Vietnam officially pilots crypto asset market

Starting from Tuesday, Vietnamese enterprises with a charter capital of at least VND10 trillion ($379 million) and meeting certain conditions will be eligible to receive a license to participate in the pilot of a crypto asset market in the country.

Crypto assets are only allowed to be issued to foreign investors, according to the government’s Resolution No. 5/2025/NQ-CP, dated on September 9, 2025, on the pilot implementation of a crypto asset market in Vietnam. The resolution states that the pilot duration is five years.

The resolution regulates the pilot implementation of offering, issuing, trading crypto assets, providing crypto asset services, and state management of the crypto asset market in Vietnam.

Entities eligible for participation in the pilot include organizations providing crypto asset services; organizations issuing crypto assets; and Vietnamese and foreign individuals/organizations investing in crypto assets and operating within the scope of this resolution.The pilot will be implemented in a prudent, controlled, safe and transparent manner.

According to the resolution, digital assets are defined under the Civil Code, expressed in digital form, created, issued, stored, transferred, and verified via digital technology in an electronic environment.

Crypto asset is a type of digital asset that uses encryption or similar digital technologies for verification during creation, issuance, storage, and transfer. It does not include securities, digital forms of fiat currencies, or other financial assets as defined by civil and financial laws.

A crypto asset service provider is a business that performs or offers one or more of the following: organizing a crypto asset trading market; proprietary trading of crypto assets; custody of crypto assets; and providing platforms for crypto asset issuance.

The resolution states that the pilot market must be prudently implemented with appropriate roadmaps, ensuring safety, transparency, efficiency, and protection of legal rights and interests of market participants.

Participants must ensure accurate, honest, full, timely, and non-misleading disclosure of information and comply with regulations on issuance, trading, internal information, and usage purposes of crypto assets.

Only organizations licensed by the Ministry of Finance may provide crypto asset market services or advertise/market such assets.

Participants must comply with laws regarding the prevention of anti-money laundering, counter-terrorism financing, and weapons of mass destruction financing, electronic transactions, cybersecurity, data protection, and other relevant regulations.

All offerings, issuances, trades, and settlements of crypto assets must be conducted in Vietnamese dong (VND). Crypto assets may be used only for exchange or investment purposes as specified in this resolution.

Tax policies applicable to crypto asset trading and business activities will follow those for securities until specific crypto asset tax regulations are introduced.

Only foreign investors may trade crypto assets, and only via licensed service providers approved by the Ministry of Finance. At least 15 days prior to any offering/issuance, the issuer must publish a prospectus (Form 01 in the resolution's appendix) and related documents on both its own and the service provider’s website.

Organizing crypto asset trading market

Domestic investors holding crypto assets and foreign investors can open accounts with licensed service providers for custody, buying, and selling crypto assets in Vietnam.

After six months from the first licensed provider's launch, domestic investors trading outside licensed entities will be subject to administrative or criminal penalties depending on the severity of violations.

Crypto asset service provider must be a Vietnamese enterprise operating as a joint stock company or limited liability company under the Law on Enterprises. Its charter capital must be contributed in VND, with a minimum paid-up capital of VND10 trillion ($379 million).

At least 65% of capital must be contributed by legal entities (organizations), including at least 35% by no fewer than two of the following: commercial banks, securities companies, fund management companies, insurance firms, or tech firms.

These organizations must have been profitable for the past two years, with audited financial statements receiving unqualified opinions.

An individual or organization may only contribute capital to one licensed provider. Foreign ownership may not exceed 49% of total charter capital.

They must have a physical office, equipment, infrastructure, and IT systems suited to its operations.

Their IT system must comply with Level 4 safety standards (highest) under Vietnam’s information security law before being operational.

After the pilot ends, the market will continue operating under this resolution until new legal frameworks are introduced.