Resolution No. 05/2025 is marking a turning point for the KOL, broker and crypto referral community in Vietnam – from spontaneous activities to a legal, transparent and sustainable model.
From Gray Zone to Transparency: The Legal Path for KOLs and Crypto Referrals in Vietnam
From gray area to formal legal framework
For many years, the cryptocurrency investment community in Vietnam has grown mainly through referral links, commission Chia , and "share-a-deal" content from KOLs or freelance investors. However, all of this takes place in a legal gray area because international exchanges are not recognized and do not have specific management regulations.
From September 9, 2025, when Resolution No. 05/2025/NQ-CP officially takes effect, the Vietnamese crypto-asset market will enter a new phase: having a clear legal corridor and starting to tighten the activities of introducing, cooperating with refs, affiliates, brokers or promoting unlicensed exchanges.
According to the document issued by the Government, Resolution No. 05/2025 has completely changed the situation:
Only organizations/individuals licensed by the Ministry of Finance are allowed to promote or market related to crypto assets.
Chia referral links or calling for investment on unapproved exchanges may be XEM illegal brokerage or promotion.
After 6 months from the date the first organization is licensed by the Ministry of Finance, domestic investors who conduct transactions outside this system may be subject to administrative sanctions or criminal prosecution - an important milestone that establishes a clear boundary between legal activities and violations of the law.
KOLs and refs face legal consequences
Once the legal framework is established, any form of advertising including exchange introductions and investment solicitations will be closely monitored. KOLs who once freely Chia referral links or “called bets” on social media must now understand that even a post, video or content containing a link to an unlicensed exchange can be XEM an illegal advertisement of crypto assets.
Consequences may include:
Administrative fines, forced removal of content.
Suspension of media and advertising activities.
Criminal prosecution if involved in fraud, Capital mobilization or causing serious damage to investors.
In addition to legal risks, the personal reputation of KOLs, brokers and referrals will also be heavily affected. In the context of the increasingly transparent crypto asset market, just one mistake can cause the community to boycott or lose the opportunity to cooperate with major brands.
Legal paths and new opportunities
Resolution 05/2025 does not completely "close the door" on the brokerage and referral niche. On the contrary, it opens a new path, a legal and transparent path, helping those with communication skills and understanding of digital finance to continue operating within a clearer and safer framework.
Some key principles:
- Cooperate with licensed exchanges: When the exchange meets the conditions and is approved by the Ministry of Finance, KOLs/brokers can operate as legal agents, sign clear contracts and receive transparent commissions.
- Fulfill tax obligations: Income from commissions, promotions or referrals must be declared and taxed. According to Circular 40/2021/TT- BTC, business households or individuals providing services (including affiliate activities or digital content promotion) with revenue of 100 million VND/year or more must pay:
- 5% VAT.
- 2% personal income tax.
- Total 7% on taxable revenue.
However, how to determine tax for crypto affiliates is still a big question in Resolution No. 05: Will the 7% lump-sum tax be applied like service business households, or will it be calculated according to a progressive tax of up to 35% like salaried employees? This is the big question raised by the KOL and IB community, because the way to calculate tax will directly affect their ability to operate and compete in the coming period.
- Change the approach and communication content: Instead of calls like “register now”, “buy this Token ”, “invest early to double your profits”, the content needs to shift to analysis, knowledge Chia , risk warning and attach a clear investment disclaimer. That is a way to show professionalism and protect yourself from any disputes.
- Build a transparent cooperation profile: Have a clear communication contract, store exchange data, and only work with licensed partners. This is a mandatory step if you want to cooperate with a large floor or press agency, reputable brand.
Real-life lessons from pioneers
In fact, many KOLs and media experts have proactively adapted. A typical example is Mr. Vo Van Thong (Johnny Thong) - Country Director for Nivex Singapore exchange, who has experience in the financial and crypto fields - is shifting to a legitimate media model, focusing on analysis instead of direct advertising.
In addition, he focuses on legal media cooperation, creating analytical content and educating investors. This approach not only helps protect himself from legal risks, but also opens up opportunities to become a reputable bridge between users and licensed exchanges in Vietnam in the near future.
More broadly, such predecessors will be the foundation for a new generation of financial KOLs who understand the law, obey the law, and still earn sustainable income from the crypto market without having to "dodge" it.
Time to transform - Opportunity to reposition
When the legal corridor has been established, continuing to operate in the old way, Chia international floor refs, calling bets, and promoting without permission, is no different than going against the current.
On the contrary, if you know how to take advantage of this transition period to standardize operations, register for taxes, cooperate with licensed exchanges and shape yourself as a professional communicator in the digital finance field, then this is the "golden opportunity" to break through.
Resolution 05/2025 is not only a management tool, it is a reminder that the crypto asset market is only truly sustainable when it operates within a transparent legal framework. And for those with vision, compliance with the law does not eliminate opportunities, but on the contrary, opens up a new path that is much more solid and reputable.
Note: This is content posted by the community, Coin68 does not directly support any information from the above article and does not guarantee the truthfulness of the article. Readers should conduct their own research before making decisions that affect themselves or their businesses and are ready to take responsibility for their own choices. The above article should not be XEM as investment advice.
