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| Government issues resolution 05/2025/NQ-CP on pilot operation of a crypto asset market __Illustrative photo |
Deputy Prime Minister Ho Duc Phoc on September 9 signed a resolution specifying the issuance and offering of crypto assets, the organization of a crypto asset trading market and the provision of crypto asset services.
Under Resolution 05/2025/NQ-CP, the crypto asset market will start its five-year pilot operation and continue to operate until new regulations are issued. Crypto asset issuers, crypto asset service providers and domestic and foreign investors may participate in the crypto asset market provided that they comply with Vietnam’s law.
Particularly, the resolution requires the market participants to fully comply with regulations on prevention and combat of money laundering, terrorism financing and financing of the proliferation of weapons of mass destruction, information security, and cyber security, and other relevant regulations. The tax policy for crypto asset transactions will temporarily be the same as that for securities until authorities issue separate regulations.
One of the key highlights of the resolution is the strict management of domestic investors' trading activities. It is stated that after six months from the date the first organization providing crypto asset services is licensed by the Ministry of Finance, all crypto asset transactions by domestic investors must be conducted through this organization. If intentionally making transactions with any unlicensed service provider, an investor will, depending on the nature and severity of the violations, be administratively sanctioned or face penal liability examination.
According to the resolution, the offering, issuance, trading and payment of crypto assets must be conducted in Vietnam dong. Crypto asset issuers must be Vietnamese enterprises registered as limited liability companies or joint stock companies under the Law on Enterprises. Crypto assets may only be issued based on real underlying assets, not in the form of securities or fiat currencies. The offering and issuance of crypto assets are only applicable to foreign investors and transactions may only be carried out via service providers licensed by the Ministry of Finance.
To be granted a license to provide crypto asset trading market services, an enterprise must meet strict conditions, e.g., having a charter capital of at least VND 10 trillion; having a shareholder structure with significant capital contributions from financial institutions; meeting the requirements on management personnel and technology; and having an information technology infrastructure system that attains level-4 security standards.
According to President of the Vietnam Blockchain and Digital Assets Association (VBA) Phan Duc Trung, the resolution will bring not a few opportunities for Vietnam in the future. The pilot implementation will help identify crypto asset flows that were previously in a "gray area" and not clearly defined. If the legal framework works well, the “underground” economic flows can become transparent and contribute to growth. At the same time, this is a chance for management agencies to make timely adjustments to inappropriate regulations.
In the meantime, Dr. Tran Quy, President of the Vietnam Institute for Digital Economy Development, said this is a significant decision from both an institutional and economic perspective.
"Instead of allowing the flow of digital assets to operate spontaneously, Resolution 05 has opened a controlled “runway” for technology, capital and innovation to take off within a legal framework. This is not merely a technical matter; it is a strategic step to affirm the role of digital assets in contributing to growth, financial inclusion and national competitiveness," Quy added.- (VLLF)
