Vietnam has just put in place its first structured rules for crypto, with a five-year pilot programme now underway.
Resolution No. 05/2025/NQ-CP, signed on 9 September by Deputy Prime Minister Ho Duc Phoc, sets the framework for how issuance, trading, custody and service provision will be handled, The Government Newspaper has reported → view source.
Key points include:
- Scope: Covers the offering, issuance, trading, custody, and services for crypto assets, as well as state management of the market.
- Definitions: Distinguishes digital assets, crypto assets, service providers, issuers, and trading platforms. Crypto assets exclude securities, fiat money, and other regulated financial assets.
- Participants: Vietnamese and foreign organisations and individuals can participate, but issuances of crypto assets are restricted to foreign investors.
- Licensing: Only Vietnamese enterprises with at least VND 10,000 billion (US$384.6 million) charter capital can apply to operate licensed crypto asset service providers. Foreign ownership is capped at 49 percent.
- Principles: Pilot must be cautious, transparent, compliant with Vietnamese and international law, and aligned with anti-money laundering and cybersecurity rules. Trading and payments must be conducted in Vietnamese Dong.
- Foreign investors: Must use specialised VND accounts at licensed banks for transactions and remittances.
- Taxation: Transactions will follow securities tax rules until specific crypto tax policies are issued.
- Regulators: Ministry of Finance leads, coordinating with the State Bank of Vietnam and Ministry of Public Security. A maximum of five licensed crypto asset service providers will be permitted during the pilot.
- Duration: Pilot runs from September 2025 for five years. The market continues under these rules until replaced by permanent legislation.
See also: Why Cryptocurrency in Vietnam Is So Popular: Unpacked