Resolution 05/2025/NQ-CP on piloting the crypto asset market in Vietnam

RESOLUTION

On piloting the crypto asset market in Vietnam

Pursuant to the Law on Organization of the Government No. 63/2025/QH15;

Pursuant to the Civil Code No. 91/2015/QH13;

Pursuant to the Law on Promulgation of Legal Documents No. 64/2025/QH15, amended and supplemented under Law No. 87/2025/QH15;

Pursuant to the Law on Cyberinformation Security No. 86/2015/QH13;

Pursuant to the Law on Cyber Security No. 24/2018/QH14;

Pursuant to the Law on Enterprises No. 59/2020/QH14, amended and supplemented under Law No. 03/2022/QH15 and Law No. 76/2025/QH15;

Pursuant to the Law on Anti-Money Laundering No. 14/2022/QH15;

Pursuant to the Law on Counter-Terrorism No. 28/2013/QH13;

Pursuant to the Government's Decree No. 78/2025/ND-CP detailing a number of articles and measures to organize and guide the implementation of the Law on Promulgation of Legal Documents, amended and supplemented under Decree No. 187/2025/ND-CP;

Pursuant to the Government's Decree No. 79/2025/ND-CP on inspection, review, systematization and processing of legal documents;

Pursuant to the Government's Decree No. 39/2022/ND-CP promulgating the Government's working regulations;

At the proposal of the Minister of Finance;

The Government issued the Resolution on piloting the crypto asset market in Vietnam,

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Resolution provides for the pilot of offering and issuance of crypto assets, the organization of the crypto asset markets, and the provision of the services related to crypto assets; as well as the state management of the crypto asset market in Vietnam.

Article 2. Subjects of application

1. Subjects to the pilot include: crypto asset service providers; crypto asset issuers; Vietnamese organizations and individuals, and foreign organizations and individuals participating in crypto asset investment and operating in the crypto asset market in Vietnam within the scope prescribed in this Resolution.

2. Other agencies, organizations, and individuals related to the offering, issuance of crypto assets, organization of the crypto asset trading market, and state management of the crypto asset market in Vietnam.

Article 3. Interpretation of terms

In this Resolution, the following terms are construed as follows:

1. Digital asset mean asset as prescribed by the Civil Code, expressed in the form of digital data, created, issued, stored, transferred, and authenticated by digital technology in an electronic environment.

2. Crypto asset mean a type of digital asset that use encryption technology or digital technology with equivalent functions to authenticate the asset during the processes of creation, issuance, storage, and transfer. Crypto assets do not include securities, digital forms of fiat currencies, and other financial assets as defined by civil and financial laws.

3. Crypto asset service providers mean enterprises that perform or provide one or more of the following services or activities:

a) Organization of the crypto asset trading market;

b) Crypto asset dealing;

c) Custody of crypto assets;

d) Provision of a platform for the issuance of crypto assets.

4. Organization of the crypto asset trading market refers to the provision of a platform or infrastructural system for exchanging information, aggregating purchase and sale orders, conducting crypto asset transactions, and settling crypto asset transactions.

5. Crypto asset dealing means the purchase and sale of crypto assets by the crypto asset service provider for itself.

6. Custody of crypto assets means the receipt, storage, preservation, and transfer of crypto assets on behalf of clients, assisting clients in exercising rights related to the crypto assets under custody.

7. Provision of a platform for the issuance of crypto assets means the provision of an electronic system serving the offering and issuance of crypto assets.

8. Crypto asset issuers mean organizations that conduct the offering and issuance of crypto assets through a crypto asset issuance platform.

9. Foreign investors mean individuals holding foreign citizenship and organizations established under foreign laws that carry out investment activities in Vietnam.

10. Domestic investors mean individuals holding Vietnamese citizenship and organizations established under Vietnamese law.

Article 4. Principles for pilot implementation of the crypto asset market

1. The pilot shall be implemented on a cautious and controlled basis, with an appropriate roadmap to ensure safety, transparency, and efficiency. The legitimate rights and interests of organizations and individuals participating in the market shall be protected.

2. The pilot must comply with Vietnamese law and treaties to which Vietnam is a party. During the pilot period, in case of risks affecting the security and safety of the financial and monetary markets, social order, or public interests, the Ministry of Finance shall submit the Government for decision on plans for suspension, termination, adjustment, supplement, or cease of the pilot of one, several, or all activities related to the pilot crypto asset market, based on the principle of ensuring a harmonious balance of interests among the State, investors, and enterprises.

3. Foreign investors participating in the crypto asset market in Vietnam, in addition to complying with Vietnamese law, must also comply with the laws of the country where the organization is established or operates, or where the individual holds citizenship, unless such regulations are contrary to the fundamental principles of Vietnamese law or treaties to which Vietnam is a party.

4. Organizations and individuals participating in the crypto asset market shall be responsible for ensuring the accuracy, truthfulness, completeness, timeliness, and non-misleading nature of disclosed information; and must comply with regulations on issuance, trading, internal information, and purposes of use of crypto assets. Only organizations licensed by the Ministry of Finance to provide services for organizing the crypto asset trading market may conduct activities related to the provision of crypto asset services and advertising or marketing related to crypto assets.

5. Organizations and individuals participating in the crypto asset market must comply with relevant laws on anti-money laundering, counter-terrorism financing, prevention of financing the proliferation of weapons of mass destruction, electronic transactions, cybersecurity, cyberinformation security, and data protection, in order to ensure security and safety in the crypto asset market, as well as other relevant specialized laws.

6. Organizations and individuals committing acts in violation of laws related to crypto assets and the crypto asset market shall, depending on the nature and seriousness of the violation, be subject to criminal prosecution or administrative sanctions in accordance with the law.  Violations relating to crypto assets and the crypto asset market, penalties, forms of sanction, and the competence to impose sanctions shall be regulated by the Government. The Ministry of Finance has the authority to temporarily suspend or terminate one or several activities of a crypto asset service provider based on the principle of ensuring the lawful rights and interests of investors, enterprises, and the State.

7. The offering, issuance, trading, and payment of crypto assets must be conducted in Vietnamese dong.

8. Crypto assets shall be used for exchange or investment purposes in accordance with this Resolution.

9. Tax policies applicable to transactions, transfers, and trading of crypto assets shall be applied as for securities, until specific tax policies for the crypto asset market in Vietnam are issued.

10. In case the lawful rights and interests of organizations or individuals are infringed upon, or disputes arise in activities within the crypto asset market in Vietnam, the protection of lawful rights and interests or the resolution of disputes shall be carried out through negotiation, mediation, or at the request of arbitration or Vietnamese courts in accordance with the law.

Chapter II

OFFERING AND ISSUANCE OF CRYPTO ASSETS

Article 5. Conditions for offering and issuance of crypto assets

1. The crypto asset issuer must be a Vietnamese enterprise, registered and operating in the form of a limited liability company or a joint-stock company in accordance with the Law on Enterprises.

2. Crypto assets must be issued based on real underlying assets, not in the form of securities or fiat currencies.

Article 6. Regulations on offering and issuance of crypto assets

1. The crypto assets may only be offered and issued to foreign investors.

2. The crypto assets specified in Clause 1 of this Article may only be traded among foreign investors through crypto asset service providers that are licensed by the Ministry of Finance.

3. At least 15 days prior to the offering or issuance, the crypto asset issuer must disclose information regarding the Prospectus for offering and issuance of crypto assets, using Form No. 01 in the Appendix attached to this Resolution, together with other related documents (if any), on the website of the crypto asset service provider and the website of the issuer.

Chapter III

ORGANIZATION OF THE CRYPTO ASSET TRADING MARKET 

Article 7. Regulations on organization of the crypto asset trading market

1. Domestic investors currently holding crypto assets and foreign investors may open accounts at the crypto asset service provider licensed by the Ministry of Finance for the custody, purchase, and sale of crypto assets in Vietnam.

2. Six months after the first crypto asset service provider is licensed, any domestic investor conducting crypto asset transactions 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.

3. The crypto asset service provider licensed by the Ministry of Finance to organize the crypto asset market may perform and provide the services and activities specified in Clause 3, Article 3 of this Resolution.  All crypto asset transactions must be conducted through the crypto asset service providers licensed by the Ministry of Finance.

Article 8. Conditions for licensing the provision of crypto asset trading market organization services

1. The applicant must be a Vietnamese enterprise registered for business lines related to the provision of crypto asset services in the form of a limited liability company or a joint-stock company in Vietnam in accordance with the Law on Enterprises.

2. Charter capital contributions must be made in Vietnamese dong, and the minimum contributed charter capital shall be 10,000 billion Vietnamese dong.

3. Conditions on shareholders and capital-contributing members:

a) At least 65% of the charter capital must be contributed by institutional shareholders or members, of which more than 35% of the charter capital must be contributed by at least two organizations being commercial banks, securities companies, fund management companies, insurance companies, or enterprises operating in the technology sector;

b) Institutional shareholders or capital-contributing members must have legal person status, operated profitably for two consecutive years preceding the year of application for the license; and their financial statements for the two consecutive years preceding the application year must be audited with unqualified audit opinions;

c) Each organization or individual may contribute capital to only one crypto asset service provider licensed by the Ministry of Finance;

d) The total capital contribution or shareholding of foreign investors in a crypto asset service provider shall not exceed 49% of the charter capital of such crypto asset service provider.

4. The applicant must have a head office and sufficient physical foundations, technical infrastructure, office equipment, and technological systems suitable for the provision of crypto asset services.

5. Conditions on personnel:

a) The General Director (Director) must have at least 02 years of experience working in operation division of organizations operating in the fields of finance, securities, banking, insurance, or fund management;

b) The Chief Technology Officer (or equivalent position) must have at least 05 years of experience working in the information technology division of organizations operating in the fields of finance, securities, banking, insurance, fund management, or enterprises operating in the technology sector;

c) There must be at least 10 personnel working in the technology division who hold diplomas or certificates in cybersecurity training in compliance with Article 50 of the Law on Cyberinformation Security; and at least 10 personnel holding securities practice licenses working in other operation divisions.

6. The following operation procedures must be established:

a) Risk management and information security procedures;

b) Procedures for providing a platform service for the issuance of crypto assets;

c) Procedures for custody and management of client assets;

d) Trading and payment procedures;

dd) Dealing procedures;

e) Procedures for the prevention and combating of money laundering, terrorism financing, and financing of the proliferation of weapons of mass destruction;

g) Procedures for information disclosure;

h) Internal control procedures;

i) Transaction monitoring procedures;

k) Procedures for preventing conflicts of interest, handling client complaints, and compensating clients.

7. The information technology system of the crypto asset service provider must meet Level 4 standards for information system security as prescribed by the law on information security before being put into operation.

Article 9. Dossier for licensing the provision of crypto asset trading market organization services

1. A request for grant of the license to provide crypto asset trading market organization services, made according to Form No. 02 in the Appendix attached to this Resolution, enclosed with the Charter of the registrant.

2. The enterprise registration certificate issued by a competent state authority, in case this document has not been published on the national enterprise registration portal.

3. A list of shareholders and capital-contributing members, made according to Form No. 03 in the Appendix attached to this Resolution, enclosed with the following documents:

a) The enterprise registration certificate or an equivalent document for organizations, in case this document has not been published on the national enterprise registration portal; and the audited financial statements of the capital-contributing organization for the two consecutive years preceding the application year;

b) Minutes of the capital contribution agreement, which must include information demonstrating compliance with the conditions specified in Clause 3, Article 8 of this Resolution;

c) A written commitment from the contributing organizations and individuals on compliance with the provisions of this Resolution and relevant laws on capital contribution.

4. An explanatory statement on physical foundations, made according to Form No. 04 in the Appendix attached to this Resolution, enclosed with documents evidencing ownership of the head office, right of use of the head office, or the lease contract for the head office.

5. A list of personnel made according to the Form No. 05 and personal information forms made according to Form No. 06 in the Appendix attached to this Resolution, meeting the requirements specified in Clause 5, Article 8 of this Resolution; the labor contracts of such personnel.

6. The operational procedures specified in Clause 6, Article 8 of this Resolution.

7. An appraisal document issued by the Ministry of Public Security regarding the dossier proposing the Level 4 information system security of the registrant.

8. Documents proving capital contribution in Vietnamese dong as prescribed in Clause 2, Article 8 of this Resolution; and the audited annual financial statements or the most recent audited report on the contributed charter capital.

Article 10. Order and procedures for licensing the provision of crypto asset trading market organization services

1. The dossier specified in Article 9 of this Resolution must be prepared in writing as one original set in Vietnamese. In case documents in the dossier are copies, such copies must be extracted from the original register or duly certified. The dossier may be submitted and received directly at the State Securities Commission, via public postal services, through the national public service portal, or via the administrative procedure settlement information system in accordance with the law. When using an electronic identification account to carry out administrative procedures, the information on electronic identity and information integrated into electronic identity cards or electronic identification accounts shall have equivalent evidentiary value to the information provision, use, or presentation of papers or documents containing such information in the implementation of administrative procedures.

2. Within 20 days from the date of receipt of complete and valid documents specified in Clauses 1, 2, 5, and 6 of Article 9 of this Resolution, the Ministry of Finance shall issue a document for the registrant to proceed with the procedures specified in Clause 3 of this Article.  In case the dossier is incomplete or invalid, the Ministry of Finance shall issue a written response clearly stating the reasons.

3. After the Ministry of Finance issues the document as prescribed in Clause 2 of this Article, the registrant shall continue to submit the documents specified in Clauses 3, 4, 7, and 8 of Article 9 of this Resolution. The Ministry of Finance shall cease processing the dossier of the registrant in case of failing to receive, or receiving incomplete documents specified in Clauses 3, 4, 7, and 8 of Article 9 of this Resolution within 12 months from the date of the Ministry of Finance’s document as prescribed in Clause 2 of this Article.

4. Within 30 days from the date the Ministry of Finance receives the complete documents as prescribed in Article 9 of this Resolution, the Ministry of Finance shall coordinate with the Ministry of Public Security and the State Bank of Vietnam to review the dossier and issue the License for crypto asset trading market organization service provision using Form No. 07 of the Appendix attached to this Resolution; in cases of refusal, the Ministry of Finance shall provide a written response clearly stating the reasons.

5. Within 07 working days from the date the Ministry of Finance grants the License for crypto asset trading market organization service provision, the registrant must publicly announce the official date of providing crypto asset services to investors on the website of the Ministry of Finance and in one electronic or printed newspaper for three consecutive issues. At the same time, the registrant must publish on its own website and on the Ministry of Finance’s website the procedures specified at Points b, c, d, g, and k, Clause 6, Article 8 of this Resolution; and the audited annual financial statements or the most recent audited report on contributed charter capital as prescribed in Clause 8, Article 9 of this Resolution.

6. Within 30 days from the date the Ministry of Finance grants the License for crypto asset trading market organization service provision, the registrant must commence operations in accordance with the License, except in cases of force majeure. If the organization fails to commence operations within this time limit, the Ministry of Finance shall carry out procedures to revoke the License for crypto asset trading market organization service provision in accordance with Article 12 of this Resolution.

Article 11. Dossier, order, and procedures for adjusting the License for crypto asset trading market organization service provision

1. Dossier for adjustment of the License for crypto asset trading market organization service provision includes:

a) A written request for adjustment of the License for crypto asset trading market organization service provision, using Form No. 08 in the Appendix attached to this Resolution;

b) In case of a change in the company name, head office address, or charter capital, the dossier must include the Decision of the General Meeting of Shareholders, Members’ Council, or the company owner regarding such change;

c) In case of a change in the head office address, the dossier must include the documents specified in Clauses 4 and 7, Article 9 of this Resolution;

d) In case of an increase in charter capital, the dossier must include a confirmation from an approved audit organization regarding the additional capital or the audited financial statement at the time after the crypto asset service provider completes the capital increase, audited by an approved audit organization;

dd) In case of a reduction in charter capital, the dossier must include a report on equity after the reduction, audited by an approved audit organization;

e) In case of a change of the legal representative without a change of title, the dossier must include the Decision of the Board of Directors, Members’ Council, or company owner on the appointment or dismissal of the Chairperson of the Board of Directors, Chairperson of the Members’ Council, Company President, or General Director (Director), together with the Personal Information Form made according to Form No. 06 in the Appendix attached to this Resolution;

g) In case of a change in the information or title of the legal representative, the dossier must include the Decision of the General Meeting of Shareholders, Members’ Council, or company owner approving the change in the legal representative’s title, the amendment of the company’s Charter (in case of changes in the title), and the relevant documents as specified at Point e of this Clause.

2. Order and procedures for adjustment of the License for crypto asset trading market organization service provision:

a) The preparation, submission of the dossier, and notification of results shall be carried out in accordance with Clause 1, Article 10 of this Resolution;

b) Within 07 working days from the date of receipt of a valid dossier, the Ministry of Finance shall adjust the License for crypto asset trading market organization service provision; in case of refusal, the Ministry must provide a written response stating the reasons.

Article 12. Regulations on revocation of the License for crypto asset trading market organization service provision

1. A crypto asset service provider shall have its License for crypto asset trading market organization service provision revoked by the Ministry of Finance in the following cases:

a) The crypto asset service provider or a competent regulatory authority submits a written request for license revocation, using Form No. 08 in the Appendix attached to this Resolution;

b) The provider is dissolved, bankrupt, merged, divided, or consolidated in accordance with relevant specialized laws;

c) The crypto asset service provider fails to remedy the causes leading to temporary suspension or cessation of crypto asset service operations within 60 days from the date the Ministry of Finance suspends or ceases of one or more activities of the provider;

d) The crypto asset service provider fails to commence operations under the License for crypto asset trading market organization service provision as prescribed in Clause 6, Article 10 of this Resolution.

2. Within 5 working days from the date of receipt of the written request specified at Point a, Clause 1 of this Article, the Ministry of Finance shall issue a written response regarding the revocation of the License for crypto asset trading market organization service provision of the crypto asset service provider.

3. In case of license revocation specified at Points a, b, and c, Clause 1 of this Article, investors shall have the right to custody their crypto assets at another licensed crypto asset service provider, if investors do not choose to do so, the Ministry of Finance may designate another licensed crypto asset service provider to complete the outstanding transactions and contracts of the enterprise whose license has been revoked; in such cases, an authorization relationship shall be automatically established between the two enterprises.

4. When the Ministry of Finance revokes the License for crypto asset trading market organization service provision, the crypto asset service provider must comply with the following regulations:

a) Immediately cease all activities stated in the License for crypto asset trading market organization service provision and publish a notice in one electronic or printed newspaper for three consecutive issues;

b) Within 45 days, settle all client assets by transferring them to another crypto asset service provider chosen by the client or designated by the Ministry of Finance to take over and manage such assets;

c) Report to the Ministry of Finance after completing the settlement of client assets.

5. The Ministry of Finance shall be responsible for disclosing information on the revocation of the License for crypto asset trading market organization service provision.

Chapter IV

TRANSFER OF FUNDS BY FOREIGN INVESTORS

Article 13. Transfer of funds by foreign investors

1. A foreign investor must open one payment account in Vietnamese Dong (hereinafter referred to as the dedicated account) at a bank or a foreign bank branch that is licensed to conduct foreign exchange business and provide foreign exchange services in Vietnam (hereinafter referred to as the licensed bank) to carry out payment and receipt transactions related to the purchase and sale of crypto assets in Vietnam.

2. The dedicated Vietnamese Dong account shall be used for the following transactions:

a) Receiving funds transferred from the sale of foreign currency to the licensed bank;

b) Receiving transfers from the foreign investor’s Vietnamese Dong payment account opened at a licensed bank;

c) Receiving proceeds from the sale of crypto assets in accordance with this Resolution;

d) Receiving transferred balances in case of a change in the dedicated account as prescribed in Clause 5, Article 13 of this Resolution;

dd) Receiving interest from the account balance in accordance with the law;

e) Making payments for the purchase of crypto assets in accordance with this Resolution;

g) Making transfers to the foreign investor’s Vietnamese Dong payment account opened at a licensed bank;

h) Making foreign currency purchases at a licensed bank to remit funds derived from lawful sources under this Article abroad;

i) Transferring the remaining balance to a new dedicated account as prescribed in Clause 5, Article 13 of this Resolution;

k) Making payments of service charges related to account management and fund transfer transactions through the account in accordance with the licensed bank’s regulations.

3. The opening and use of a dedicated account by a foreign investor shall comply with this Resolution. Matters relating to the dedicated account that are not specified herein shall be governed by the laws on the opening and use of payment accounts.

4. Regarding the application dossier for opening a dedicated account at licensed banks to conduct payment and receipt transactions related to the purchase and sale of crypto assets in Vietnam, in case documents, information, or data are in a foreign language or issued by a competent foreign authority, the following provisions shall apply:

a) Such documents must be notarized or certified in accordance with Vietnamese law or the law of the foreign country within 12 months prior to the date the licensed bank receives the dossier;

b) The licensed bank may agree with the client on whether or not to translate the documents into Vietnamese, but must ensure the following principles: The licensed bank must verify, examine, and take responsibility for confirming the content of the foreign-language documents, information, and data to ensure that they sufficiently meet the information requirements under this Resolution; foreign-language documents, information, and data must be translated into Vietnamese upon request by a competent authority, and the translation must be certified by a competent person of the licensed bank or must be notarized or certified.

5. In case a foreign investor wishes to open a dedicated account at another licensed bank, the foreign investor must transfer the entire balance from the existing dedicated account to the new dedicated account and close the existing dedicated account. The new dedicated account may only be used to conduct payment and receipt transactions as prescribed in this Resolution after the previous dedicated account has been closed and settled.

6. All transfer orders for the purchase and sale of crypto assets in Vietnam by foreign investors must clearly state the purpose of the transfer, so that the licensed bank has a basis for verification, inspection, and record-keeping to ensure that the foreign exchange services are provided properly and in compliance with the law.

7. The licensed bank where the foreign investor opens a dedicated account shall:

a) Verify and retain relevant documents and records consistent with actual transactions to ensure that the provision of foreign exchange services is lawful and purposeful, and be legally responsible for the completeness and validity of the dedicated account opening dossier;

b) Issue internal regulations on the dossiers, procedures, and processes for opening and using dedicated accounts for payment and receipt transactions related to the purchase and sale of crypto assets in Vietnam, and publicly announce these regulations for foreign investors’ information and compliance. In which, the internal regulations must have at least the following contents: regulations on dossiers, order, and processes for opening dedicated accounts; regulations on agreements for opening and using dedicated accounts; regulations on the use of dedicated accounts; regulations on handling inquiries and complaints, written request forms for inquiries and complaints; and regulations on risk management in the opening and use of dedicated accounts, in accordance with Clauses 1 and 2, Article 13 of this Resolution;

c) Be legally responsible for all actions relating to the opening, closing, and conducting payment and receipt transactions on the dedicated accounts of foreign investors;

d) Comply with the laws on anti-money laundering, counter-terrorism financing, and prevention of the financing of weapons of mass destruction proliferation.

8. Foreign investors shall be legally responsible under Vietnamese law for the authenticity, validity, and legality of all dossiers, documents, information, and data provided to the licensed bank; and must truthfully and fully declare the contents of transactions related to the purchase and sale of crypto assets in Vietnam.

9. No later than the 10^th day of the first month of each quarter, the licensed bank where the foreign investor maintains their dedicated account shall submit a written report to the Ministry of Finance, the Ministry of Public Security, and the State Bank of Vietnam (specifically to the Anti-Money Laundering Department and the Foreign Exchange Management Department) summarizing the receipts and payments on such dedicated account related to the purchase and sale of crypto assets by foreign investors during the preceding quarter, in accordance with the Form No. 09 in the Appendix issued together with this Resolution.

Chapter V

RIGHTS AND RESPONSIBILITIES OF ORGANIZATIONS AND INDIVIDUALS PARTICIPATING IN THE CRYPTO ASSET MARKET

Article 14. Rights and responsibilities of the crypto asset issuer

1. Ensure the accuracy, completeness, timeliness, and non-misleading nature of all information provided to state regulatory authorities, the crypto asset service provider, and investors.

2. Coordinate with the crypto asset service provider to ensure compliance with Vietnamese laws and the laws of the countries of which foreign investors are citizens; comply with regulations on foreign ownership of assets underlying of crypto assets (if applicable).

3. Be responsible for the proper implementation of all information disclosed in the Prospectus for the offering and issuance of crypto assets.

4. Be responsible for resolving disputes related to crypto asset issuance activities in accordance with the law.

5. Pay taxes in accordance with the tax laws.

Article 15. Rights and responsibilities of crypto asset service providers

1. A crypto asset service provider shall have the right to:

a) Conduct business operations within the scope permitted under this Resolution;

b) Collect service charges related to crypto asset business and operation activities.

2. A crypto asset service provider shall:

a) Verify investor identities upon account opening; manage the segregation of clients’ funds and crypto assets from those of the crypto asset service provider; monitor trading activities; ensure the security and safety of information technology systems; protect clients’ assets; collect and pay taxes in accordance with tax laws; comply with Vietnamese law and the laws of countries where services are provided; and report to the Ministry of Finance upon any information that may seriously affect the lawful rights and interests of investors;

b) Implement anti-money laundering, counter-terrorist financing, and counter-proliferation financing measures applicable to financial institutions; in particular, client identification for occasional transactions as prescribed at Point b, Clause 2, Article 9 of the Law on Anti-Money Laundering shall be conducted when the client’s transaction value is equivalent to or exceeds USD 1,000; apply appropriate methods to continuously monitor and supervise transactions and the business relationship between clients and the crypto asset service provider; and regularly identify and update suspicious indicators to promptly detect and report suspicious transactions according to regulations;

c) When providing crypto asset issuance platform services, the crypto asset service provider must ensure that the issuance conditions, as well as the completeness and accuracy of the prospectus for offering and issuance of crypto assets, or any other information required to be disclosed through its system, are guaranteed; coordinate with the issuer to ensure compliance with Vietnamese law and the laws of countries where foreign investors are citizens; and by the 10^th day of each month, report to the Ministry of Finance, the State Bank of Vietnam, and the Ministry of Public Security on crypto asset issuances conducted during the preceding month.

d) By the 10^th day of each month, report to the Ministry of Finance, the State Bank of Vietnam, and the Ministry of Public Security on the status of the crypto asset trading market in the preceding month.

dd) Ensure that investors using its services comply with the provisions set out in Clauses 1 and 2, Article 6 of this Resolution; and ensure that the investor’s account openings adhere to the principles specified at Points a and b, Clause 1, Article 16 of this Resolution.

e) Disclose the service charge tariffs related to crypto asset business activities, clearly stating each type of service, the applicable rates for each type of service or activity, and ensuring conformity with laws. The crypto asset service provider is not allowed to collect any service charges beyond those published.  In case of any changes to the service charge tariffs, the crypto asset service provider must notify investors at least 30 days prior to the effective date of such changes;

g) Ensure that advertising and marketing information is accurate, complete, and clear, and not misleading.

h) Be legally responsible for the accuracy, truthfulness, and completeness of all dossiers submitted to regulatory authorities and of all publicly disclosed information; comply with the financial management, accounting, statistical, and auditing regimes in accordance with laws.

i) Conduct dissemination and popularization of knowledge about crypto assets to investors.

k) Select the types of crypto assets to be traded and report such selections to the Ministry of Finance, the Ministry of Public Security, and the State Bank of Vietnam.

l) Retain on servers located in Vietnam, for a minimum period of 10 years, transaction history, information on the originator and beneficiary (at least including name, address, and wallet address), login device history or Internet Protocol (IP) address used for access, device information, account opening information, and linked bank account information of investors.

m) Be responsible for resolving disputes arising during the provision of crypto asset services in accordance with the law; and settle and compensate for damages as prescribed by law in case investors lose money or crypto assets due to security breaches, cyberattacks, or fraud.

n) Prevent conflicts of interest between investors and the crypto asset service provider.

o) Report in accordance with the requests of regulatory authorities.

p) In case third-party services are used to support or provide services related to crypto assets, the crypto asset service provider must ensure that such third parties meet cybersecurity and data protection standards, and comply with regulations on anti-money laundering, counter-terrorist financing, and counter-proliferation financing of weapons of mass destruction. The use of third-party services does not exempt the crypto asset service provider from liability in case of information technology incidents or disputes arising during the provision of crypto asset services.

q) In cases of amendments or supplements to the procedures prescribed in Clause 6, Article 8 of this Resolution, the crypto asset service provider may only promulgate such amendments after obtaining the opinion of the Ministry of Finance. For the procedures stipulated under Points b, c, d, g, and k, Clause 6, Article 8 of this Resolution, the crypto asset service provider must publish them on its website.

3. A crypto asset service provider shall be responsible for disclosing the following information on its official website and in one electronic newspaper:

a) Periodic information disclosure: disclose its audited annual financial statements within 10 days from the date the auditing organization signs the audit report but not later than 90 days from the end of the fiscal year; disclose its reviewed semi-annual financial statements within 5 days from the date the auditing organization signs the review report but not later than 45 days from the end of the first 6 months of the fiscal year; and disclose its quarterly financial statements or reviewed quarterly financial statements (if any) within 15 days;

b) Extraordinary information disclosure: within 24 hours, the crypto asset  service provider must disclose information on the enterprise’s account at the bank or foreign bank branch being frozen at the request of a competent authority, or when the payment service provider detects signs of fraud or violations of law related to payment accounts; upon receipt of a written notice from a competent state authority or when the enterprise issues a decision on partial or full suspension of business operations; upon any change in information in the enterprise registration certificate or in the license for provision of crypto asset  trading market organization services; upon receipt of a legally effective judgment or decision of a court related to the enterprise’s operation; upon receipt of a decision on sanction for violations of tax law; upon receipt of a decision from the Ministry of Finance on administrative sanctions in the crypto asset  market; upon receipt of a decision from the Ministry of Finance on suspension, temporary suspension, or termination of suspension or temporary suspension of operations; or upon an information technology incident affecting the execution of crypto asset  transactions for clients.

c) Information disclosure upon request: The crypto asset service provider must promptly make a public disclosure upon receiving a request from the Ministry of Finance to disclose any information relating to the enterprise that significantly affects the lawful rights and interests of investors. The disclosed information must clearly specify the event required to be disclosed, its cause, the level of verification of the event, and any remedial measures (if applicable).

Article 16. Rights and responsibilities of the investor

1. Rights of the investor:

a) Open multiple accounts at different crypto asset service providers, provided that only one account is opened at each crypto asset service provider;

b) Have disputes and damages resolved and compensated by the crypto asset service provider or the crypto asset issuer in accordance with the law;

c) Have full access to information disclosed by the crypto asset service provider and the crypto asset issuer in accordance with the law;

d) Have their lawful rights and interests protected.

2. The investors shall be solely responsible for their own decisions regarding investment in crypto assets.

Chapter VI

IMPLEMENTATION ORGANIZATION

Article 17. Implementation organization

1. The Ministry of Finance shall:

a) Assume the prime responsibility for submitting to the Government for promulgation of a Decree prescribing administrative penalties for violations in the field of crypto assets and the crypto asset market;

b) Assume the prime responsibility for and coordinate with the State Bank of Vietnam and the Ministry of Public Security in managing and supervising crypto asset service providers; implement measures for anti-money laundering; conduct inspections and supervision of anti-money laundering, counter-terrorist financing, and counter-proliferation financing of weapons of mass destruction within its functions and authority;

c) Coordinate with relevant ministries and sectors in implementing measures on prevention and combat of terrorist financing and the financing of the proliferation of weapons of mass destruction with respect to crypto asset service providers;

d) Assume the prime responsibility for providing guidance on the implementation of tax policies applicable to the crypto asset market under this Resolution;

dd) Assume the prime responsibility for and coordinate with the Ministry of Public Security and the State Bank of Vietnam in selecting up to five (05) crypto asset service providers;

e) Assume the prime responsibility for and coordinate with relevant ministries and sectors in submitting semi-annual reports to the Prime Minister on the implementation of this Resolution, and proposing or recommending solutions to any arising issues (if any); conduct a comprehensive review and assessment after the pilot period, report the pilot results to the Prime Minister, and propose appropriate management policies;

g) Assume the prime responsibility for and coordinate with relevant ministries and sectors in providing guidance and clarifying issues arising during the implementation of this Resolution.

2. The State Bank of Vietnam shall assume the prime responsibility for collecting, processing, analyzing, exchanging, providing, and transferring information in accordance with Articles 41, 42, and 43 of the Law on Anti-Money Laundering; and shall submit to the Government proposals for adding new reporting entities as prescribed in Article 4 of the Law on Anti-Money Laundering (if necessary).

3. The Ministry of Public Security shall assume the prime responsibility for appraising the security, confidentiality, and cybersecurity standards of the crypto asset service provider to ensure compliance with regulations on information security, cybersecurity, and data protection; perform the tasks of preventing, detecting, stopping, and handling violations related to crypto assets and the crypto asset market within its authority; and coordinate with the Ministry of Finance and relevant ministries and sectors in developing regulations on criminal offenses, forms of punishment, penalties, confiscation of illegal crypto assets, and remedial measures applicable to organizations and individuals committing criminal offenses in connection with the crypto asset market, if necessary.

4. The relevant ministries and sectors shall, within their assigned authority, be responsible for performing their state management duties over the crypto asset market in accordance with this Resolution and other relevant laws.

5. The agencies, organizations, and individuals participating in the pilot program shall comply with this Resolution and the guidance of regulatory authorities. During the implementation of this Resolution, cadres, civil servants, and public employees directly involved in developing and guiding the pilot shall be protected from risks arising from the new nature of the crypto asset market, except in case they commit violations of the law.

Article 18. Effect

1. This Resolution takes effect on September 09, 2025.

2. The pilot period shall last for five years from the effective date of this Resolution.

3. Upon the conclusion of the pilot period, the crypto asset market shall continue to operate in accordance with this Resolution until new legal provisions are promulgated to amend, supplement, or replace it.

Article 19. Responsibility for implementation

The Minister of Finance, the Governor of the State Bank of Vietnam, the Minister of Public Security, and ministers and heads of relevant agencies shall be responsible for the implementation of this Resolution./.