Work continues on developing a framework for the regulation of a crypto asset market in Vietnam.

Vietnam’s crypto asset market remains in its early, pilot stage. As such, during
the five-year pilot period, the framework will be continually reviewed and fine-tuned
to ensure it operates in line with market developments. Experts believe that if
the implementation of Resolution No. 05/2025/NQ-CP on the pilot rollout of the
crypto asset market in Vietnam delivers positive outcomes and receives strong social
acceptance, a standalone law on crypto assets could be developed.

Sharing insights into the process of drafting Resolution No. 05, Ms. Le Thi Hoang Thanh, Deputy Director General of the
Department of Economic-Civil Legislation at the Ministry of Justice (MoJ),
said the issue of legally institutionalizing crypto assets had been raised as early
as ten years ago and had undergone extensive debate. These discussions focused on
three core questions: whether crypto assets should be recognized as assets; which
legal instrument should be used and whether the Civil Code would need to be amended;
and which ministry should assume primary responsibility. After extensive inter-ministerial
discussions, consensus was eventually reached, Ms. Thanh said.

Regulatory rollout

Accordingly, crypto assets were recognized as assets, as they possess all essential
attributes of assets, including being the result of labor, production, and investment,
having identifiable value, and being capable of existing as physical assets or property
rights depending on their structure. It was also agreed that the Civil Code, as
the foundational law, should remain unchanged, as it is designed to regulate only
stable and general social relations.

Both the Ministry of Finance (MoF) and the MoJ supported issuing a dedicated
regulatory instrument tailored to this special class of assets. Regarding institutional
responsibility, the MoF was designated as the lead agency, given the financial nature
of crypto assets and their role in capital mobilization.

According to Mr. To Tran Hoa, Standing
Deputy Head of the Management Board for the Digital Asset Trading Market at the
State Securities Commission (SSC) under the MoF, Article 17 of Resolution
No. 05 assigns several key tasks to the Ministry. First is the drafting of a decree
on administrative sanctions in the crypto asset sector, which has already been submitted
to the government for promulgation.

Second, the resolution requires the MoF to coordinate with other ministries
to provide detailed guidance on its implementation. Two major issues are currently
being addressed: accounting and auditing regimes for enterprises participating in
the crypto asset market, and tax regimes applicable to crypto asset-related activities.

Mr. Hoa said the Ministry is drafting three circulars: one on accounting and
auditing regimes for crypto asset service providers, issuers, and trading enterprises;
one on tax policy, setting out a framework for applicable tax rates; and one defining
taxable entities and providing guidance on tax collection. “The SSC is coordinating
with relevant units under the Ministry, and these circulars are expected to be issued
in the first quarter of 2026,” he said.

In parallel, the SSC has submitted proposals for ministerial-level decisions,
including a decision issuing an implementation plan for Resolution No. 05, which
establishes professional focal points to support market operations.

In addition, the Commission has submitted Decision No. 96 on administrative
procedures to the MoF for issuance. On January 20, it officially opened the portal
to receive the first registration applications from organizations seeking to provide
crypto asset services.

Ms. Nguyen Van Hien,
Vice Chairwoman and Secretary General of the Vietnam Blockchain and Digital Assets
Association, said a series
of legal frameworks had been issued during 2024-2025 to accelerate market development.
“We often joke that just over one year of policy-making has achieved what would
normally take ten years to build,” she said.

While Vietnam entered the field later than some countries, Ms. Hien noted that
it has actively learned from and adapted international regulatory models. As a result,
Vietnam is not moving slowly but rather at a relatively fast pace, with basic legal
frameworks already in place. She expressed an expectation that more specialized
and in-depth regulations would follow.

From a legislative perspective, Mr.
Nguyen Hai Nam, Standing Member of the National Assembly’s Economic and Financial
Committee, said Vietnam’s approach reflects two key realities: its
relatively large volume of crypto asset transactions compared to global markets,
and its strong pool of information technology engineers. These factors, he said,
underscore the sector’s development potential.

He added that the Law on Digital Technology Industry, passed in June 2025 and
effective from January 1, 2026, includes provisions on digital assets under the
Civil Code, signaling a gradual legal formalization of real-economy developments.
In addition, pressure from international organizations such as the Financial Action
Task Force to strengthen anti-money laundering and counter-terrorist financing measures
has reinforced the government’s resolve. Resolution No. 05 was issued just three
months after the Law’s passage. “The approach is gradual, proactive, and cautious,
ensuring development while maintaining legislative discipline, system security,
and investor protection,” Mr. Nam said.

Towards a dedicated law

Experts emphasized that current legalization efforts do not amount to the immediate
and full legitimization of the crypto asset market, but rather the establishment
of a foundational framework for future growth. Once such a framework is in place,
key questions will include how Vietnam identifies and channels global capital flows,
estimated at more than $220 billion, how transactions are structured, and how many
Vietnamese currently hold crypto assets.

Under Resolution No. 05, crypto asset exchanges operating during the pilot
phase will serve two groups: Vietnamese investors currently trading on overseas
platforms, and foreign investors, particularly those interested in crypto assets
linked to real-world assets; a segment forecast to grow strongly through 2030.

Ms. Hien said a robust legal framework would enhance transparency and investor
confidence. After the pilot phase, crypto assets could become accessible to both
international and domestic investors, creating opportunities to attract new capital
into Vietnam. “We expect the initial legal framework to continue evolving, with
the crypto asset market potentially developing in parallel with the stock market,”
she said.

Ms. Thanh noted that sufficient grounds already exist to move beyond Resolution
No. 05, which has a five-year validity period. Depending on implementation outcomes,
higher-level legal instruments could be considered even before the pilot period
concludes.

She outlined three possible paths: issuing a decree to guide implementation
of the Law on Digital Technology Industry, continuing with a National Assembly pilot
resolution at a higher legal level, or, ideally, enacting a standalone law on crypto
assets. “The choice will depend on implementation effectiveness and social demand,”
Ms. Thanh said. “If Resolution No. 05 delivers positive results and broad social
acceptance, a dedicated law on crypto assets would be appropriate, one that balances
effective management with the promotion of market development.”

Mr. Nam added that international practice typically progresses from framework
laws to pilot sandboxes and eventually to specialized legislation. Vietnam is currently
in the second phase, requiring time for implementation, supervision, and evaluation.
Once data is sufficiently mature, policymakers can determine the appropriate timing
for a specialized law, aligned with Vietnam’s broader economic context.

VET-Thuy Dieu