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