Pilot Mechanism for the Implementation of the Crypto Asset Market

On September 9, 2025, the Government issued Resolution No. 5/2025/NQ-CP on piloting the crypto asset market in Vietnam, with a pilot period of 5 years (effective from September 9, 2025). This Resolution regulates the pilot implementation of the offering, issuance of crypto assets, organization of crypto asset trading markets, provision of crypto asset services, and state management of the crypto asset market in Vietnam.

Key contents of the pilot mechanism under Resolution No. 05:

CONTENTS	REGULATIONS
Definitions	- Crypto assets are a type of digital asset that uses cryptographic technology or equivalent digital technology to verify the asset during the processes of creation, issuance, storage, and transfer. Crypto assets do not include securities, digital forms of legal tender, and other financial assets as regulated by civil and financial law. (Examples: Tokens, coins, NFTs… issued based on underlying assets that are real assets — as regulated by the Civil Code (including property, valuable papers, property rights, excluding securities and legal tender). - Digital Asset Service Providers (DASPs) are enterprises licensed by the Ministry of Finance to conduct and provide one or more of the following services/activities: operation of trading markets; proprietary trading; custody; provision of issuance platforms for crypto assets. (The Ministry of Finance will take the lead, in coordination with the Ministry of Public Security and the State Bank of Vietnam, in selecting up to 05 licensed DASPs.)
Pilot Duration	5 years, starting from September 9, 2025. After the pilot period ends, the crypto asset market will continue to operate until amended, supplemented, or replaced by new legal regulations.
Applicable Entities	- Digital Asset Service Providers;  - Crypto asset issuers;  - Vietnamese organizations/individuals and foreign organizations/individuals investing in crypto assets or participating in activities in Vietnam’s crypto asset market.
Key Principles of the Crypto Asset Market	- Prudent, controlled, and phased implementation. - Only organizations licensed by the Ministry of Finance to provide crypto asset market services are allowed to conduct activities and engage in advertising/marketing related to crypto assets. (Platforms not officially licensed by the Ministry of Finance will be deemed illegal in Vietnam.) - The offering, issuance, trading, and settlement of crypto assets must be conducted in Vietnamese Dong (VND). (Foreign investors must open one VND payment account at a licensed bank to conduct all inflows/outflows related to crypto asset transactions in Vietnam.) - Crypto assets may be used for exchange or investment purposes only (not for payment). - Tax policies applicable to transactions, transfers, and business activities involving crypto assets shall follow existing tax regulations on securities until specific tax regulations on the crypto asset market are promulgated.
Offering and Issuance of Crypto Assets	- Crypto asset issuers must be Vietnamese enterprises. → Foreign investors wishing to issue crypto assets must establish an enterprise in Vietnam (FDI). - Crypto assets may only be offered/issued to foreign investors. - Crypto assets issued/offered by Vietnamese enterprises to foreign investors may only be traded among foreign investors through DASPs licensed by the Ministry of Finance. → Domestic investors are not permitted to buy, sell, or trade crypto assets issued by Vietnamese enterprises.