Vietnam Pilots Digital Asset Market for 5 Years
CryptoAZ Source
The Government has just issued Resolution 5/2025 on the pilot implementation of the digital asset market in Vietnam. The resolution, signed by Deputy Prime Minister Hồ Đức Phớc on September 9, took effect today. Accordingly, Vietnam will conduct a 5-year pilot program, to be maintained until new regulations are introduced.
The activities permitted under the pilot include: offering and issuance of digital assets; organizing trading markets; and providing related services. Implementation will follow the principles of caution, control, transparency, safety, and protection of the lawful rights and interests of all participants.
Organizations and individuals must comply with regulations on information disclosure, issuance, trading, and the intended use of digital assets. They are also required to adhere to laws on anti-money laundering, information security, cybersecurity, and data protection. All offerings, issuances, and payments must be conducted in Vietnamese đồng (VND); digital assets can be used for exchange or investment purposes. Tax policies for transactions will be applied in the same way as securities until specific regulations are issued.
Enterprises issuing digital assets must be limited liability or joint stock companies established in Vietnam, and the issuance must be backed by real assets (excluding securities and VND). Digital assets may only be offered to foreign investors and traded through service providers licensed by the Ministry of Finance. At least 15 days before an offering, the issuing organization must publish a prospectus and related documents.
For trading organizations, both domestic and foreign investors may open accounts for custody and transactions. Domestic investors are required to trade with a licensed organization for a minimum of 6 months; otherwise, they may face administrative penalties or criminal prosecution.
Conditions for licensing service providers include: being a Vietnamese enterprise with minimum charter capital of VND 10 trillion (approx. USD 400 million), of which at least 65% must come from institutional investors (with more than 35% from at least two entities in banking, securities, insurance, fund management, or technology). Foreign investors may hold a maximum of 49% equity. Shareholders and capital contributors must be legal entities with at least two consecutive years of profitability and audited financial statements. Each organization or individual may contribute capital to only one licensed digital asset service provider.
Licensed enterprises must have headquarters and technology infrastructure that meet safety standards. The CEO must have at least 2 years of experience in finance, securities, banking, insurance, or fund management, while the CTO must have at least 5 years of experience. Technology and securities staff must number at least 20 and hold valid professional certificates.
According to the Vietnam Blockchain Association (VBA), capital inflows from the blockchain market into Vietnam reached over USD 105 billion in the 2023–2024 period, with profits of nearly USD 1.2 billion in 2023 alone. A Triple-A report in 2024 revealed that more than 20% of Vietnam’s population owns cryptocurrencies. Vietnam also ranks among the world’s top 3 countries in crypto adoption, with a penetration rate 3–4 times higher than the global average.