Resolution 05/2025/NQ-CP on piloting the crypto assets market in Vietnam officially establishes a pilot framework for the offering, issuance, trading, and provision of services related to crypto assets in Vietnam.
Key contents of the Resolution include:
1. Scope, subjects, and definitions
– Scope of regulation: piloting the offering, issuance of crypto assets; organizing the trading market; providing related services; and state management of this market.
– Provides explanations of several terms such as digital assets, crypto assets, operations of crypto asset service providers, proprietary trading of crypto assets, custody of crypto assets, etc.
– Principles for piloting the crypto assets market: ensuring prudence, control, and consistency with practice; the Ministry of Finance has the authority to suspend, adjust, or terminate part or all of the pilot activities if risks arise to the security and safety of the financial–monetary market and public interests.
2. Offering, issuance, and information disclosure
– Only offerings/issuances to foreign investors are permitted; crypto assets issued under this framework may only be traded among foreign investors through service providers licensed by the Ministry of Finance.
3. Market organization and licensing conditions
– All crypto asset transactions must be carried out through crypto asset service providers licensed by the Ministry of Finance.
– Licensing conditions crypto asset service providers are highly stringent: must be a Vietnamese enterprise; duly registered business and sectors; minimum charter capital of VND 10,000 billion; required shareholders or capital contributors include commercial banks, securities companies, etc.
4. Fund transfers of foreign investors
– Foreign investors must open one payment account in Vietnam Dong to conduct all transactions of receipts and payments related to the purchase and sale of crypto assets in Vietnam.
5. Regulating the rights and responsibilities of crypto asset issuers; crypto asset service providers; and investors.
6. Implementation
– The pilot duration is 5 years. The Ministry of Finance is the lead agency, in coordination with the State Bank of Vietnam and other relevant ministries and agencies, to manage and supervise crypto asset service providers.
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