Vietnam's Landmark Crypto Asset Market Pilot Program (Part 1)

This Resolution outlines a pilot program for a crypto asset market in Vietnam, detailing the legal framework and operational guidelines. It defines key terms like "digital assets" and "crypto assets," specifying who can participate, including Vietnamese and foreign individuals and organizations. The Resolution takes effect immediately on 9th September 2025, and the pilot period will last for 5 years from this date. After the pilot, the market will continue to operate under this Resolution until new or amended laws are enacted.

In this article, we introduce some key elements of this Resolution so that Investors can grasp relevant information and prepare to accompany with this landmark legal framework on crypto assets introduced by the Vietnam Government.

I. General Principles and Definitions

• Scope: The Resolution applies to crypto asset service providers, crypto asset issuers, Vietnamese and foreign organizations and individuals participating in the market, and other related bodies.

• Definition: Based on the Resolution, "crypto assets" (Tài sản mã hóa) are defined as a type of digital asset that uses encryption or similar digital technology for authentication during its creation, issuance, storage, and transfer.

• Digital Asset (Tài sản số): An asset as regulated by the Civil Code, which is expressed as digital data. It is created, issued, stored, transferred, and authenticated using digital technology in an electronic environment.

• Crypto Asset (Tài sản mã hóa): This is a specific type of digital asset that utilizes encryption technology or similar digital technology for authentication during its creation, issuance, storage, and transfer.

It is explicitly stated that crypto assets do not include securities, digital forms of legal tender, and other financial assets as defined by civil and financial laws.

• Pilot Principles: The implementation is based on principles of caution, control, a suitable roadmap, safety, transparency, efficiency, and protecting the legitimate rights and interests of all participants. It must comply with Vietnamese law and international treaties. The Ministry of Finance can suspend or terminate activities if risks to financial, monetary, social order, or public interests arise.

• Currency: All offering, issuance, trading, and settlement of crypto assets must be conducted in Vietnamese Dong (VND).

• Purpose: Crypto assets are designated for exchange or investment purposes.

• Taxation: For transactions, transfers, and business involving crypto assets, the same tax policies as applied to securities will be used until specific crypto asset tax policies are established.

II. Requirements for Investors (Domestic and Foreign)

2.1 Account Opening: Both domestic and foreign investors can open accounts at Ministry of Finance-licensed crypto asset service providers for custody, buying, and selling crypto assets. Each service provider allows only one account per investor.

2.2 Trading through Licensed Entities: After 6 months from the first licensed service provider, domestic investors who trade crypto assets outside licensed service providers will face administrative or criminal penalties.

2.3 Foreign Investors - Dedicated VND Account: Foreign investors must open a specialized payment account in VND at a licensed bank in Vietnam to conduct all transactions related to buying and selling crypto assets.

a/ Permitted Transactions: This account can be used for receiving funds from foreign currency sales, receiving transfers from other VND accounts, receiving proceeds from crypto asset sales, receiving interest, and transferring balances. It can also be used for payments related to crypto asset purchases, transfers to other VND accounts, buying foreign currency for overseas transfers, transferring balances to new accounts, and paying service fees.

b/ Bank Responsibilities: Licensed banks are required to verify documents, ensure foreign exchange services are properly utilized, establish internal regulations for specialized accounts, and comply with AML/CFT/PFWMD regulations. They must also submit quarterly reports to the Ministry of Finance, Ministry of Public Security, and State Bank of Vietnam detailing the inflows and outflows on these specialized accounts.

c/ Investor Responsibilities: Foreign investors are accountable for the authenticity and legality of documents provided to banks and for truthfully declaring transaction details.

2.4 Investor Rights: Investors have the right to open accounts (one per service provider), seek resolution and compensation for damages from service providers and issuers, access disclosed information, and have their legitimate rights and interests protected.

2.5 Self-Responsibility: Investors are ultimately responsible for their own crypto asset investment decisions.

III. Legal consequences for illegally trading crypto assets

Organizations and individuals engaging in activities that violate legal regulations related to crypto assets and the crypto asset market will face legal consequences depending on the nature and extent of their violation. This can include administrative penalties or criminal prosecution. Specifically:

a/ General Violations: Any organization or individual found to have committed a violation will be handled according to criminal law or administrative penalties. The specific acts that constitute violations, the levels and forms of penalties, and the authority for imposing them will be regulated by the Government.

b/ Illegal Trading by Domestic Investors: After a period of 6 months from when the first crypto asset service provider receives its license, domestic investors who trade crypto assets not through a service provider licensed by the Ministry of Finance will, depending on the nature and severity of their violation, be subject to administrative penalties or criminal prosecution according to the law.

c/ Future Regulations: The Ministry of Finance is responsible for leading the process of submitting to the Government a Decree that will specifically outline administrative penalties in the field of crypto assets and the crypto asset market. Additionally, the Ministry of Public Security will collaborate with the Ministry of Finance and other relevant agencies to research and develop regulations concerning criminal violations, the forms and levels of punishment, the recovery of illegal crypto assets, and remedial measures for those committing criminal acts in the crypto asset market, if deemed necessary.

IV. ALTAS’ Services in Vietnam

1. Business Licensing Package: including Company Establishment, Investment Registration, and Post-Registration Compliance: We provide guidance on post-registration obligations, such as tax registration, social insurance registration, and Corporate Secretarial Services;

2. Operational/ Specialized Licenses: We assist with obtaining operational licenses for specific business activities and regulated industries such as manufacturing, trading, services, e-commerce, Healthcare, Educational or Food & Beverage (restaurants) etc.;

3. Tax & Accounting & Bookkeeping Services: We assist with all aspects of tax compliance, bookkeeping services, social insurance contributions, and compliance with labor regulations. We also assist with Tax Settlements and Tax Refund for businesses including negotiating with tax authorities and resolving any outstanding tax liabilities;

4. Data Protection: We assist with compliance with data protection regulations including drafting, reviewing Data Protection Impact Assessments (DPIAs), Data Processing/Transfer Agreement, Privacy Policies and necessary documentation required by the Personal Data Protection Decree (PDPD);

5. Dispute Resolution including Litigation, Mediation, Arbitration; and

6. Legal Retainer Services upon Client’s demand.

V. Conclusion

ALTAS LAW is committed to supporting investors and businesses during this volatile period. Please feel free to reach us via email contact@altas.vn to discuss your specific concerns and explore how we can navigate these reforms successfully.

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Written by: Mr.Le Quang Lam  – Partner Lawyer at ALTAS Law 
Date: 11/09/2025