Resolution No. 5/2025/NQ-CP of the Government on piloting the crypto-asset market in Vietnam (Resolution No. 5) was promulgated by the Government on September 9 and took effect from the date of signing.
Accordingly, the offering and issuance of crypto-assets, the organization of crypto-asset trading markets, the provision of crypto-asset services, and state management of the crypto-asset market in Vietnam are officially piloted for a period of five years on the principles of prudence, control, a roadmap suited to practical conditions, safety, transparency, efficiency, and the protection of the lawful rights and interests of participating organizations and individuals.
According to Resolution No. 5, the Ministry of Finance, in coordination with the Ministry of Public Security and the State Bank of Vietnam, will grant licenses to up to five crypto-asset service providers during the pilot period. The number of enterprises licensed for the pilot is regulated appropriately, both to create a healthy competitive environment among licensed enterprises and to ensure a reasonable level of control to facilitate the monitoring and evaluation of effectiveness after the pilot.
According to the Resolution, investors are entitled to have disputes settled and damages compensated by crypto-asset service providers and crypto-asset issuers in accordance with the law. In addition, they are entitled to full access to information disclosed by crypto-asset service providers and crypto-asset issuers as prescribed by law.
At the same time, investors are protected with respect to their lawful rights and interests. Investors bear sole responsibility for their decisions to invest in crypto-assets.
After a period of six months from the licensing of the first crypto-asset service provider, domestic investors who trade crypto-assets without going through a crypto-asset service provider licensed by the Ministry of Finance shall, depending on the nature and seriousness of the violation, be subject to administrative sanctions or criminal prosecution in accordance with the law.
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