The government has just issued Resolution No. 5/2025/NQ-CP on September 9, 2025, regarding the pilot implementation of the digital asset market in Vietnam. This resolution comes into effect on September 9, 2025; the pilot duration is 5 years.

This resolution provides for the pilot implementation of offering, issuing tokenized assets, organizing the trading market for tokenized assets, and providing tokenized asset services; state management of the tokenized asset market in Vietnam.

The subjects for pilot implementation include: Organizations providing encrypted asset services; organizations issuing encrypted assets; Vietnamese organizations and individuals, and foreign organizations and individuals participating in investing in encrypted assets and operating in the encrypted asset market in Vietnam within the scope stipulated by this Resolution.

Pilot the crypto asset market based on principles of caution, control, safety, and transparency.

The resolution states: The implementation of a pilot market for digital assets should be carried out based on principles of caution, control, with a roadmap suitable to practical conditions, ensuring safety, transparency, and efficiency, and protecting the legal rights and interests of organizations and individuals participating in the digital asset market.

Organizations and individuals participating in the digital asset market are responsible for ensuring the accuracy, honesty, completeness, timeliness, and non-misleading nature of disclosed information; complying with regulations on the issuance, trading, internal information, and purposes of using digital assets. Only organizations licensed by the Ministry of Finance to provide digital asset trading market services are allowed to engage in providing services related to digital assets and advertising, and marketing related to digital assets.

Organizations and individuals participating in the digital asset market must comply with relevant legal regulations on anti-money laundering, counter-terrorism financing, prevention of the proliferation of weapons of mass destruction, electronic transactions, information security, cybersecurity, and data protection to ensure security and safety in the digital asset market, as well as other relevant specialized laws.

The offering, issuance, trading, and payment of crypto assets must be conducted in Vietnamese Dong.

"Cryptographic assets are used for the purpose of exchange or investment as stipulated in this Resolution."

The tax policy for transactions, transfers, and business of crypto assets is applied similarly to the tax regulations for securities until there is a specific tax policy for the crypto asset market in Vietnam.

Offering and issuing tokenized assets

Regarding the conditions for offering and issuing tokenized assets, the resolution states: The issuer of tokenized assets must be a Vietnamese enterprise registered as a limited liability company or a joint-stock company in accordance with the Enterprise Law.

Cryptographic assets must be issued based on underlying assets that are real assets, excluding assets that are securities or fiat currency.

The resolution also stipulates: Digital assets can only be offered and issued to foreign investors.

Encoded assets are only traded between foreign investors through an encoded asset service provider licensed by the Ministry of Finance.

At least 15 days prior to conducting an offering, the issuer of tokenized assets must disclose information regarding the Offering Prospectus, the issuance of tokenized assets in accordance with Form No. 01 Appendix issued with this Resolution, and any other related documents (if any) on the website of the tokenized asset service provider and the website of the issuing organization.

Organization of the Cryptographic Asset Trading Market

The resolution states: Domestic investors who possess digital assets and foreign investors can open accounts at digital asset service providers licensed by the Ministry of Finance to store, buy, and sell digital assets in Vietnam.

After a period of 6 months from when the first licensed organization providing cryptocurrency services is approved, domestic investors trading cryptocurrencies without going through a cryptocurrency service provider licensed by the Ministry of Finance will be subject to administrative penalties or criminal liability depending on the nature and severity of the violation in accordance with the law.

The organization providing encrypted asset services, licensed by the Ministry of Finance to offer services for organizing a market for trading encrypted assets, is authorized to conduct and provide the following services and activities: Organizing a market for trading encrypted assets; Proprietary trading of encrypted assets; Custody of encrypted assets; Providing a platform for issuing encrypted assets. Transactions involving encrypted assets must be conducted through organizations providing encrypted asset services that are licensed by the Ministry of Finance.

Full text of resolution number 05

Minh Quân