Resolution No. 5 on Vietnam’s Crypto Asset Market Comes Into Effect
Deputy Prime Minister Hồ Đức Phớc signed and brought into effect Resolution No. 5 on September 9, 2026, officially launching a 5-year pilot implementation of the crypto asset market.
The resolution regulates the pilot implementation of issuing, offering, organizing trading markets for, and providing services related to crypto assets, as well as the state management of the crypto asset market in Vietnam.
The target entities of this pilot program include: institutions providing crypto asset services; institutions issuing crypto assets; and Vietnamese and foreign institutions and individuals investing and operating in Vietnam’s crypto asset market.
The resolution states that the pilot implementation of the crypto asset market should follow principles of prudence, control, a practical roadmap, safety, transparency, efficiency, and the protection of the legitimate rights and interests of participating organizations and individuals.
Participating organizations and individuals are responsible for ensuring the accuracy, truthfulness, completeness, timeliness, and non-misleading nature of published information. They must also comply with regulations regarding crypto asset issuance, trading, insider information, and intended use.
Only institutions licensed by the Ministry of Finance to operate crypto asset trading market services are permitted to conduct activities related to crypto asset services, as well as crypto-related advertising and marketing.
Participating organizations and individuals must comply with laws and regulations concerning anti-money laundering, counter-terrorist financing, financing the proliferation of weapons of mass destruction, electronic transactions, cyber information security, cybersecurity, data protection, and other relevant specialized laws to ensure market safety.
The issuance, trading, and settlement of crypto assets must be conducted in Vietnamese Dong (VND). Crypto assets may be used for trading or investment purposes as specified in this resolution.
Pending the development of a specific tax policy for the crypto asset market in Vietnam, the tax policy for trading, transferring, and buying/selling crypto assets will follow the regulations applicable to securities.
Provision and Issuance of Crypto Assets（Vietnam crypto exchange）
Regarding the conditions for providing and issuing crypto assets, the resolution clearly stipulates that issuers must be Vietnamese enterprises registered as limited liability companies or joint-stock companies under the Law on Enterprises.
Crypto assets must be issued based on real assets (excluding securities and fiat currency) as underlying assets.
The resolution also stipulates that crypto assets may only be offered or issued to foreign investors. Crypto assets can only be traded among foreign investors through crypto asset service providers licensed by the Ministry of Finance.
At least 15 days prior to the issuance or offering, the issuer must publish the prospectus and other relevant documents in the prescribed format on both the crypto asset service provider’s website and the issuer’s website.
The resolution provides that domestic and foreign investors holding crypto assets may open accounts with crypto asset service providers licensed by the Ministry of Finance to deposit, buy, and sell crypto assets in Vietnam.
Starting 6 months after the date the first crypto asset service provider receives its license, domestic investors who conduct crypto transactions without using a provider licensed by the Ministry of Finance will be subject to administrative penalties or criminal prosecution according to the law, depending on the nature and severity of the violation.