Pilot implementation of crypto asset market in Vietnam from September 9, 2025

(Chinhphu.vn) - Deputy Prime Minister Ho Duc Phoc has just signed and issued a Government Resolution on piloting the crypto asset market in Vietnam. This Resolution takes effect from September 9, 2025; the pilot implementation period is 5 years.

The pilot crypto-asset market is implemented on the principles of caution, 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 - Illustrative photo

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

Subjects of the pilot implementation include: Organizations providing crypto-asset services; organizations issuing crypto-assets; Vietnamese organizations and individuals and foreign organizations and individuals participating in crypto-asset investment and operating in the crypto-asset market in Vietnam within the scope of regulations in this Resolution.

Pilot crypto asset market is implemented on the principles of prudence, control, safety and transparency.

Digital assets are assets as prescribed by the Civil Code, expressed in the form of digital data, created, issued, stored, transferred and authenticated by digital technology in an electronic environment.

Crypto assets are a type of digital assets that use encryption technology or digital technology with similar functions to authenticate assets during the process of creation, issuance, storage, and transfer. Crypto assets do not include securities, digital forms of legal currency, and other financial assets as prescribed by civil and financial laws.

A crypto asset service provider is an enterprise that performs and provides one or more of the following services and activities:

a) Organizing the crypto-asset trading market;

b) Crypto-asset trading;

c) Crypto asset custody;

d) Provide a platform for issuing crypto assets.

The Resolution clearly states: The pilot implementation of the crypto-asset market is carried out on the principles of caution, control, a roadmap suitable to practice, safety, transparency, efficiency, and protection of the rights and legitimate 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.

Offering and issuance of crypto assets

Regarding the conditions for offering and issuing crypto assets, the Resolution clearly states: The organization issuing crypto assets must be a Vietnamese enterprise, registered to operate in the form of a limited liability company or a joint stock company under the Law on Enterprises.

Crypto assets must be issued based on underlying assets that are real assets, excluding assets that are securities or fiat currencies.

The Resolution also stipulates: Crypto assets can only be offered and issued to foreign investors.

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 conducting the offering or issuance, the organization issuing the crypto-asset must disclose information about the Prospectus for offering or issuance of 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.

Organizing the crypto asset trading market

The Resolution clearly states: Domestic investors who own 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; Self-trading crypto-assets; Crypto-asset custody; 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

The Resolution specifically stipulates the conditions for granting a License to provide services for 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 Vietnamese Dong.

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.

5. Personnel conditions:

a) The General Director (Director) has at least 02 years of experience working in the professional department of organizations in the fields of finance, securities, banking, insurance or fund management;

b) The Chief Technology Officer (or equivalent position) has at least 05 years of experience working in the information technology department of organizations in the fields of finance, securities, banking, insurance, fund management or enterprises operating in the technology field;

c) Have at least 10 employees working in the technology department with diplomas and training certificates in network information security meeting the provisions of Article 50 of the Law on Network Information Security; have at least 10 employees with securities practice certificates working in other professional departments.

6. There are the following business processes:

a) Risk management and information security processes;

b) Process of providing platform services for issuing crypto assets;

c) Customer asset custody and management process;

d) Transaction and payment process;

d) Self-employment process;

e) Procedures for preventing and combating money laundering, terrorist financing, and proliferation of weapons of mass destruction;

g) Information disclosure process;

h) Internal control process;

i) Transaction monitoring process;

k) Procedures for preventing conflicts of interest, handling customer complaints, and compensating customers.

7. The information technology system of the Crypto Asset Service Provider must meet the level 4 information technology system security standards according to the law on information security before being put into operation and exploitation.

This Resolution takes effect from September 9, 2025. The pilot implementation period is 5 years from the date the Resolution takes effect. After the pilot implementation period ends, the crypto asset market will continue to operate according to this Resolution until there are legal regulations amending, supplementing or replacing it.

Thanh Quang

Source: https://baochinhphu.vn/trien-khai-thi-diem-thi-truong-tai-san-ma-hoa-tai-viet-nam-tu-9-9-2025-10225090917324155.htm