Five-year test run for Vietnam’s digital asset market
Vietnam has launched a five-year pilot of its digital asset market, marking a pivotal step in shaping regulations for the country’s emerging financial landscape.
Under Resolution No.5/2025/NQ-CP, signed by Deputy Prime Minister Ho Duc Phoc and effective from September 9, the pilot will establish a framework for issuing, trading, and providing digital asset services, while defining the mechanisms for state management of the market.
The pilot covers service providers, issuing organisations, and both Vietnamese and foreign investors participating in the domestic digital asset market. It is designed to operate under principles of prudence, control, transparency, and safety, with a clear roadmap that protects the rights and interests of all participants.
Only service providers licensed by the Ministry of Finance are allowed to organise trading platforms, advertise, or provide related services. Participants are required to ensure accuracy and transparency of disclosures, comply with issuance and trading rules, and adhere to relevant legislation on anti-money laundering, counter-terrorism financing, cybersecurity, data protection, and electronic transactions.
All issuance, trading, and settlement must be carried out in VND. Digital assets under the pilot will be limited to investment and exchange purposes, and must be backed by tangible assets, excluding securities and legal currency.
Issuance is restricted to Vietnamese companies registered as limited liability or joint-stock companies. Digital assets may only be offered to foreign investors and traded among them through licensed service providers. At least 15 days before offering, issuers must publish a prospectus and related documents on both their own and their service provider’s websites.
Tax policies for digital asset transactions will follow existing regulations for securities until specific tax rules for this market are introduced.
The resolution also stipulates that Vietnamese and foreign investors can open accounts with licensed providers for custody and trading. Six months after the first licence is issued, domestic investors trading outside this system may face administrative penalties or criminal charges, depending on the violation.
By Thai An – Vietnam Investment Review – September 10, 2025