Taking crypto assets out of the legal “gray zone”

VTV.vn - For the first time, the Vietnamese Government has established a legal framework to pilot the crypto asset market for 5 years.

For the first time, the Vietnamese Government has established a legal framework to pilot the crypto asset market for 5 years.

For the first time, the Vietnamese Government has established a legal framework to pilot the crypto-asset market for 5 years. This is a step expected to turn informal flows into transparent resources, linked to the capital market and affirm the country's position in the digital age.

Legal framework for crypto asset market

Resolution No. 05/2025 of the Government has attracted great attention when it first recognized and established a pilot framework for the crypto asset market at the national level. According to this Resolution, the pilot process will last for 5 years, with the following principles: cautious, controlled, and practical implementation. This is a step to ensure the safety and security of the market, while protecting the legitimate rights of all participants.

Previously, cryptocurrency-related activities were conducted freely, largely outside of official management. Resolution 05 has eliminated this legal gap by clearly stating that all transactions must only be carried out through legal entities licensed by the Ministry of Finance . This means that the huge money flows that have been operating in the dark will gradually be brought into a transparent framework.

To be allowed to issue crypto assets, a business must be a Vietnamese company, with a minimum charter capital of VND 10,000 billion and at least 65% domestic capital. In addition, the business must meet a series of strict conditions: a team of personnel with professional certificates, and a technology infrastructure that meets level 4 safety standards. These conditions show a strict management orientation, only accepting the participation of businesses with strong financial and technological capacity, in order to minimize potential risks.

This event is also linked to the context of Vietnam building international financial centers in Ho Chi Minh City and Da Nang. Therefore, piloting the crypto asset market is not only a management solution but also a step in preparing for a comprehensive digital financial infrastructure, creating a platform to connect with global capital flows.

Ms. Nguyen Van Hien, Vice President and General Secretary of the Vietnam Blockchain and Digital Assets Association, said that the new legal framework opens up many significant opportunities for the digital economy. “If the world took 10 years to mature, experiencing many failures, then Vietnam can completely shorten the time to just a few years, provided that it knows how to take advantage of lessons from previous countries,” Ms. Hien emphasized.

Resolution 05 clearly stipulates the number of licensed crypto asset service providers during the pilot phase.

Choose up to 5 crypto asset service providers

Resolution 05 clearly stipulates the number of organizations providing crypto-asset services that are licensed during the pilot phase. According to Ms. Pham Thi Thuy Linh, Head of Market Development Department, State Securities Commission: “Based on coordination with the Ministry of Finance, the Ministry of Public Security and the State Bank, we select a maximum of 5 organizations providing crypto-asset services to license their operations. With this maximum number of 5 units, we ensure healthy competition between service providers, while ensuring control and assessment of the effectiveness of the activities of this organization during the pilot phase”.

The maximum limit of 5 floors shows a proactive management mindset: opening the market while maintaining tight control, avoiding widespread explosions that lead to imbalance or difficulty in management. This is also a “safe testing framework” for authorities to monitor, evaluate and adjust policies before considering expansion.

Not only the quantity, but also the type of assets traded are specifically determined. According to the Resolution, crypto assets allowed to circulate in Vietnam must be linked to real assets (RWA - Real World Assets). Thus, instead of focusing on purely speculative tokens (digital assets), the market will prioritize digitizing real assets such as real estate, gold, commodities, and carbon credits. This both ensures transparency and opens up opportunities to connect real assets with the digital economy.

This regulation is in line with the forecast of consulting firm BCG, that crypto assets linked to real assets will account for about 10% of global GDP by 2033, equivalent to 18,000 billion USD. This is the reason why Vietnam has chosen a cautious path, prioritizing assets with clear collateral value.

Piloting is necessary to get the right destination.

According to a 2023 survey, Vietnam ranked second in the world in terms of the proportion of the population owning cryptocurrencies: one in five adults has ever traded. At the same time, Chainalysis recorded that the flow of crypto assets into Vietnam has continuously maintained over 100 billion USD per year. If well managed, this capital will shift from informal to formal, thereby increasing budget revenue and adding capital to the economy.

From a business perspective, Mr. Phan Duc Trung - Chairman of the Vietnam Blockchain Association - affirmed: "The law recognizes environments that allow public capital raising through exchanges. This is an opportunity, if there is a good legal framework, we will see a transparent flow of crypto assets and contribute to the economy". This means that businesses have a new channel to mobilize capital through the issuance of tokens linked to real assets, in addition to traditional tools such as stocks and bonds.

From a general perspective, Mr. Phan Duc Trung pointed out three major challenges that the market has to face: human resources, international competitiveness and the maturity of the domestic market. Of which, human resources is the biggest bottleneck, when both management agencies, businesses and investors lack a foundation of specialized knowledge to meet new requirements.

“Internationally, the question is whether crypto-asset products from Vietnam are attractive enough to compete with established products in the global market. Domestically, the market is still young: the accounting framework, monitoring processes and operational experience need more time to perfect before it can operate smoothly and create sustainable trust for investors,” Mr. Trung analyzed.

In terms of global competition, Ms. Tran Thi Thuy Ngoc - Deputy General Director of Deloitte Vietnam Company - emphasized: "Major financial markets such as the US, Hong Kong (China), Japan... are studying who will be the first to win". By issuing Resolution 05, Vietnam has shown its determination to go early, creating a competitive advantage in the context of the digital financial market taking shape on a global scale.

Not only does it have the meaning of capital management and mobilization, the crypto-asset market is also the new infrastructure of the digital economy. Effective control and operation will help Vietnam maintain digital sovereignty, unleash innovation resources, and connect with international financial centers forming in the region. This is also a preparation step for Vietnam to be able to position itself as an active player in the global digital economic value chain.

Resolution 05/2025 is a milestone affirming Vietnam's pioneering steps in the digital asset era. The 5-year pilot with a maximum of 5 exchanges, focusing on assets with real value, demonstrates a strict management strategy but paves the way for innovation. If successful, the crypto asset market will not only help make capital flows transparent, but also create new mobilization channels, promote the development of financial centers and affirm the country's position in the global race for the digital economy.

Source: https://vtv.vn/dua-tai-san-ma-hoa-ra-khoi-vung-xam-phap-ly-100251016153841693.htm