On September 9, 2025, the Vietnamese Government issued Resolution No. 05/2025/NQ-CP to implement a five-year pilot program for the virtual assets market. This is a significant development for Vietnam, marking the first time a formal legal framework has been established for the issuance and trading of crypto assets. Key takeaways:
1. Asset Issuance: Only Vietnamese enterprises are permitted to issue virtual assets, and virtual assets can only be issued and offered to foreign investors and traded between the same. The assets issued must be backed by real underlying assets, and not by securities or fiat currencies. Virtual assets service providers are tasked with selecting the virtual assets to be traded.
2. Trading Restrictions: All issuance, trading, and payment activities involving virtual assets must be conducted in Vietnamese Dong (VND). Foreign investors must open a dedicated VND account at an authorized bank for all transactions.
3. Foreign Ownership Cap: While foreign investors are a key target, they are prohibited from holding more than 49% of the charter capital of any licensed service provider.
4. Market Regulation: The Ministry of Finance will oversee the pilot. Only entities licensed by the Ministry can provide services related to the virtual assets market. These service providers must meet rigorous requirements, including a significant minimum charter capital of VND 10 trillion (approx. USD 380 million) and a minimum of 65% institutional ownership.
5. Regulatory Compliance: Participants must strictly adhere to Vietnamese laws on anti-money laundering, counter-terrorism financing, cybersecurity, and data protection. Non-compliance could lead to severe penalties, including license revocation and criminal prosecution.
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Please do not hesitate to contact Dr. Oliver Massmann under [email protected] if you have any questions or want to know more details on the above. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.
