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GOVERNMENT OF VIETNAM |
SOCIALIST REPUBLIC OF VIETNAM |
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No. 05/2025/NQ-CP |
Hanoi, September 9, 2025 |
PILOT IMPLEMENTATION OF CRYPTO ASSET MARKET IN VIETNAM
Pursuant to the Law on Government Organization No. 63/2025/QH15;
Pursuant to the Civil Code No. 91/2015/QH13;
Pursuant to the Law on Promulgation of Legislative Documents No. 64/2025/QH15, amended by Law No. 87/2025/QH15;
Pursuant to the Law on Cyberinformation Security;
Pursuant to the Law on Cybersecurity No. 24/2018/QH14;
Pursuant to the Law on Enterprises No. 59/2020/QH14, amended by Law No. 03/2022/QH15 and Law No. 76/2025/QH15;
Pursuant to the Law on Anti-Money Laundering No. 14/2022/QH15;
Pursuant to the Law on Anti-Terrorism No. 28/2013/QH13;
Pursuant to Decree No. 78/2025/ND-CP of the Government of Vietnam elaborating the Law on Promulgation of Legislative Documents, amended by Decree No. 187/2025/ND-CP;
Pursuant to Decree No. 79/2025/ND-CP of the Government of Vietnam on examination, review, systematization, and handling of legislative documents;
Pursuant to Decree No. 39/2022/ND-CP of the Government of Vietnam on Promulgation of Working Regulations of the Government of Vietnam;
At the request of the Minister of Finance of Vietnam;
The Government of Vietnam hereby promulgates the Resolution on the Pilot Implementation of the Crypto Asset Market in Vietnam.
This Resolution provides for the pilot implementation of the offering and issuance of crypto assets, the organization of the crypto asset trading market, the provision of crypto asset services, and the state management of the crypto asset market in Vietnam.
1. Entities participating in the pilot implementation include crypto asset service providers, crypto asset issuers, Vietnamese organizations and individuals, and foreign organizations and individuals investing in crypto assets and operating in the crypto asset market in Vietnam within the scope prescribed in this Resolution.
2. Other agencies, organizations, and individuals related to the offering and issuance of crypto assets, the organization of the crypto asset trading market, and the state management of the crypto asset market in Vietnam.
Article 3. Interpretation of terms
For the purpose of this Resolution, the following terms shall be construed as follows:
1. Digital assets refer to assets defined under the Civil Code, expressed in the form of digital data, created, issued, stored, transferred, and authenticated by digital technologies within an electronic environment.
2. Crypto assets refer to a type of digital asset that uses cryptography or other digital technologies with similar functions to authenticate the assets during their creation, issuance, storage, or transfer. Crypto assets do not include securities, digital forms of fiat money, and other financial assets as prescribed by civil laws and financial laws.
3. Crypto asset service provider refers to an enterprise that performs or provides one or more of the following services or activities:
a) Organization of a crypto asset trading market;
b) Proprietary trading in crypto assets;
c) Custody of crypto assets;
d) Provision of a platform for the issuance of crypto assets.
4. Organization of a crypto asset trading market refers to the provision of a platform or infrastructure system for information exchange, aggregation of purchase and sale orders for crypto assets, execution of crypto asset transactions, and settlement of such transactions.
5. Proprietary trading in crypto assets refers to the purchase or sale of crypto assets for the crypto asset service provider itself.
6. Custody of crypto assets refers to the receipt, storage, preservation, and transfer of crypto assets for clients, as well as the provision of assistance for clients to exercise rights related to the crypto assets in custody.
7. Provision of a crypto asset issuance platform refers to the provision of an electronic system serving the offering and issuance of crypto assets.
8. Crypto asset issuer refers to an organization that conducts the offering and issuance of crypto assets through a crypto asset issuance platform.
9. Foreign investor refers to an individual of foreign nationality or an organization established under foreign laws that conducts investment activities in Vietnam.
10. Domestic investor refers to an individual of Vietnamese nationality or an organization established under Vietnamese laws.
Article 4. Principles of pilot implementation of crypto asset market
1. The pilot implementation of the crypto asset market must be conducted based on the principles of prudence, control, and a roadmap appropriate to actual conditions, ensuring safety, transparency, efficiency, and protection of the legitimate rights and benefits of organizations and individuals participating in the crypto asset market.
2. The pilot implementation must ensure compliance with Vietnamese laws and international treaties to which Vietnam is a signatory. During the pilot implementation, if risks arise that may affect financial or monetary market security and safety, social order, or public interests, the Ministry of Finance of Vietnam shall request the Government of Vietnam to decide on a plan for the suspension, discontinuation, adjustment, supplement, or termination of the pilot implementation of one, several, or all activities related to the pilot crypto asset market, in accordance with the principle of ensuring a balance of interests among the State, investors, and enterprises.
3. Foreign investors participating in the crypto asset market in Vietnam, aside from complying with Vietnamese laws, shall also comply with the laws of the country in which the organization is established or operates, or of which the individual is a national, except where such regulations are contrary to the fundamental principles of Vietnamese laws or to international treaties to which Vietnam is a signatory.
4. Organizations and individuals participating in the crypto asset market shall ensure the accuracy, truthfulness, completeness, timeliness, and non-misleading nature of the disclosed information, and comply with regulations on issuance, trading, internal information, and the purposes of using crypto assets. Only organizations licensed by the Ministry of Finance of Vietnam to provide services for organizing the crypto asset trading market may conduct activities related to the provision of crypto asset-related services, and crypto asset-related advertisement and marketing.
5. Organizations and individuals participating in the crypto asset market shall comply with relevant laws on anti-money laundering, counter-terrorism financing, counter-proliferation financing of weapons of mass destruction, electronic transactions, cyberinformation security, cybersecurity, and data protection, as well as specialized laws to ensure security and safety in the crypto asset market.
6. Organizations and individuals that commit violations against laws relating to crypto assets and the crypto asset market shall, depending on the nature and severity of the violation, be subject to handling in accordance with criminal law or administrative penalties. Violations relating to crypto assets and the crypto asset market, fines, penalty forms, and sanctioning authority shall comply with the regulations of the Government of Vietnam. The Ministry of Finance shall have the authority to suspend or discontinue one or several activities of crypto asset service providers in accordance with the principle of ensuring the legitimate rights and benefits of investors, enterprises, and the State.
7. The offering, issuance, trading, and settlement of crypto assets must be conducted in Vietnamese dong (VND).
8. Crypto assets may be used for the purposes of exchange or investment in accordance with this Resolution.
9. Tax policies applicable to the trading, transfer, and business of crypto assets shall be applied in accordance with tax regulations on securities until specific tax policies for the crypto asset market in Vietnam are promulgated.
10. In cases where the legitimate rights and benefits of organizations or individuals are infringed upon, or disputes arise from activities in the crypto asset market in Vietnam, the protection of the legitimate rights and benefits or the settlement of disputes shall be carried out through negotiation, reconciliation, or by requesting settlement by a Vietnamese arbitration body or court in accordance with the law.
OFFERING AND ISSUANCE OF CRYPTO ASSETS
Article 5. Conditions for offering and issuance of crypto assets
1. The crypto asset issuer must be a Vietnamese enterprise registered for operations as a limited liability company or a joint stock company in accordance with the Law on Enterprises.
2. Crypto assets must be issued based on underlying real assets, excluding assets that are securities or fiat money.
Article 6. Regulations on offering and issuance of crypto assets
1. Crypto assets may only be offered and issued to foreign investors.
2. The crypto assets specified in Clause 1 of this Article may only be traded among foreign investors through crypto asset service providers licensed by the Ministry of Finance of Vietnam.
3. At least 15 days before the offering or issuance, the crypto asset issuer shall disclose the information on the prospectus for the offering or issuance of crypto assets, using Form No. 01 in the Appendix enclosed with this Resolution, along with other relevant documents (if any) on the websites of both the crypto asset service provider and the issuer.
ORGANIZATION OF CRYPTO ASSET TRADING MARKET
Article 7. Regulations on organization of crypto asset trading market
1. Domestic investors holding crypto assets and foreign investors may open accounts at crypto asset service providers licensed by the Ministry of Finance of Vietnam to engage in the custody, purchase, and sale of crypto assets in Vietnam.
2. 6 months after the first crypto asset service provider is licensed, any domestic investor who trades crypto assets without going through a crypto asset service provider licensed by the Ministry of Finance of Vietnam shall, depending on the nature and severity of the violation, be subject to administrative penalties or criminal prosecution in accordance with the law.
3. Crypto asset service providers licensed by the Ministry of Finance of Vietnam to provide services concerning the organization of the crypto asset trading market may conduct and provide services and activities as prescribed in Clause 3 Article 3 of this Resolution. All crypto asset transactions must be conducted through crypto asset service providers licensed by the Ministry of Finance of Vietnam.
Article 8. Conditions for issuing licenses to provide services for organizing crypto asset trading markets
1. The applicant must be a Vietnamese enterprise established and registered to conduct business in the provision of crypto asset–related services, in the form of a limited liability company or a joint stock company in Vietnam, in accordance with the Law on Enterprises.
2. The charter capital must be contributed in VND, with a minimum contributed charter capital of VND 10.000 billion.
3. Conditions for shareholders and capital-contributing members:
a) At least 65% of the charter capital must be contributed by shareholders or members (capital-contributing organizations), of which more than 35% must be contributed by at least 2 organizations, being commercial banks, securities companies, fund management companies, insurance companies, or enterprises operating in the technology sector;
b) Shareholders or members (being organizations) must have their juridical personality established and engage in profitable business activities for 2 consecutive years preceding the year of application for the license; their financial statements for those 2 years must be audited and receive unqualified audit opinions;
c) Each organization or individual may contribute capital to only 1 crypto asset service provider licensed by the Ministry of Finance of Vietnam;
d) The total capital contribution and shareholding by foreign investors in a crypto asset service provider must not exceed 49% of the charter capital of such crypto asset service provider.
4. The enterprise must have a headquarters, adequate physical facilities, technical infrastructure, office equipment, and technological systems suitable for providing crypto asset services.
5. Personnel requirements:
a) The General Director (or Director) must have at least 2 years of experience working in a professional department of an organization in the fields of finance, securities, banking, insurance, or fund management.
b) The Chief Technology Officer (or equivalent position) must have at least 5 years of experience working in the information technology (IT) department of an organization in the fields of finance, securities, banking, insurance, and fund management, or an enterprise operating in the technology sector;
c) The enterprise must have at least 10 employees in the technological department holding diplomas or certificates in cybersecurity that comply with Article 50 of the Law on Cybersecurity, and at least 10 employees holding securities practice certificates working in other professional departments.
6. The enterprise must have the following professional procedures:
a) Procedures for risk management and information confidentiality;
b) Procedures for providing platforms for crypto asset issuance;
c) Procedures for custody and management of clients’ assets;
d) Procedures for trading and settlement;
dd) Procedures for proprietary trading;
e) Procedures for anti-money laundering, counter-terrorism, and counter-proliferation financing of weapons of mass destruction;
g) Procedures for information disclosure;
h) Procedures for internal control;
i) Procedures for transaction supervision;
k) Procedures for preventing conflicts of interest, settling clients’ complaints, and providing compensation for clients.
7. The crypto asset service provider’s information technology system must meet the level-4 IT system safety standards as prescribed in the law on information security before being put into operation or use.
Article 9. Applications for issuance of licenses to provide services for organizing crypto asset trading markets
1. A written request for issuance of the license to provide services for organizing a crypto asset trading market, using Form No. 02 in the Appendix enclosed with this Resolution, accompanied by the charter of the registering organization.
2. The enterprise registration certificate issued by a competent state authority, in case this document has not been published on the National Enterprise Registration Portal.
3. A list of shareholders or capital-contributing members using Form No. 03 in the Appendix enclosed with this Resolution, accompanied by the following documents:
a) The enterprise registration certificate or an equivalent document for organizations, in case this document has not been published on the National Enterprise Registration Portal, and audited financial statements for the 2 preceding years of the capital-contributing organization;
b) A record of the capital contribution agreement, showing information demonstrating compliance with the conditions specified in Clause 3 Article 8 of this Resolution;
a) A written commitment from organizations and individuals contributing capital to comply with this Resolution and other relevant laws on capital contribution.
4. A description of physical facilities using Form No. 04 in the Appendix enclosed with this Resolution, accompanied by documents proving ownership or use rights of the headquarters, or the headquarters lease contract.
5. A list of personnel using Form No. 04 and a personal information table using Form No. 06 in the Appendix enclosed with this Resolution, ensuring compliance with Clause 5 Article 8 of this Resolution, together with the labor contracts of these personnel.
6. Procedures as prescribed in Clause 6 Article 8 of this Resolution.
7. The Ministry of Public Security of Vietnam’s written appraisal regarding the dossier proposing the level-4 information system safety of the registering organization.
8. Documents proving capital contribution in VND as prescribed in Clause 2 Article 8 of this Resolution, and an audited annual financial statement or an audited report on the contributed charter capital at the latest point in time.
Article 10. Procedures for issuing licenses to provide services for organizing crypto asset trading markets
1. Documents on the application specified in Article 9 of this Resolution must be prepared in writing as 1 original set in Vietnamese. In case any document in the application is a copy, it must be either a certified copy or a copy made from the original. The application may be submitted and returned in person at the State Securities Commission of Vietnam, sent via public postal services, through the National Public Service Portal, or via the Administrative Procedure Settlement Information System in accordance with the law. When using an electronic identification account to carry out administrative procedures, the information on the electronic identity and the information integrated into the electronic ID or electronic identification account shall have the same evidentiary value as the provision of information, or the use or presentation of documents or papers containing such information, in the implementation of administrative procedures.
2. Within 20 days from receipt of complete and valid documents as prescribed in Clauses 1, 2, 5, and 6 Article 9 of this Resolution, the Ministry of Finance of Vietnam shall issue a written notice allowing the registering organization to proceed with the procedures prescribed in Clause 3 of this Article. Where the application is incomplete or invalid, the Ministry of Finance of Vietnam shall issue a written response, specifying the reasons.
3. After the Ministry of Finance of Vietnam issues the written notice specified in Clause 2 of this Article, the registering organization shall continue to submit the documents specified in Clauses 3, 4, 7, and 8 Article 9 of this Resolution. The Ministry of Finance of Vietnam shall cease the processing of the registering organization’s application if it does not receive, or receives incomplete documents specified in Clauses 3, 4, 7, and 8 Article 9 of this Resolution within 12 months from the date the written notice specified in Clause 2 of this Article is issued.
4. Within 30 days from the date on which the Ministry of Finance of Vietnam receives the complete documents specified in Article 9 of this Resolution, the Ministry of Finance of Vietnam shall cooperate with the Ministry of Public Security of Vietnam and the State Bank of Vietnam in reviewing the application and issuing the license to provide services for organizing a crypto asset trading market, using Form No. 07 in the Appendix enclosed with this Resolution. In case of refusal, the Ministry of Finance of Vietnam shall issue a written response, specifying the reasons.
5. Within 7 working days from the date the Ministry of Finance of Vietnam issues the license to provide services for organizing a crypto asset trading market, the registering organization shall disclose the information on the official commencement date of providing crypto asset services for investors on the Ministry of Finance of Vietnam’s website and in 1 electronic or printed newspaper for 3 consecutive issues. At the same time, the registering organization shall publish on its enterprise’s website and the Ministry of Finance of Vietnam’s website the procedures specified in Points b, c, d, g, and k Clause 6 Article 8 of this Resolution, along with the audited annual financial statement or the most recent audited report on contributed charter capital as prescribed in Clause 8 Article 9 of this Resolution.
6. Within 30 days from the date the Ministry of Finance of Vietnam issues the license to provide services for organizing a crypto asset trading market, the registering organization shall commence operations under that license, except in cases of force majeure. In cases where the organization fails to commence operations within the mentioned period, the Ministry of Finance of Vietnam shall carry out procedures for revoking the license to provide services for organizing a crypto asset trading market in accordance with Article 12 of this Resolution.
Article 11. Applications and procedures for modifying licenses to provide services for organizing crypto asset trading markets
1. An application for modifying the license to provide services for organizing a crypto asset trading market includes:
a) Written request for modification of the license to provide services for organizing a crypto asset trading market, using Form No. 08 in the Appendix enclosed with this Resolution;
b) In case of a change in the company name, headquarters address, or charter capital, the decision of the General Meeting of Shareholders, the Members’ Council, or the company owner regarding the change of the company name, headquarters address, or charter capital;
c) In case of a change in the headquarters address, the documents specified in Clauses 4 and 7 Article 9 of this Resolution;
d) In case of an increase in the charter capital, the confirmation from an approved audit organization regarding the additional capital amount, or a financial statement made after the crypto asset service provider completes the capital increase, audited by an approved audit organization;
dd) In case of a decrease in the charter capital, a report on the owners’ equity after the reduction, audited by an approved audit organization;
e) In case of a change of the legal representative without changing the title, the decision of the Board of Directors, Members’ Council, or company owner approving the appointment or dismissal of the Chairperson of the Board of Directors, Chairperson of the Members’ Council, Chairperson of the company, or General Director (Director), enclosed with the personal information table using Form No. 06 in the Appendix enclosed with this Resolution;
g) In case of a change in the information or title of the legal representative, the decision of the General Meeting of Shareholders, Members’ Council, or company owner approving the change of the title of the legal representative, amendment of the company charter (if the title changes), and the documents specified in Point e of this Clause.
2. Procedures for modifying the license to provide services for organizing a crypto asset trading market:
a) The preparation, submission of the application, and return of results shall comply with Clause 1 Article 10 of this Resolution;
b) Within 7 working days from receipt of a valid application, the Ministry of Finance of Vietnam shall modify the license to provide services for organizing a crypto asset trading market; in case of refusal, a written response specifying the reason shall be provided.
Article 12. Regulations on revocation of licenses to provide services for organizing crypto asset trading markets
1. A crypto asset service provider shall have its license to provide services for organizing a crypto asset trading market revoked by the Ministry of Finance of Vietnam in the following cases:
a) There is a written request for license revocation from the crypto asset service provider, using Form No. 08 in the Appendix enclosed with this Resolution, or from a competent authority;
b) The organization is dissolved, declared bankrupt, merged, divided, or consolidated in accordance with specialized laws;
c) The organization fails to remedy the causes leading to suspension or discontinuation of the provision of crypto asset services within 60 days from the date the Ministry of Finance of Vietnam suspends or discontinues one or more of its activities;
d) The organization fails to commence operations under the license to provide services for organizing a crypto asset trading market as prescribed in Clause 6 Article 10 of this Resolution.
2. Within 5 working days from receipt of the written request specified in Point a Clause 1 of this Article, the Ministry of Finance of Vietnam shall issue a written response regarding the revocation of the crypto asset service provider’s license to provide services for organizing a crypto asset trading market.
3. In cases of license revocation as specified in Points a, b, and c Clause 1 of this Article, investors shall have the right to transfer the custody of their crypto assets to another crypto asset service provider. If investors do not transfer the custody of their crypto assets to another provider, the Ministry of Finance of Vietnam shall have the authority to designate another crypto asset service provider to complete the transactions and contracts of the enterprise whose license has been revoked. In such cases, an authorization relationship shall be deemed automatically established between the two enterprises.
4. When the crypto asset service provider has its license to provide services for organizing a crypto asset trading market revoked by the Ministry of Finance of Vietnam, it shall:
a) Immediately terminate all activities stated in the license to provide services for organizing a crypto asset trading market and make an announcement in 1 electronic or printed newspaper for 3 consecutive issues;
b) Within 45 days, complete the settlement of clients’ assets for the crypto asset service provider selected by the clients or designated by the Ministry of Finance of Vietnam to receive and manage such assets;
c) Submit a report to the Ministry of Finance of Vietnam after completing the settlement of clients’ assets.
5. The Ministry of Finance of Vietnam shall disclose information on the revocation of the license to provide services for organizing a crypto asset trading market.
TRANSFER OF FUNDS BY FOREIGN INVESTORS
Article 13. Transfer of funds by foreign investors
1. A foreign investor shall open 1 payment account in VND (hereinafter referred to as “dedicated account”) at a bank or foreign bank branch licensed to conduct business and provide foreign exchange services in Vietnam (hereinafter referred to as “licensed bank”) to carry out the receipt and payment transactions related to the purchase and sale of crypto assets in Vietnam.
2. The dedicated account shall be used for the following transactions:
a) Receipts of bank transfer from the sale of foreign currency to the licensed bank:
b) Receipts of bank transfer from the foreign investor’s dedicated account opened at the licensed bank;
c) Receipts from sale of crypto assets as prescribed in this Resolution;
d) Receipts from transferring the balance in case of a change of the dedicated account as prescribed in Clause 5 Article 13 of this Resolution;
dd) Receipts of interest on the account balance in accordance with the law;
e) Payments for the purchase of crypto assets as prescribed in this Resolution;
g) Payments for bank transfer to the foreign investor’s dedicated account opened at the licensed bank;
h) Payments for the purchase of foreign currency from the licensed bank to transfer abroad the legal proceeds as prescribed in this Article;
i) Payments for transferring the balance to a new dedicated account as prescribed in Clause 5 Article 13 of this Resolution;
k) Payments of service fees related to account management and fund transfer transactions through the account as stipulated by the licensed bank.
3. The opening and use of the dedicated account by foreign investors shall comply with this Resolution. Any matter related to the dedicated account not prescribed in this Resolution shall comply with payment account opening and use laws.
4. Regarding the application for opening a dedicated account at a licensed bank for conducting receipt and payment transactions related to the purchase and sale of crypto assets in Vietnam, in cases where documents, information, or data are in a foreign language or issued by a foreign competent authority, the following regulations shall apply:
a) Documents must undergo notarization or authentication in accordance with Vietnamese laws or foreign laws within 12 months up to the date the licensed bank receives the application;
b) The licensed bank may reach an agreement with the client on whether or not the documents are to be translated into Vietnamese, but must ensure the following principles: the licensed bank must inspect, control, and assume responsibility for confirming the contents of the foreign-language documents, information, and data to ensure they fully meet the information requirements specified in this Resolution; the foreign-language documents, information, and data must be translated upon a competent authority’s request, and the translation must be confirmed by a competent person of the licensed bank or be notarized/authenticated.
5. In cases where a foreign investor wishes to open a dedicated account at another licensed bank, the investor must transfer the entire balance from the current dedicated account to the new dedicated account and close the former one. The new dedicated account may only be used to conduct receipt and payment transactions under this Resolution after the previously opened dedicated account has been closed and fully settled.
6. All transfer orders for carrying out transactions involving the purchase and sale of crypto assets in Vietnam by foreign investors must clearly state the purpose of the transfer so that the licensed bank has grounds for reconciling, inspecting, and storing documents, thereby ensuring that the provision of foreign exchange services is carried out for the proper purpose and in accordance with the law.
7. The licensed bank where the foreign investor opens the dedicated account shall:
a) Inspect and store documents and papers corresponding to actual transactions to ensure that the provision of foreign exchange services is carried out for the proper purpose and in compliance with the law; take legal liability for the completeness and validity of the application for opening the dedicated account;
b) Issue internal regulations on applications and procedures for opening and using dedicated accounts to conduct receipt and payment transactions related to the purchase and sale of crypto assets in Vietnam, and disclose such regulations for foreign investors to be informed and comply with. The internal regulations must, at a minimum, include the following contents: regulations on the applications and procedures for opening a dedicated account; regulations on agreements for opening and using a dedicated account; regulations on the use of the dedicated account; regulations on processing of inquiries, complaints, and templates for requesting inquiries and complaints; and regulations on risk management in opening and using dedicated accounts in accordance with Clauses 1 and 2 Article 13 of this Resolution.
c) Take legal liability when opening, closing, and executing receipt and payment transactions through the dedicated account of the foreign investor;
d) Comply with laws on anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction.
8. The foreign investor shall assume responsibility under Vietnamese law for the authenticity, validity, and legality of the documents, information, and data provided for the licensed bank; make truthful and complete declarations regarding transactions related to the purchase and sale of crypto assets in Vietnam.
9. No later than the 10th day of the first month of each quarter, the licensed bank where the foreign investor opens the dedicated account shall submit a written report to the Ministry of Finance of Vietnam, the Ministry of Public Security of Vietnam, and the State Bank of Vietnam (Anti-Money Laundering Department and Foreign Exchange Management Department) summarizing the receipts and payments on the dedicated account used for conducting the foreign investor’s crypto asset purchase and sale transactions during the preceding quarter, using Form No. 09 in the Appendix enclosed with this Resolution.
RIGHTS AND RESPONSIBILITIES OF ORGANIZATIONS AND INDIVIDUALS PARTICIPATING IN THE CRYPTO ASSET MARKET
Article 14. Rights and responsibilities of crypto asset issuers
1. Ensure the accuracy, completeness, timeliness, and non-misleading nature of all information provided for state management authorities, crypto asset service providers, and investors.
2. Cooperate with crypto asset service providers in ensuring compliance with Vietnamese law and the laws of the countries where foreign investors are citizens; comply with the law on foreign ownership regarding the underlying assets used for issuing crypto assets (if any).
3. Assume responsibility for implementing exactly the information disclosed in the prospectus for the offering or issuance of crypto assets.
4. Assume responsibility for settling disputes related to crypto asset issuance in accordance with the law.
5. Pay taxes in accordance with tax laws.
Article 15. Rights and responsibilities of crypto asset service providers
1. Crypto asset service providers may:
a) Operate and conduct business activities in accordance with this Resolution;
b) Collect service fees related to crypto asset business and operations.
2. Crypto asset service providers shall:
a) Verify the identity of investors opening accounts; manage and segregate clients’ funds and crypto assets from those of the service provider; monitor trading activities; ensure security and safety of the information technology system; protect clients’ assets; collect and pay taxes in accordance with tax laws; comply with Vietnamese law and the laws of countries where the services are provided; report to the Ministry of Finance of Vietnam upon obtaining any information related to the enterprise that may seriously affect the legitimate rights and benefits of investors;
b) Implement measures for the prevention and combat against money laundering, terrorism financing, and proliferation financing of weapons of mass destruction applicable to financial institutions; in which, client identification for clients conducting occasional transactions as prescribed in Point b Clause 2 Article 9 of the Law on Anti-Money Laundering shall be carried out when the transaction value is equivalent to 1.000 US dollars or more; apply appropriate methods to continuously supervise transactions and clients’ business relationships with the crypto asset service provider; regularly determine and update suspicious indicators to promptly detect and report suspicious transactions in accordance with regulations;
c) When providing a platform service for the issuance of crypto assets, ensure the issuance conditions as well as the completeness and accuracy of the prospectus for the offering or issuance of crypto assets, or other information required to be disclosed through the service provider’s system; cooperate with the issuer in ensuring compliance with Vietnamese law and the laws of countries where foreign investors are citizens; every month, by the 10th day of each month, provide information for the Ministry of Finance of Vietnam, the State Bank of Vietnam, and the Ministry of Public Security of Vietnam on the crypto asset issuances conducted in the preceding month;
d) Every month, by the 10th day of each month, provide information for the Ministry of Finance of Vietnam, the State Bank of Vietnam, and the Ministry of Public Security of Vietnam on the status of the crypto asset trading market in the preceding month;
dd) Ensure that investors receiving services comply with Clauses 1 and 2 Article 6 of this Resolution; ensure that the account opening by investors complies with the principles specified in Points a and b Clause 1 Article 16 of this Resolution;
e) Disclose the schedule of service fees related to crypto asset business activities, specifying the types of service fees, the applicable rates for each type of service or activity, in accordance with the law. The crypto asset service provider shall not collect any service fees other than those listed in the disclosed fee schedule. Upon any changes to the fee schedule, the crypto asset service provider shall notify investors at least 30 days before the effective date of such changes.
g) Ensure that all advertising and marketing information is accurate, complete, clear, and not misleading;
h) Take legal liability for the accuracy, truthfulness, and completeness of applications submitted to the regulatory authority and the information disclosed; implement financial management, accounting, statistical, and auditing regulations in accordance with the law;
i) Disseminate and raise investors’ awareness of crypto asset knowledge;
k) Select the types of crypto assets to be traded and report them to the Ministry of Finance of Vietnam, the Ministry of Public Security of Vietnam, and the State Bank of Vietnam;
l) Store, on the servers located in Vietnam, for at least 10 years, data on transaction history, information on the originator and beneficiary (at least including name, address, and wallet address), login device history or Internet Protocol (IP) address used for access; access device information; account opening information and the investor’s linked bank account information;
m) Assume responsibility for settling disputes arising during the provision of crypto asset services in accordance with the law; settle and provide compensation in accordance with the law in cases where investors lose money or crypto assets due to security breaches, intrusions, or fraud;
n) Prevent conflicts of interest between investors and the crypto asset service provider;
o) Submit reports as requested by regulatory authorities;
p) In cases where third-party services are used to support the implementation or provision of services related to crypto assets, the crypto asset service provider shall ensure that such third parties meet cybersecurity and data protection standards and comply with regulations on prevention and combat against money laundering, terrorism financing, and proliferation financing of weapons of mass destruction. The use of third-party services does not exempt the crypto asset service provider from responsibility in the event of information technology incidents or disputes arising during the provision of crypto asset services;
q) In cases of amending the procedures specified in Clause 6 Article 8 of this Resolution, the crypto asset service provider may only issue such amendments after obtaining the opinion of the Ministry of Finance of Vietnam. For the procedures specified in Points b, c, d, g, and k Clause 6 Article 8 of this Resolution, the crypto asset service provider shall publish them on its website.
3. The crypto asset service provider shall disclose the following information on its website and in at least 1 electronic newspaper:
a) Periodic information disclosure: disclose the annual audited financial statement within 10 days from the date the auditing organization signs the audit report, but no later than 90 days from the end of the fiscal year; disclose the biannual reviewed financial statement within 5 days from the date the auditing organization signs the review report, but no later than 45 days from the end of the first 6 months of the fiscal year; disclose the quarterly financial statement or reviewed quarterly financial statement (if any) within 15 days;
b) Irregular information disclosure: within 24 hours, the crypto asset service provider shall disclose information on the enterprise’s bank accounts or accounts at foreign bank branches frozen at the request of a competent authority, or when the payment service provider detects signs of fraud or legal violations related to the payment account; upon receipt of a document from a competent state authority, or when the enterprise issues a decision to partially or wholly suspend its business operations; upon changes to the information stated in the enterprise registration certificate or the license to provide services for organizing a crypto asset trading market; upon receipt of an effective judgment or decision from a court related to the enterprise’s operations; upon receipt of a decision on penalties for tax law violations; upon receipt of a decision from the Ministry of Finance of Vietnam on the imposition of fines for administrative violations in the crypto asset market; upon receipt of a decision from the Ministry of Finance of Vietnam on discontinuation of operations, suspension of operations, or termination of discontinuation/suspension of operations; when an information technology incident occurs that affects the execution of crypto asset transactions for clients;
c) Information disclosure upon request: the crypto asset service provider shall disclose information immediately upon request from the Ministry of Finance of Vietnam to disclose information related to the enterprise that may seriously affect the legitimate rights and benefits of investors. The disclosed information must specify the event requested for disclosure, its cause, and the degree of authenticity of the event, and remedial measures (if any).
Article 16. Rights and responsibilities of investors
1. Investors may:
a) Open multiple accounts at different crypto asset service providers, provided that only one account may be opened at each service provider;
b) Have any disputes and damage resolved and compensated by the crypto asset service provider and the crypto asset issuer in accordance with the law;
c) Have full access to information disclosed by crypto asset service providers and crypto asset issuers in accordance with the law;
d) Have their legitimate rights and benefits protected.
2. Investors shall assume responsibility for their own decisions on crypto asset investment.
1. The Ministry of Finance of Vietnam shall:
a) Request the Government of Vietnam to promulgate a Decree on penalties for administrative violations in the field of crypto assets and the crypto asset market;
b) Take charge and cooperate with the State Bank of Vietnam and the Ministry of Public Security of Vietnam in managing and supervising crypto asset service providers; implement measures to prevent and combat money laundering; examine, inspect, and supervise the prevention and combat against money laundering, terrorism financing, and proliferation financing of weapons of mass destructions for crypto asset service providers within its scope of tasks and powers;
c) Cooperate with relevant ministries and central authorities in implementing measures to prevent and combat terrorism financing and proliferation financing of weapons of mass destruction for crypto asset service providers;
d) Provide guidance on the implementation of tax policies applicable to the crypto asset market under this Resolution;
dd) Take charge and cooperate with the Ministry of Public Security of Vietnam and the State Bank of Vietnam in selecting up to 5 crypto asset service providers;
e) Take charge and cooperate with relevant ministries and central authorities in submitting biannual reports to the Prime Minister of Vietnam on the implementation of this Resolution, and proposing and suggesting solutions to any arising issues (if any); conduct a final review and assessment after the pilot period, report the pilot implementation results to the Prime Minister of Vietnam, and propose/suggest appropriate management policies;
g) Take charge and cooperate with relevant ministries and central authorities in providing guidance and addressing difficulties arising during the implementation of this Resolution.
2. The State Bank of Vietnam shall collect, process, analyze, exchange, provide, and transfer information in accordance with Articles 41, 42, and 43 of the Law on Anti-Money Laundering; request the Government of Vietnam to supplement the list of reporting entities prescribed in Article 4 of the Law on Anti-Money Laundering (if necessary).
3. The Ministry of Public Security of Vietnam shall appraise the level of cyber security, safety, and confidentiality of crypto asset service providers to ensure compliance with regulations on information safety, cybersecurity, and data protection; carry out the prevention, detection, deterrence, and handling of violations related to crypto assets and the crypto asset market within its authority; cooperate with the Ministry of Finance of Vietnam and relevant ministries and central authorities in studying and developing regulations on criminal offences, forms of penalties, fines, confiscation of illegal crypto assets in the field of crypto assets, and remedial measures applicable to organizations and individuals committing criminal offences when participating in the crypto asset market (if necessary).
4. Relevant ministries and central authorities shall, within the scope of their assigned authority, perform state management tasks related to the crypto asset market in accordance with this Resolution and relevant laws.
5. Agencies, organizations, and individuals participating in the pilot implementation shall comply with this Resolution and the guidance of regulatory authorities. During the implementation of this Resolution, cadres, civil servants, and public employees directly involved in developing and guiding the pilot implementation shall be protected from risks arising from the new nature of the crypto asset market, except in cases of legal violations.
Article 18. Implementation provisions
1. This Resolution comes into force as of September 9, 2025.
2. Pilot implementation period: 5 years from the effective date of this Resolution.
3. After the pilot implementation period ends, the crypto asset market shall continue to operate in accordance with this Resolution until new amendment or replacement laws are promulgated.
Article 19. Implementation responsibilities
The Minister of Finance of Vietnam, the Governor of the State Bank of Vietnam, the Minister of Public Security of Vietnam, and relevant Ministers and Directors of relevant authorities shall implement this Resolution./.
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ON BEHALF OF THE GOVERNMENT Ho Duc Phoc |
