Vietnam is Experiencing a Major Turning Point in Cryptocurrency Regulatory Policy
The Vietnamese cryptocurrency market is undergoing a period of reshaping, transitioning from chaotic growth to strict regulation and compliant pilot programs. The government’s goal is to channel massive underground crypto capital into compliant avenues through legalization and controlled pilots, while simultaneously preventing money laundering and capital flight. Vietnam crypto exchange
Core Policy & Regulatory Framework
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Resolution No. 05/2025/NQ-CP (5-Year Pilot Program): The Vietnamese government officially issued Resolution No. 05, launching a 5-year crypto asset market pilot. The resolution defines crypto assets as a type of digital asset recognized under the Civil Code, but explicitly excludes fiat currency and traditional securities.
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Extremely High Barrier to Entry: Entities applying to establish crypto trading platforms must meet the following criteria:
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Minimum paid-in capital of 10 trillion VND (approx. USD 383 million).
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System security compliant with the highest level (Level 4) of information security standards.
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At least 65% of shares must be held by domestic institutions, with foreign ownership capped at 49%.
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Focus on RWA (Real-World Asset Tokenization): Crypto assets issued by domestic Vietnamese enterprises must be backed by physical underlying assets (such as real estate, commodities, infrastructure assets, etc.). The initial issuance of RWA tokens is restricted to foreign investors for participation and trading.
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Supporting Tax Framework in Place: The Ministry of Finance specified tax details for crypto asset trading via Circulars No. 32 and 41: transfers of crypto assets by individuals and foreign enterprises are subject to a 0.1% personal/corporate income tax withholding, while domestic enterprises are taxed at 20% corporate income tax, with Value-Added Tax (VAT) exempted.
Market Order & Retail Governance
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Crackdown on Unauthorized Trading: The Vietnamese government issued Decree No. 284/2026/ND-CP, establishing administrative penalties targeting non-compliant trading platforms and individuals.
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Transition Migration Period: The rules establish a grace period—starting from the official launch of the first local licensed crypto exchange approved by the Ministry of Finance, domestic retail investors must gradually migrate their trading activities to licensed platforms within 6 months. Retail investors who continue trading on unlicensed overseas platforms (such as Binance, OKX, etc.) beyond this deadline will face the risk of fines.
Layout of Traditional Financial Institutions
With the establishment of high capital thresholds, domestic financial conglomerates—represented by banking giants like Techcombank and VPBank, along with leading securities firms—are actively preparing compliant exchange platforms to compete for the first batch of licensed operational slots.