Vietnam officially launches pilot crypto asset market from September 9, 2025
According to the Government Electronic Newspaper , Deputy Prime Minister Ho Duc Phoc has just signed and issued Resolution No. 5/2025/NQ-CP dated September 9, 2025 of the Government on the pilot implementation of the crypto asset market in Vietnam. This Resolution takes effect from September 9, 2025; the pilot implementation period is 5 years.
Main content of the Resolution
Pilot implementation of offering and issuance of crypto assets; organization of trading markets; provision of crypto asset services; and state management of the crypto asset market in Vietnam.
Participants include: issuing organizations, service providers, domestic and foreign investors operating within the scope of the Resolution.
Principles: prudence, control, safety, transparency, protection of legitimate rights and interests of organizations and individuals.
Regulations for organizations and investors
The published information must be accurate, honest and not misleading.
Only organizations licensed by the Ministry of Finance are allowed to provide services and promote related to crypto assets.
Fully comply with regulations on anti-money laundering, anti-terrorist financing, cyber security and data protection.
Issuance, trading and payment of crypto assets must be in Vietnamese Dong.
Tax policies apply similarly to securities until further notice.
Offering and Issuance of Crypto Assets
The issuing enterprise must be a limited liability company or joint stock company in Vietnam.
Crypto assets must be based on real assets, excluding securities and fiat currencies.
Only offered, issued and traded to/between foreign investors , through service providers licensed by the Ministry of Finance.
At least 15 days in advance, the issuer must publish the Prospectus and related information on the website.
Market organization
Domestic and foreign investors can open accounts at service providers for deposit and trading.
After 6 months from the date the first organization is licensed, domestic investors who transact outside this system may be subject to administrative penalties or criminal prosecution.
Authorized service providers: organizing trading markets, self-trading, custody of crypto assets, providing issuance platforms.
Service licensing conditions
Vietnamese enterprises, with a minimum charter Capital of 10,000 billion VND .
At least 65% of charter Capital is Capital by organizations, of which ≥35% comes from at least 2 organizations which are banks, securities companies, fund management companies, insurance companies or technology enterprises.
Foreign ownership ratio does not exceed 49%.
Key personnel: CEO with at least 2 years of experience in finance/securities/banking; CTO with ≥5 years of experience; at least 10 personnel with information security certificates and 10 personnel with securities practice certificates.
IT systems must meet level 4 security standards.
Have complete processes for risk management, custody, transactions, anti-money laundering, information disclosure and internal control.
Pilot period
The Resolution takes effect from September 9, 2025 , and will be piloted for 5 years.
After the pilot phase, the market continues to operate according to this Resolution until new regulations replace it.
Definition note (according to Government Electronic Newspaper):
Digital assets : assets under the Civil Code, existing in the form of digital data, authenticated by digital technology.
Crypto Asset : a type of digital asset, using similar encryption/authentication technology; does not include securities, fiat currencies and other financial assets.
Crypto asset service provider : a business licensed to conduct trading, self-trading, custody or provide issuance platforms.
Coin68 synthesis
