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The resolution outlines regulations for offering and issuing digital assets, organising trading platforms, providing related services, and managing the digital asset market in Vietnam. Eligible participants include service providers, issuers, and domestic and foreign investors active in the domestic market.
Authorities stressed that the pilot must be implemented cautiously, under control and with a clear roadmap to ensure safety, transparency and efficiency while protecting the interests of market participants.
Only organisations licensed by the Ministry of Finance will be allowed to operate digital asset trading platforms and related advertising or marketing activities. All transactions, offerings and settlements must be conducted in Vietnamese dong. Digital assets may only be used for exchange or investment purposes as stipulated in the resolution.
Participants are required to ensure the accuracy and transparency of information disclosures, comply with rules on issuance, trading, insider information, and asset usage, and follow laws on anti-money laundering, counter-terrorism financing, cybersecurity, and data protection.
Tax policies for digital asset transactions will follow securities tax regulations until a separate framework is introduced.
Issuance and trading rules
Issuers must be Vietnamese enterprises registered as limited liability or joint stock companies. Digital assets must be backed by real underlying assets, excluding securities and legal tender.
The resolution specifies that digital assets can only be offered to and traded among foreign investors via licensed service providers. At least 15 days before issuance, issuers must publish a prospectus and related documents on both the issuer’s and the licensed provider’s websites.
Domestic and foreign investors holding digital assets may open accounts at licensed service providers for custody and trading in Vietnam. Six months after the first provider is licensed, local investors trading outside licensed platforms may face administrative penalties or criminal charges depending on the severity of violations.
