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According to the Ministry of Finance’s Circular 15/2026/TT-BTC providing guidance on accounting principles for organisations participating in the crypto asset market in Vietnam, crypto asset-related activities in Vietnam are guided by accounting principles similar to those governing securities and financial investment activities during the pilot operation of the crypto asset market.
Regarding proprietary trading of crypto assets, Article 5.3 of the Circular specifies that crypto asset service providers account revenues from, and expenses for, proprietary trading on crypto assets similarly to those from/for securities business activities. Such analogous application is solely for accounting purposes and does not imply that crypto assets are classified as securities.
Crypto asset service providers must maintain detailed monitoring of each type of crypto assets they are holding, and fully and promptly account all revenues from proprietary crypto asset trading. At the same time, they must set aside risk provisions for proprietary trading of crypto assets like those set aside by securities companies for proprietary securities trading activities.
For crypto asset issuers, accounting is based on the nature of obligations arising from issued assets. If crypto assets are inherently for the capital raising purpose, enterprises can account them as loans.
The new Circular also requires crypto asset service providers to manage and account customers’ cash and crypto assets separately from their own assets, while keeping detailed records for each customer and each type of crypto assets.
Customers’ crypto assets deposited at service providers are not recognized as the assets of the service providers but only monitored for management and disclosure in financial statements.
Crypto asset service providers are also required to account revenues from collection of charges for crypto asset custody and management, rights exercise, crypto asset transfer, margin asset management and other custody services.- (VLLF)
