Vietnam officially launches the pilot of the cryptocurrency market from September 9, 2025.

On September 9, 2025, Deputy Prime Minister Ho Duc Phoc signed the issuance of Resolution No. 5/2025/NQ-CP of the Government regarding the implementation of a pilot market for mã hóa assets in Vietnam. The resolution takes effect immediately from the date of signing and the pilot implementation period lasts for 5 years.

According to the resolution, the pilot market will include the offering, issuance of encryption assets, organization of transactions, and provision of related services, while the State will implement strict management of related activities.

####Participants

• The organization providing encrypted asset services is licensed.
• The organization issues encryption assets.
• Domestic and foreign investors participate in trading and investment according to regulations.

The resolution emphasizes that the pilot implementation must be cautious, transparent, safe, and protect the legal rights and interests of the organizations and individuals involved.

####Regulations on Issuance and Offering

• The issuing organization must be a Vietnamese enterprise, operating in the form of a Limited Liability Company or Joint Stock Company.
• Cryptocurrency must be based on real underlying assets, excluding securities or fiat currency.
• Only available for sale to foreign investors and transactions can only take place through licensed organizations.
• Information about the offering must be announced at least 15 days in advance on the information page of the issuer and the service provider.

####Market Trading Organization

Investors can open accounts at licensed organizations that provide cryptocurrency asset services for custody and trading of cryptocurrency assets. Six months after the first organization is licensed, trading without a licensed organization will be subject to administrative penalties or criminal prosecution. Personal income tax is approximately 0.1% on each transaction (excluding gains and losses).

Licensed organizations are allowed to:

• Organize the market for trading encrypted assets.
• Proprietary trading, custody of encryption assets.
• Provide a platform for the issuance of encryption assets.

####Conditions for granting trading service licenses

The resolution specifies the criteria for granting licenses to organizations providing market services:

• As a Vietnamese enterprise, the minimum charter capital is 10,000 billion Dong.
• Institutional shareholders must hold at least 65% of the capital, of which ≥35% of the capital must be held by at least 2 organizations in the banking finance sector, securities companies, or technology.
• Foreign investors can hold a maximum of 49% of the capital.
• Has headquarters, infrastructure, technology systems, and specialized personnel to meet requirements.
• There are complete business processes, from risk management, trading, payment, custody, information disclosure to anti-money laundering, and complaint resolution.
• The technology system must meet level 4 standards for information security before being put into operation.

####Transaction in Vietnamese Dong

All activities related to the offering, issuance, trading, and payment of mã hóa assets must be conducted in Vietnamese Dong. Mã hóa assets may only be used for legal exchange or investment purposes, while the current tax policy applied is the same as that for securities.

####Pilot period

The resolution takes effect from September 9, 2025, and lasts for 5 years. After the trial period, the market will continue to operate according to the resolution until new legal regulations are issued to replace or amend it. There will be 5 exchanges licensed for the pilot.

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