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| Illustration of Bitcoin cryptocurrency at a trading shop in Tel Aviv, Israel __Photo: AFP/VNA |
Crypto-asset service providers would be required to submit audited reports on client assets to the State Securities Commission twice a year, by July 31 and January 31, under a Ministry of Finance draft circular on reporting and information disclosure for the pilot crypto-asset market.
Under the draft circular, which is intended to implement Government Resolution 05/2025/NQ-CP, crypto-asset service providers and issuers would be required to disclose information and submit reports to the State Securities Commission (SSC) in both Vietnamese and English. The information must be accurate, truthful, timely, comprehensive and not misleading.
Information would be made public by publishing on enterprises' websites, through the SSC’s information disclosure system and via other mass media. Disclosed information, reports and electronic data must be retained for at least 10 years, while information published online must remain accessible for at least five years.
During trading hours, service providers would have to disclose the total volume of crypto-assets traded, as well as the price and volume of the latest transaction and the highest, lowest, average and price fluctuation figures for each crypto-asset.
Before 9am on each trading day, they would also have to publish data for the preceding 24 hours, including the number of crypto-assets eligible for trading, price movements, numbers of orders, bid and ask volumes and values, and the price, volume and value of executed transactions for each asset.
Service providers would be required to notify the Ministry of Finance, the Ministry of Public Security and the State Bank of Vietnam within 24 hours of listing or delisting a crypto-asset.
Transactions showing signs of violations would have to be periodically reported to the SSC. Any system disruption affecting business continuity would also have to be reported to the commission within 24 hours.
Regarding custody, service providers would be required to submit weekly reports on crypto-assets held in custody to the SSC. If they use a third-party custodian, they must notify the SSC at least seven days before engaging a new provider.
Twice a year, by July 31 of the reporting year and January 31 of the subsequent year, service providers would have to submit an audited report on client assets, detailing opening and closing balances, wallet addresses, proof of reserves and audit opinions, if any.
For issuers, the draft requires a prospectus to be published at least 15 days before an offering. Any changes to the prospectus must be disclosed within three days, while changes to the terms or characteristics of a crypto-asset must be disclosed within 24 hours after the relevant decision is made.
Following the completion of an offering, issuers would have to disclose, on a biannual basis, information on the fulfilment of commitments made to investors, where applicable.
Members of Boards of Directors and Members’ Councils, CEOs, CTOs and their affiliated persons would be required to report their intention to trade crypto-assets held in custody by the service provider at least three days in advance.
Issuers, meanwhile, would have to report planned buybacks of their issued crypto-assets at least seven days in advance.
No later than March 31 each year, crypto-asset service providers would also be required to submit to the SSC a compliance assessment report for the preceding year. The report would cover the maintenance of licensing conditions, protection and segregation of client assets, monitoring of suspicious transactions, anti-money laundering measures and cybersecurity.- (VLLF)
