of the Appendix issued with this Resolution and other relevant documents (if any) on the electronic information page (website) of the organization providing crypto-asset services and the electronic information page of the issuing organization.

Domestic investors holding crypto assets and foreign investors are allowed to open accounts at crypto asset service providers licensed by the Ministry of Finance to deposit, buy and sell crypto assets in Vietnam.

After a period of 6 months from the date the first crypto-asset service provider is licensed, domestic investors who trade crypto-assets without going through a crypto-asset service provider licensed by the Ministry of Finance, depending on the nature and severity of the violation, will be subject to administrative sanctions or criminal prosecution in accordance with the law.

Crypto-asset service providers licensed by the Ministry of Finance to provide services for organizing crypto-asset trading markets are allowed to perform and provide the following services and activities: Organizing crypto-asset trading markets; trading crypto-assets; custody of crypto-assets; providing crypto-asset issuance platforms. Crypto-asset transactions must be performed through crypto-asset service providers licensed by the Ministry of Finance.

Conditions for granting a license to provide services of organizing crypto-asset trading markets:

1. Is a Vietnamese enterprise, registered to do business in the industry or profession of providing services related to crypto assets in the form of a limited liability company or joint stock company in Vietnam according to the Law on Enterprises.

2. The charter capital contribution must be in Vietnamese Dong and the minimum contributed charter capital must be 10,000 billion VND.

3. Conditions on shareholders and capital contributing members:

a) At least 65% of the charter capital must be contributed by shareholders and members who are organizations, of which over 35% of the charter capital must be contributed by at least 02 organizations such as commercial banks, securities companies, fund management companies, insurance companies, and enterprises operating in the technology sector;

b) Shareholders and capital contributing members that are organizations must have legal status and profitable business operations for 02 consecutive years prior to the year of requesting a license; the financial statements of 02 consecutive years prior to the year of requesting a license must be audited and the audit opinion must be an opinion of full approval;

c) Organizations and individuals are only allowed to contribute capital to 01 organization providing crypto-asset services licensed by the Ministry of Finance;

d) The total capital contribution and share purchase of foreign investors in a crypto-asset service provider must not exceed 49% of the charter capital of the crypto-asset service provider.

4. Have a working office, with adequate facilities, techniques, equipment, office equipment, and technology systems suitable for providing crypto-asset services.

Source: https://hanoimoi.vn/thi-diem-thi-truong-tai-san-ma-hoa-tai-viet-nam-tu-ngay-9-9-715584.html