Which five years make up the five-year pilot program for Vietnam’s cryptocurrency market?
The “five-year pilot program” for Vietnam’s crypto asset (cryptocurrency) market spans 2025 – 2030.
This pilot program was officially promulgated and took effect immediately upon the signing of Resolution No. 05/2025/NQ-CP by Deputy Prime Minister Hồ Đức Phớc on September 9, 2025.
Key timeline milestones and implementation points for Vietnam’s five-year crypto market pilot program are as follows:
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Pilot Period: September 9, 2025, to September 8, 2030 (5 years).
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Framework Objectives: Transition away from the previous status quo of “grey area” and “tacit participation.” Under strict state supervision, it opens pilot operations for the issuance, trading, and custody of crypto assets to gather experience for future formal legislation (such as a National Digital Asset Act).
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Operating Mechanism: Upon expiration of the pilot period, if new regulations have not yet been formally issued, the pilot mechanism will continue to operate until the new regulations come into force.
The scope of the pilot includes public offerings and related issuance activities for crypto assets, as well as the organization of trading markets and the provision of services. Pilot operations will follow the principles of prudence, controlled oversight, security, and transparency, safeguarding the legitimate rights and interests of participating organizations and individuals.
Organizations and individuals participating in the market must strictly comply with regulations regarding information disclosure, issuance, and trading, clarify the intended use of crypto assets, and abide by laws and regulations on anti-money laundering, information security, cybersecurity, data protection, and other applicable sectoral laws.
The issuance, trading, and settlement of crypto assets are denominated and settled in Vietnamese Đồng (VNĐ) and can be used for exchange or investment. Regarding tax policy, provisions governing securities transactions, transfers, and related business activities will temporarily apply until dedicated regulations are enacted.
Issuing entities must be limited liability companies or joint-stock companies legally established in Vietnam. Issued crypto assets must be backed by tangible real-world assets and must not involve securities or VNĐ. Under the Resolution, public offerings of crypto assets are permitted exclusively to foreign investors, and inter-investor trading can take place among service providers licensed by the Ministry of Finance.
Applicant institutions must possess compliant headquarters and technical systems. The General Manager must have at least 2 years of experience in finance, securities, banking, insurance, or fund management; the Chief Technology Officer requires at least 5 years of relevant experience. Enterprises must employ a minimum of 20 technical and securities professionals holding valid professional certificates. IT systems must pass security certification prior to commencing operations.