GOVERNMENT

SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

No. 05/2025/NQ-CP Hanoi, September 09, 2025

RESOLUTION On the Pilot Implementation of the Cryptocurrency Asset Market in Vietnam

Pursuant to the Law on the 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 by Law No. 87/2025/QH15; Pursuant to the Cybersecurity Law No. 86/2015/QH13; Pursuant to the Cybersecurity Law No. 24/2018/QH14; Pursuant to the Law on Enterprises No. 59/2020/QH14, amended and supplemented by 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 Anti-Terrorism No. 28/2013/QH13; Pursuant to Decree No. 78/2025/NĐ-CP of the Government detailing a number of articles and measures to organize and guide the implementation of the Law on Promulgation of Legal Documents, amended and supplemented by Decree No. 187/2025/NĐ-CP; Pursuant to Decree No. 79/2025/NĐ-CP of the Government on inspection, review, systematization, and handling of legal documents; Pursuant to Decree No. 39/2022/NĐ-CP of the Government promulgating the Working Regulations of the Government;

At the request of the Minister of Finance;

The Government issues a Resolution on the pilot implementation of the cryptocurrency asset market in Vietnam.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of Regulation This Resolution regulates the pilot implementation of the offering and issuance of cryptocurrency assets, the organization of the cryptocurrency asset trading market, and the provision of cryptocurrency asset services; and state management of the cryptocurrency asset market in Vietnam.

Article 2. Subjects of Application

1. Subjects implementing the pilot include: Organizations providing cryptocurrency asset services; organizations issuing cryptocurrency assets; Vietnamese organizations and individuals, and foreign organizations and individuals participating in cryptocurrency asset investment and activities on the cryptocurrency asset market in Vietnam within the scope prescribed by this Resolution.
2. Other agencies, organizations, and individuals related to the offering, issuance of cryptocurrency assets, organization of the cryptocurrency asset trading market; and state management of the cryptocurrency asset market in Vietnam.

Article 3. Interpretation of Terms In this Resolution, the following terms are understood as follows:

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

2. Cryptocurrency asset is a type of digital asset that uses encryption technology or similar digital technology to authenticate assets during creation, issuance, storage, and transfer. Cryptocurrency assets do not include securities, digital forms of fiat currency, and other financial assets as prescribed by law on civil and financial matters.

3. Organization providing cryptocurrency asset services is an enterprise that performs or provides one or more of the following services or activities: a) Organizing the cryptocurrency asset trading market; b) Proprietary trading of cryptocurrency assets; c) Custody of cryptocurrency assets; d) Providing a platform for issuing cryptocurrency assets.

4. Organizing the cryptocurrency asset trading market is the provision of a platform or infrastructure system to exchange information, aggregate buy and sell orders, trade cryptocurrency assets, and settle cryptocurrency asset transactions.

5. Proprietary trading of cryptocurrency assets is the purchase or sale of cryptocurrency assets for the organization providing cryptocurrency asset services itself.

6. Custody of cryptocurrency assets is the receipt of storage, preservation, and transfer of cryptocurrency assets to customers, helping customers exercise rights related to the custody of cryptocurrency assets.

7. Providing a platform for issuing cryptocurrency assets is the provision of an electronic system serving the offering and issuance of cryptocurrency assets.

8. Organization issuing cryptocurrency assets is an organization that performs the offering and issuance of cryptocurrency assets through the platform for issuing cryptocurrency assets.

9. Foreign investor is an individual with foreign nationality or an organization established under foreign law conducting investment activities in Vietnam.

10. Domestic investor is an individual with Vietnamese nationality or an organization established under Vietnamese law.

Article 4. Principles for Pilot Implementation of the Cryptocurrency Asset Market

1. The pilot implementation of the cryptocurrency asset market shall be carried out on the principles of prudence, control, appropriate roadmap consistent with reality, safety, transparency, efficiency, and protection of the legitimate rights and interests of organizations and individuals participating in the cryptocurrency asset market.

2. The pilot must ensure compliance with Vietnamese law and international treaties to which Vietnam is a member. During the pilot implementation, if risks arise affecting the security and safety of the financial, monetary market, social order, or public interest, the Ministry of Finance shall submit to the Government a decision on the plan to temporarily suspend, discontinue, adjust, supplement, or terminate the implementation of the pilot for one, some, or all activities related to the pilot cryptocurrency asset market, on the principle of ensuring harmonious interests between the State, investors, and enterprises.

3. Foreign investors participating in the cryptocurrency asset market in Vietnam, in addition to complying with Vietnamese law, must comply with the legal provisions of the country where the organization is established, operates, or where the individual holds nationality, except in cases where such provisions contradict the basic principles of Vietnamese law or international treaties to which Vietnam is a member.

4. Organizations and individuals participating in the cryptocurrency asset market are responsible for ensuring the accuracy, honesty, completeness, timeliness, and non-misleading nature of disclosed information; complying with regulations on issuance, trading, insider information, and the purpose of use of cryptocurrency assets. Only organizations licensed by the Ministry of Finance to provide services for organizing the cryptocurrency asset trading market may conduct activities related to cryptocurrency assets and advertising and marketing related to cryptocurrency assets.

5. Organizations and individuals participating in the cryptocurrency asset market must comply with relevant legal provisions on anti-money laundering, counter-terrorism financing, counter-proliferation financing, electronic transactions, cybersecurity, network security, and data protection to ensure security and safety in the cryptocurrency asset market and other relevant sectoral laws.

6. Organizations and individuals committing violations of legal provisions related to cryptocurrency assets and the cryptocurrency asset market shall, depending on the nature and severity of the violation, be subject to criminal sanctions or administrative sanctions. Acts of violation regarding cryptocurrency assets and the cryptocurrency asset market, penalty amounts, forms of sanction, and competent authorities for sanctioning shall be prescribed by the Government. The Ministry of Finance has the authority to temporarily suspend or discontinue one or more activities of organizations providing cryptocurrency asset services, on the principle of ensuring the legitimate rights and interests of investors, enterprises, and the State.

7. The offering, issuance, trading, and settlement of cryptocurrency assets must be conducted in Vietnamese Dong.

8. Cryptocurrency assets are used for exchange or investment purposes as prescribed in this Resolution.

9. Tax policy on transactions, transfers, and business of cryptocurrency assets shall be applied as the tax regulations on securities until there is a tax policy for the cryptocurrency asset market in Vietnam.

10. In cases where the legitimate rights and interests of organizations or individuals are infringed or disputes arise in activities on the cryptocurrency asset market in Vietnam, the protection of legitimate rights and interests or dispute resolution shall be conducted through negotiation, mediation, or request for resolution by Arbitration or Vietnamese Courts in accordance with the law.

Chapter II

OFFERING AND ISSUANCE OF CRYPTOCURRENCY ASSETS

Article 5. Conditions for Offering and Issuing Cryptocurrency Assets

1. Organizations issuing cryptocurrency assets are Vietnamese enterprises, registered for operation under the form of limited liability company or joint stock company under the Law on Enterprises.

2. Cryptocurrency assets must be issued based on underlying assets which are real assets, excluding assets that are securities or fiat currency.

# Article 6. Regulations on Offering and Issuing Cryptocurrency Assets

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

2. Cryptocurrency assets prescribed in Clause 1 of this Article may only be traded between foreign investors through organizations providing cryptocurrency asset services licensed by the Ministry of Finance.

3. At least 15 days before implementing the offering and issuance, the organization issuing cryptocurrency assets must disclose information about the Offering and Issuance Prospectus of Cryptocurrency Assets according to Model No. 01 Appendix issued together with this Resolution and other related documents (if any) on the website of the organization providing cryptocurrency asset services and the website of the issuing organization.

## Chapter III
### ORGANIZATION OF THE CRYPTOCURRENCY ASSET TRADING MARKET

### Article 7. Regulations on Organizing the Cryptocurrency Asset Trading Market

1. Domestic investors currently holding cryptocurrency assets and foreign investors may open accounts at organizations providing cryptocurrency asset services licensed by the Ministry of Finance to custody, buy, and sell cryptocurrency assets in Vietnam.

2. After a period of 6 months from the date the first organization providing cryptocurrency asset services is licensed, domestic investors trading cryptocurrency assets not through organizations providing cryptocurrency asset services licensed by the Ministry of Finance shall, depending on the nature and severity of the violation, be subject to administrative sanctions or criminal liability in accordance with the law.

3. Organizations providing cryptocurrency asset services licensed by the Ministry of Finance to provide services for organizing the cryptocurrency asset trading market may perform and provide services and activities as prescribed in Clause 3, Article 3 of this Resolution. Cryptocurrency asset transactions must be conducted through organizations providing cryptocurrency asset services licensed by the Ministry of Finance.

### Article 8. Conditions for Issuing Licenses to Provide Services for Organizing the Cryptocurrency Asset Trading Market

1. Must be a Vietnamese enterprise, registered for business in the industry and occupation of providing services related to cryptocurrency assets under the form of limited liability company or joint stock company in Vietnam under the Law on Enterprises.

2. Capital contribution must be in Vietnamese Dong and have a minimum contributed charter capital of 10,000 billion Vietnamese Dong.

3. Conditions for shareholders and capital-contributing members:
```a) At least 65% of the charter capital must be contributed by shareholder organizations or member organizations, of which more than 35% of the charter capital must be contributed by at least 02 organizations that are commercial banks, securities companies, fund management companies, insurance companies, or enterprises operating in the technology sector;

b) Shareholders or capital-contributing members that are organizations must have legal entity status and have been profitable for 02 consecutive years prior to the year of applying for the license; the financial reports of the contributing organization for the 02 consecutive years prior must be audited with an unqualified audit opinion;

c) Organizations and individuals may only contribute capital to 01 organization providing cryptocurrency asset services licensed by the Ministry of Finance;

d) The total amount of capital contribution and share purchase by foreign investors into the organization providing cryptocurrency asset services must not exceed 49% of the charter capital of the organization providing cryptocurrency asset services.

4. Have a working office, sufficient physical facilities, technical equipment, office supplies, and technology systems suitable for the provision of cryptocurrency asset services.

5. Personnel conditions:

a) The General Director (Director) must have at least 02 years of work experience in the business departments of organizations 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 work experience in the information technology departments of organizations in the fields of finance, securities, banking, insurance, fund management, or enterprises operating in the technology sector;

c) Have at least 10 staff members working in the technology department with degrees or certificates of training in cybersecurity meeting the provisions of Article 50 of the Cybersecurity Law; have at least 10 staff members with securities professional certificates working in other business departments.

6. Have the following business processes:

a) Risk management and information security processes;
b) Process for providing the platform for issuing cryptocurrency assets;
c) Process for custody and management of customer assets;
d) Trading and settlement processes;
d) Proprietary trading process;
e) Anti-money laundering, counter-terrorism financing, and counter-proliferation financing processes;
g) Information disclosure process;
h) Internal control process;
i) Transaction monitoring process;
k) Process for preventing conflicts of interest, handling customer complaints, and compensating customers.

7. The information technology system of the Organization providing cryptocurrency asset services must meet Level 4 cybersecurity standards as prescribed by law on cybersecurity before being put into operation and exploitation.

**Article 9. Dossier for Issuing Licenses to Provide Services for Organizing the Cryptocurrency Asset Trading Market**

1. Application for issuance of license to provide services for organizing the cryptocurrency asset trading market according to Model No. 02 Appendix issued together with this Resolution, accompanied by the charter of the registering organization.

2. Enterprise registration certificate issued by a competent state agency in case this document has not been posted on the National Business Registration Portal.

3. List of shareholders and capital-contributing members according to Model No. 03 Appendix issued together with this Resolution, accompanied by the following documents:
a) Enterprise registration certificate or equivalent document for organizations in case this document has not been posted on the National Business Registration Portal; audited financial reports of the contributing organization for the 02 consecutive years prior;
b) Minutes of capital contribution agreement, showing information meeting the conditions in Clause 3, Article 8 of this Resolution;
c) Commitment document of the contributing organization or individual regarding compliance with the provisions of this Resolution and related laws on capital contribution.

4. Explanation of physical facilities according to Model No. 04 Appendix issued together with this Resolution, accompanied by documents proving ownership of the office, right to use the office, or lease contract for the office.

5. List of personnel according to Model No. 05 and Personal Information Form according to Model No. 06 Appendix issued together with this Resolution meeting the provisions in Clause 5, Article 8 of this Resolution; labor contracts of these personnel.

6. Processes prescribed in Clause 6, Article 8 of this Resolution.

7. Appraisal document of the Ministry of Public Security regarding the dossier proposing Level 4 information system security of the registering organization.

8. Documents proving capital contribution in Vietnamese Dong as prescribed in Clause 2, Article 8 of this Resolution; audited annual financial report or audited contributed charter capital report at the nearest time.

**Article 10. Procedure and Formalities for Issuing Licenses to Provide Services for Organizing the Cryptocurrency Asset Trading Market**

1. The dossier prescribed in Article 9 of this Resolution must be prepared in writing as 01 original set in Vietnamese. In case documents in the dossier are copies, they must be copies from the original book or certified. The dossier must be submitted and returned directly at the State Securities Commission, sent via public postal service, via the National Public Service Portal, or via the Information System for Handling Administrative Procedures as prescribed by law. When using electronic identity accounts to handle administrative procedures, information on electronic identity, integrated information on electronic ID cards, and electronic identity accounts have the value of proof, equivalent to providing information or using, presenting papers, or documents containing such information in performing administrative procedures.

2. Within 20 days from the date of receiving complete and valid documents prescribed in Clauses 1, 2, 5, 6 of Article 9 of this Resolution, the Ministry of Finance shall issue a document to the registering organization to proceed with the procedures prescribed in Clause 3 of this Article. In case the dossier is incomplete or invalid, the Ministry of Finance shall issue a written reply and clearly state the reasons.

3. After the Ministry of Finance issues the document prescribed in Clause 2 of this Article, the registering organization shall continue to submit documents prescribed in Clauses 3, 4, 7, 8 of Article 9 of this Resolution. The Ministry of Finance shall not continue to process the dossier of the registering organization in case it does not receive or receives incomplete documents prescribed in Clauses 3, 4, 7, 8 of Article 9 of this Resolution within 12 months from the date the Ministry of Finance issues the document prescribed in Clause 2 of this Article.

4. Within 30 days from the time the Ministry of Finance receives complete documents prescribed in Article 9 of this Resolution, the Ministry of Finance, in coordination with the Ministry of Public Security and the State Bank of Vietnam, shall review the dossier and issue the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market according to Model No. 07 Appendix issued together with this Resolution; in case of refusal, the Ministry of Finance shall reply in writing and clearly state the reasons.

5. Within 07 working days from the time the Ministry of Finance issues the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market, the registering organization must disclose information about the official date of providing cryptocurrency asset services to investors on the website of the Ministry of Finance and 01 electronic newspaper or print newspaper for 03 consecutive issues. Simultaneously, the registering organization must publish the processes prescribed in points b, c, d, g, k of Clause 6, Article 8 of this Resolution, and the audited annual financial report or audited contributed charter capital report at the nearest time prescribed in Clause 8, Article 9 of this Resolution on the website of the enterprise and the website of the Ministry of Finance.

6. After 30 days from the time the Ministry of Finance issues the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market, the registering organization must operate according to the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market, except in case of force majeure; if it does not operate beyond this period, the Ministry of Finance shall proceed with procedures to revoke the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market as prescribed in Article 12 of this Resolution.

**Article 11. Dossier, Procedure, and Formalities for Adjusting the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market**

1. Dossier for adjusting the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market:

a) Document requesting adjustment of the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market according to Model No. 08 Appendix issued together with this Resolution;

b) In case of changing the company name, address of the head office, or charter capital, the accompanying dossier includes the Decision of the General Meeting of Shareholders, Board of Members, or Company Owner regarding the change of company name, address of the head office, or charter capital;

c) In case of changing the address of the head office, the accompanying dossier includes documents prescribed in Clauses 4, 7 of Article 9 of this Resolution;

d) In case of increasing charter capital, the accompanying dossier includes confirmation from an accepted audit organization regarding the additional capital or the financial report at the time after the organization providing cryptocurrency asset services has completed the increase in charter capital, audited by an accepted audit organization;

d) In case of reducing charter capital, the accompanying dossier includes the audited equity report after reduction by an accepted audit organization;

e) In case of changing the legal representative without changing the title, the accompanying dossier includes the Decision of the Board of Directors, Board of Members, or Company Owner through the appointment or dismissal of the Chairman of the Board of Directors, Chairman of the Board of Members, Chairman of the Company, or General Director (Director), accompanied by the Personal Information Form according to Model No. 06 Appendix issued together with this Resolution;

g) In case of changing the information or title of the legal representative, the accompanying dossier includes the Decision of the General Meeting of Shareholders, Board of Members, or Company Owner through changing the title of the legal representative, amendment of the Company Charter (in case of changing the title), and documents prescribed in point e of this clause.

2. Procedure and Formalities for Adjusting the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market:

a) The preparation, submission of the dossier, and return of results shall be conducted according to the provisions in Clause 1, Article 10 of this Resolution;

b) Within 07 working days from the date of receiving a valid dossier, the Ministry of Finance shall adjust the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market; in case of refusal, it must reply in writing and clearly state the reasons.

**Article 12. Regulations on Revocation of the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market**

1. Organizations providing cryptocurrency asset services shall have their License to Provide Services for Organizing the Cryptocurrency Asset Trading Market revoked by the Ministry of Finance in the following cases:

a) There is a written request for revocation of the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market from the organization providing cryptocurrency asset services according to Model No. 08 Appendix issued together with this Resolution or from a competent management agency;

b) Deregistration, bankruptcy, merger, division, or consolidation conducted according to sectoral law;

c) Failure to overcome the causes leading to the temporary suspension or discontinuation of cryptocurrency asset service provision within 60 days from the date the Ministry of Finance temporarily suspends or discontinues one or more activities of the organization providing cryptocurrency asset services;

d) Failure to conduct activities according to the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market as prescribed in Clause 6, Article 10 of this Resolution.

2. Within 5 working days from the date of receiving the written request prescribed in point a, Clause 1 of this Article, the Ministry of Finance shall issue a written reply regarding the revocation of the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market of the organization providing cryptocurrency asset services.

3. For cases of license revocation prescribed in points a, b, c of Clause 1 of this Article, investors have the right to custody cryptocurrency assets at another organization providing cryptocurrency asset services; in case investors do not custody cryptocurrency assets at another organization providing cryptocurrency asset services, the Ministry of Finance has the right to designate another organization providing cryptocurrency asset services to replace it to complete the transactions and contracts of the enterprise whose license is revoked; in this case, an implied agency relationship is established between the two enterprises.

4. When the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market is revoked by the Ministry of Finance, the organization providing cryptocurrency asset services must implement the following regulations:

a) Immediately cease all activities recorded in the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market and announce on 01 electronic newspaper or print newspaper for 03 consecutive issues;

b) Within 45 days, settle customer assets for the organization providing cryptocurrency asset services chosen by the customer or designated by the Ministry of Finance to receive and manage customer assets;

c) Report to the Ministry of Finance after completing the obligation to settle customer assets.

5. The Ministry of Finance is responsible for disclosing information about the revocation of the License to Provide Services for Organizing the Cryptocurrency Asset Trading Market.

## Chapter IV

**FOREIGN INVESTOR FUND TRANSFERS**

**Article 13. Fund Transfers of Foreign Investors**

1. Foreign investors must open 01 settlement account in Vietnamese Dong (hereinafter referred to as a special account) at 01 bank or foreign bank branch permitted to conduct and provide foreign exchange services in Vietnam (hereinafter referred to as a permitted bank) to conduct transactions related to the purchase and sale of cryptocurrency assets in Vietnam.

2. Dedicated accounts in Vietnamese Dong to execute the following transactions:

a) Receipt of transfers from the sale of foreign currency to authorized banks;

b) Receipt of transfers from the Vietnamese Dong settlement accounts of foreign investors opened at authorized banks;

c) Receipt from the sale of crypto assets as prescribed in this Resolution;

d) Receipt of balance transfers in the event of changing the dedicated account as prescribed in Clause 5, Article 13 of this Resolution;

d) Receipt of interest from the balance in the account as prescribed by law;

e) Expenditure to purchase crypto assets as prescribed in this Resolution;

g) Expenditure via transfer to the Vietnamese Dong settlement account of foreign investors opened at authorized banks;

h) Purchase of foreign currency exclusively at authorized banks to transfer funds from lawful revenue sources specified in this Article abroad;

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

k) Payment of service fees related to account management and money transfers through the account as prescribed by authorized banks.

3. The opening and use of dedicated accounts by foreign investors shall be implemented in accordance with this Resolution. Matters regarding dedicated accounts not prescribed in this Resolution shall be implemented in accordance with the law on the opening and use of settlement accounts.

4. For dossiers to open dedicated accounts at authorized banks to execute receipt and expenditure transactions related to the purchase and sale of crypto assets in Vietnam, in the case where documents, information, or data are in a foreign language or issued by foreign competent authorities, the following shall apply:

a) Documents must be notarized or certified in accordance with Vietnamese law or foreign law within 12 months prior to the date the authorized bank receives the dossier;

b) Authorized banks may agree with customers on whether or not to translate documents into Vietnamese, provided that the following principles are ensured: the authorized bank must check, control, and take responsibility for confirming that the content of documents, information, and data in foreign languages ensures compliance with all required information to be provided under this Resolution; documents, information, and data in foreign languages must be translated upon request by competent authorities, and the translation must be confirmed by an authorized person of the authorized bank or be notarized or certified.

5. In the event that a foreign investor wishes to open a dedicated account at a different authorized bank, they must transfer the entire balance from the currently used dedicated account to the new dedicated account and close the currently used dedicated account. The new dedicated account may only be used to execute receipt and expenditure transactions under this Resolution after the previously opened dedicated account has been closed and settled.

6. Transfer orders to execute purchase and sale transactions of crypto assets in Vietnam by foreign investors must clearly state the purpose of the transfer to enable authorized banks to verify, check, retain documents, and ensure that foreign exchange services are provided for the correct purpose and in compliance with legal regulations.

13

7. The authorized bank where a foreign investor opens a dedicated account has the responsibility to:

a) Check and retain documents and vouchers consistent with actual transactions to ensure that foreign exchange services are provided for the correct purpose and in compliance with legal regulations; take legal responsibility for the completeness and validity of the dossier for opening the dedicated account;

b) Issue internal regulations on the dossier, procedures, and processes for opening and using dedicated accounts to execute receipt and expenditure transactions related to the purchase and sale of crypto assets in Vietnam, and publicly notify foreign investors to know and implement. Internal regulations must minimally include: regulations on the dossier, procedures, and processes for opening dedicated accounts; regulations on agreements to open and use dedicated accounts; regulations on the use of dedicated accounts; regulations on handling inquiries, complaints, and complaint request forms; and regulations on risk management in opening and using dedicated accounts in compliance with Clauses 1 and 2, Article 13 of this Resolution;

c) Take legal responsibility when executing the opening, closing, and receipt and expenditure transactions on dedicated accounts for foreign investors;

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

8. Foreign investors take legal responsibility before Vietnamese law for the authenticity, validity, and legality of dossiers, documents, information, and data provided to authorized banks; and declare truthfully and fully the content of transactions related to the purchase and sale of crypto assets in Vietnam.

9. No later than the 10th day of the first month of each quarter, the authorized bank where a foreign investor opens a dedicated account must submit a written report to the Ministry of Finance, the Ministry of Public Security, and the State Bank of Vietnam (Department of Anti-Money Laundering, Department of Foreign Exchange Management) regarding the summary of receipt and expenditure on the dedicated account used to execute purchase and sale transactions of crypto assets by foreign investors for the immediately preceding quarter, according to Form No. 09 attached to this Resolution.

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

Article 14. Rights and responsibilities of crypto asset issuing organizations

1. Ensure the accuracy, completeness, timeliness, and lack of ambiguity of information provided to state management agencies, crypto asset service organizations, and investors.

2. Cooperate with crypto asset service organizations to ensure compliance with Vietnamese law and the laws of countries where foreign investors are citizens; comply with legal regulations on foreign ownership of assets underlying the issuance of crypto assets (if any).

3. Take responsibility for implementing correctly the information published in the offering and issuance prospectus of crypto assets.

4. Take responsibility for resolving disputes related to crypto asset issuance activities in accordance with legal regulations.

5. Pay taxes in accordance with tax law regulations.

**Article 15. Rights and responsibilities of crypto asset service organizations**

1. Crypto asset service organizations have the following rights:

a) The right to operate and conduct business according to the content of this Resolution;

b) The right to collect service fees related to crypto asset operations and business.

2. Crypto asset service organizations have the following responsibilities:

a) Verify the identity of investors opening accounts; manage customer money and crypto assets separately from the money and crypto assets of the crypto asset service organization; supervise trading activities; ensure the security and safety of information technology systems; protect customer assets; collect and pay taxes according to tax law regulations; comply with Vietnamese law and the laws of countries where services are provided; report to the Ministry of Finance in cases involving information related to enterprises that seriously affect the legitimate rights and interests of investors;

b) Implement anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction measures applied to financial organizations, including customer identification in cases where customers conduct irregular transactions as prescribed in point b, Clause 2, Article 9 of the Anti-Money Laundering Law, which shall be performed when the customer's transaction value is equivalent to USD 1,000 or more; use appropriate methods to continuously monitor and supervise customer transactions and business relationships with the crypto asset service organization, regularly identify and update suspicious indicators to timely detect and report suspicious transactions as prescribed;

c) When providing crypto asset issuance platform services, must ensure issuance conditions, the completeness and accuracy of the crypto asset offering and issuance prospectus, or other information to be published through the service organization's system; cooperate with issuing organizations to ensure compliance with Vietnamese law and the laws of countries where foreign investors are citizens; periodically on the 10th of each month, inform the Ministry of Finance, the State Bank of Vietnam, and the Ministry of Public Security about crypto asset issuance batches in the immediately preceding month;

d) Periodically on the 10th of each month, inform the Ministry of Finance, the State Bank of Vietnam, and the Ministry of Public Security about the crypto asset trading market situation in the immediately preceding month;

d) Ensure that investors receiving services comply with the provisions of Clauses 1 and 2, Article 6 of this Resolution; ensure that investor account opening complies with the principles prescribed in point a, b, Clause 1, Article 16 of this Resolution;

e) Publicly disclose service fee schedules related to crypto asset business operations, clearly stating the types of service fees, applicable price levels for each service type and activity, ensuring compliance with legal regulations. Crypto asset service organizations shall not collect any service fees other than those in the published service fee schedule. In case of changes to the service fee schedule, the crypto asset service organization must notify investors at least 30 days before the implementation date;

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

h) Take legal responsibility for the accuracy, truthfulness, and completeness of dossiers submitted to management agencies and published information; implement financial, accounting, statistical, and auditing management regimes as prescribed by law;

i) Propagate and disseminate knowledge about crypto assets to investors;

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

l) Store on servers located in Vietnam for a minimum of 10 years: transaction history, information about the originator and beneficiary (minimum name, address, wallet address), history of device login addresses or Internet Protocol addresses (hereinafter referred to as IP addresses) accessing the system; access device information; account opening information; and linked bank account information of investors;

m) Take responsibility for resolving disputes related to the provision of crypto asset services in accordance with legal regulations; resolve and compensate for damages as prescribed by law in cases where investors lose money or crypto assets due to system security breaches, intrusions, or fraud;

n) Prevent conflicts of interest between investors and crypto asset service organizations;

o) Report upon request of management agencies;

p) In the event of using third-party services to support or provide services related to crypto assets, the crypto asset service organization must ensure that third parties meet standards for cybersecurity, data protection, and compliance with anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction regulations. The use of third-party services does not exempt the crypto asset service organization from responsibility in the event of information technology incidents and disputes related to the provision of crypto asset services;

q) In the event of amending or supplementing the processes prescribed in Clause 6, Article 8 of this Resolution, the crypto asset service organization may only issue them after obtaining opinions from the Ministry of Finance. For processes prescribed in points b, c, d, g, k, Clause 6, Article 8 of this Resolution, the crypto asset service organization must publish them on its electronic website.

3. Crypto asset service organizations have the responsibility to publish the following information on their electronic website and one electronic newspaper:

a) Periodic information publication: publish audited annual financial reports within 10 days from the date the audit organization signs the audit report, but not exceeding 90 days from the end of the fiscal year; publish reviewed semi-annual financial reports within 05 days from the date the audit organization signs the review report, but not exceeding 45 days from the end of the first 06 months of the fiscal year; publish quarterly financial reports or reviewed quarterly financial reports (if any) within 15 days;

b) Abnormal information publication: within 24 hours, the crypto asset service organization must publish information about enterprise accounts at banks or foreign bank branches frozen upon request of competent authorities, or when payment service providers detect signs of fraud or legal violations related to settlement accounts; upon receipt of documents from competent state agencies or when the enterprise has a decision to suspend part or all of its business activities; changes in information in the Enterprise Registration Certificate or Crypto Asset Trading Market Organization Service License; upon receipt of legally effective court judgments or decisions related to enterprise activities; decisions on tax violation penalties; upon receipt of decisions from the Ministry of Finance on administrative penalties in the crypto asset market; upon receipt of decisions from the Ministry of Finance on suspension of operations, temporary suspension of operations, or termination of suspension of operations; in the event of information technology incidents affecting the execution of crypto asset transactions for customers;

c) Information publication upon request: the crypto asset service organization must immediately publish information upon receiving a request from the Ministry of Finance to publish information related to enterprises that seriously affects the legitimate rights and interests of investors. The content of the published information must clearly state the event required to be published, the cause, the degree of authenticity of the event, and remedial measures (if any).

**Article 16. Rights and responsibilities of investors**

1. Rights of investors:

a) The right to open multiple accounts at crypto asset service organizations according to the principle that each crypto asset service organization may only open one account per investor;

b) The right to have disputes resolved and damages compensated by crypto asset service organizations and crypto asset issuing organizations in accordance with legal regulations;

c) The right to full access to information published by crypto asset service organizations and crypto asset issuing organizations in accordance with legal regulations;

d) The right to have their legitimate rights and interests protected.

2. Investors bear personal responsibility for their decisions to invest in crypto assets.

**Chapter VI**

**IMPLEMENTATION ORGANIZATION**

**Article 17. Implementation Organization**

1. The Ministry of Finance has the responsibility to:

a) Take the lead in submitting to the Government to issue a Decree regulating administrative penalties in the field of crypto assets and the crypto asset market;

b) Take the lead, in coordination with the State Bank of Vietnam and the Ministry of Public Security, to manage and supervise crypto asset service organizations; implement anti-money laundering measures; inspect, check, and supervise anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction activities of crypto asset service organizations within their assigned tasks and powers;

c) Cooperate with relevant Ministries and sectors to implement counter-terrorism financing and counter-proliferation financing of weapons of mass destruction measures for crypto asset service organizations;

d) Take the lead in guiding the implementation of tax policies for the crypto asset market under this Resolution;

d) Take the lead, in coordination with the Ministry of Public Security and the State Bank of Vietnam, to select a maximum of 05 crypto asset service organizations;

e) Take the lead, in coordination with relevant Ministries and sectors, to report semi-annually to the Prime Minister on the implementation status of this Resolution and propose recommendations for emerging issues (if any); conduct summary and evaluation after the pilot period, report to the Prime Minister on the results of the pilot implementation, and propose management policies;

g) Take the lead, in coordination with relevant Ministries and sectors, to implement guidance and resolve difficulties during the implementation of this Resolution.

2. The State Bank of Vietnam takes the lead in collecting, processing, analyzing, exchanging, providing, and transferring information as prescribed in Articles 41, 42, 43 of the Anti-Money Laundering Law; and submits to the Government to add reporting subjects prescribed in Article 4 of the Anti-Money Laundering Law (if necessary).

3. The Ministry of Public Security takes the lead in assessing the security, network security, and safety of crypto asset service organizations, ensuring compliance with information security, cybersecurity, and data protection regulations; implements prevention, detection, interception, and handling of violations related to crypto assets and the crypto asset market within its authority; cooperates with the Ministry of Finance and relevant Ministries and sectors to research and build regulations on criminal violations, forms of handling, penalty levels, and recovery of illegally held crypto assets in the crypto asset field, and remedial measures for organizations and individuals committing criminal violations in participating in the crypto asset market, if necessary.

4. Relevant Ministries and sectors, within their assigned authority, are responsible for implementing state management tasks for the crypto asset market as prescribed in this Resolution and relevant laws.

5. Agencies, organizations, and individuals participating in the pilot are responsible for complying with the provisions of this Resolution and guidance from management agencies. During the implementation of this Resolution, officials and civil servants directly involved in building and guiding the implementation of the pilot are protected from risks arising from the new nature of the crypto asset market, except in cases of illegal acts.

**Article 18. Implementation Provisions**

1. This Resolution takes effect from September 9, 2025.

2. The pilot implementation period is 5 years from the effective date of this Resolution.

3. After the end of the pilot implementation period, the crypto asset market continues to operate under this Resolution until there are legal provisions amending, supplementing, or replacing it.

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**Article 19. Implementation Responsibility**

The Minister of the Ministry of Finance, the Governor of the State Bank of Vietnam, the Minister of the Ministry of Public Security, and the Ministers/Heads of relevant ministries are responsible for implementing this Resolution./.

**Distribution:**

- Central Secretariat of the Communist Party of Vietnam;

- Prime Minister, Deputy Prime Ministers;

- Ministries, ministerial-level agencies, agencies under the Government;

- Provincial and centrally-run City People's Councils and People's Committees;

- Central Office and Departments of the Party;

- Office of the General Secretary;

- Office of the President;

- Ethnic Council and Committees of the National Assembly;

- National Assembly Office;

- Supreme People's Court;

- Supreme People's Procuracy;

- State Audit Office;

- Vietnam Bank for Social Policies;

- Vietnam Development Bank;

- Central Committee of the Vietnam Fatherland Front;

- Central agencies of political - social organizations;

- Government Office: Central Committee, Deputy Prime Ministers, Assistants to the PM, Director of the Portal, Departments, Bureaus, subordinate units, Official Gazette;

- Filed: VT, KTTH (3 copies). 40

FOR THE GOVERNMENT
CHIEF PRIME MINISTER
DEPUTY PRIME MINISTER

Ho Duc Phoc

Appendix
(Accompanying Resolution No. 05/2025/NQ-CP dated September 9, 2025 of the Government)

| Form | Name of Form |
|------|---------|
| Form No. 01 | Crypto Asset Offering and Issuance Prospectus |
| Form No. 02 | Request for License to Provide Crypto Asset Trading Market Organization Services |
| Form No. 03 | List of Shareholders, Capital Contribution Members |
| Form No. 04 | Infrastructure Explanation Document |
| Form No. 05 | Personnel List |
| Form No. 06 | Personal Information Form |
| Form No. 07 | License to Provide Crypto Asset Trading Market Organization Services |
| Form No. 08 | Request for Adjustment or Revocation of License to Provide Crypto Asset Trading Market Organization Services |
| Form No. 09 | Summary of Receipt and Expenditure on Dedicated Accounts Related to Purchase and Sale Transactions of Crypto Assets by Foreign Investors in Vietnam |
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