Officially launching the pilot program of Vietnam's crypto asset market

(Dan Tri) - On September 9, Vietnam officially piloted the crypto-asset market. This is an important step, paving the way for the formation of a new market, approaching the global financial-technology trend.

Pilot implementation of crypto asset market in Vietnam

Deputy Prime Minister Ho Duc Phoc has just signed and issued Resolution No. 5 dated September 9 of the Government on piloting the crypto asset market in Vietnam. This Resolution takes effect from September 9. The pilot implementation period is 5 years.

This Resolution provides for the pilot implementation of offering and issuance of crypto-assets, organization of crypto-asset trading market and provision of crypto-asset services; and state management of the crypto-asset market in Vietnam.

Subjects of the pilot include organizations providing crypto-asset services; organizations issuing crypto-asset; Vietnamese organizations and individuals and foreign organizations and individuals participating in crypto-asset investment and operating in the crypto-asset market in Vietnam.

The Resolution clearly states that the pilot implementation of the crypto-asset market is carried out on the principles of caution, control, a roadmap suitable to practice, safety, transparency, efficiency, and protection of the rights and legitimate interests of organizations and individuals participating in the crypto-asset market.

Symbols of some popular cryptocurrencies (Illustration: CNBC).

Organizations and individuals participating in the crypto-asset market are responsible for ensuring the accuracy, honesty, completeness, timeliness, and non-misleadingness of published information; and complying with regulations on issuance, trading, insider information, and purposes of using crypto-assets.

Only organizations that have been granted a License to provide services to organize crypto-asset trading markets by the Ministry of Finance are allowed to carry out activities of providing services related to crypto-assets and advertising and marketing related to crypto-assets.

Organizations and individuals participating in the crypto-asset market must comply with relevant legal provisions on preventing and combating money laundering, terrorist financing, financing the proliferation of weapons of mass destruction, electronic transactions, network information security, network security, data protection to ensure security and safety in the crypto-asset market and other relevant specialized laws.

The offering, issuance, trading and payment of crypto assets must be made in Vietnamese Dong. Crypto assets are used for exchange or investment purposes as prescribed in this Resolution.

Tax policies for transactions, transfers, and trading of crypto assets are applied as tax regulations for securities until there is a tax policy for the crypto asset market in Vietnam.

Offering and issuance of crypto assets

Regarding the conditions for offering and issuing crypto assets, the Resolution clearly states that the organization issuing crypto assets must be a Vietnamese enterprise, registered to operate as a limited liability company or a joint stock company under the Law on Enterprises.

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

The Resolution also stipulates that crypto assets can only be offered and issued to foreign investors. Crypto assets can only be traded between foreign investors through crypto asset service providers licensed by the Ministry of Finance.

At least 15 days before conducting the offering or issuance, the organization issuing the crypto-asset must disclose information about the Prospectus for offering or issuance of crypto-assets in the form and other relevant documents on the website of the organization providing crypto-asset services and the website of the issuing organization.

The Resolution clearly states that domestic investors holding crypto assets and foreign investors are allowed to open accounts at crypto asset service providers licensed by the Ministry of Finance to deposit, buy and sell crypto assets in Vietnam.

After a period of 6 months from the date the first crypto-asset service provider is licensed, domestic investors who trade crypto-assets without going through a crypto-asset service provider licensed by the Ministry of Finance, depending on the nature and severity of the violation, will be subject to administrative sanctions or criminal prosecution in accordance with the law.

Digital assets are assets as prescribed by the Civil Code, expressed in the form of digital data, created, issued, stored, transferred and authenticated by digital technology in an electronic environment.

Crypto assets are a type of digital assets that use encryption technology or digital technology with similar functions to authenticate assets during the process of creation, issuance, storage, and transfer. Crypto assets do not include securities, digital forms of legal currency, and other financial assets as prescribed by civil and financial laws.

A crypto asset service provider is an enterprise that performs and provides one or several services, operating as organizing a crypto asset trading market; trading crypto assets; depositing crypto assets; and providing a crypto asset issuance platform.

Source: https://dantri.com.vn/kinh-doanh/chinh-thuc-trien-khai-thi-diem-thi-truong-tai-san-ma-hoa-viet-nam-20250909183141182.htm