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Six legal texts are shaping Vietnam’s crypto asset market. At the Digital Trust in Finance Forum 2026 on May 12, To Tran Hoa, Deputy Head of the Standing Committee of the Management Board for the Crypto Asset Trading Market under the State Securities Commission (Ministry of Finance), outlined key policies and supervisory mechanisms for the sector.
The Digital Technology Industry Law provides the first definition of digital assets, virtual assets, and crypto assets, and recognizes them as assets protected under Vietnamese law. Previously, enterprises faced difficulties investing in or trading crypto assets due to the lack of sector-specific regulations. With the Digital Investment Law 143/2025/QH15, Vietnam has for the first time established a licensed activity for investing in crypto assets, while keeping it within a regulated, conditional business area.
Resolution 05/2025/NQ-CP is described as a foundational framework for building Vietnam’s crypto asset trading market. It defines the scope of regulation, including public offerings, issuances, trading, and related services, and assigns state management responsibilities to the sector. For the first time, Resolution 05 also introduces the concept of ICO (Initial Coin Offering) related to crypto asset issuance and allows issuance of crypto assets backed by real assets.
On guidance circulars, the Ministry of Finance issued Circular 15 on accounting principles for organizations participating in the crypto asset market. The circular targets three main groups: VASPs (crypto asset service providers), issuing entities, and institutional investors.
For VASPs, activities such as trading, issuance, offerings, custody, or proprietary trading will be specified in terms of how to report on the balance sheet. Issuing entities will account based on the nature of the asset issued. For institutional investors, enterprises can declare investment purposes and holdings of crypto assets as part of corporate assets. The new rules are intended to improve classification: previously, when a company purchased crypto assets, accounting often placed them in an “other” category.
On taxation, Circular 32 provides guidance on value-added tax, corporate income tax, and personal income tax related to crypto assets. Declaration activities will be connected to the National Public Service Portal and the police tax management system to support legal compliance.
To Tran Hoa said regulators encourage exchanges to prioritize highly liquid assets that are widely traded to improve safety and reduce the risk of fraud. He also noted that Resolution 05 requires crypto asset service providers to operate transparently and publicly disclose all activities.
Advertising and marketing must be accurate and complete, with legal responsibility for published information. The Ministry of Finance is studying additional guidance on information disclosure and reporting in the crypto asset market. To further transparency, providers must publicly disclose all service fees and third-party contracts with investors, and technology solution providers for VASPs must also publish information.
Hoa emphasized that any changes in operating procedures must be announced and that regulators will monitor closely. For crypto asset issuance, issuers must disclose information similar to service providers, with changes announced via prospectus prior to issuance.
To protect investors, service providers must prioritize investors’ interests, including giving priority to investor orders over the organization. Investors’ assets are protected under Vietnamese civil law.
Under current rules, crypto asset service providers may operate in four sectors: market trading, proprietary trading, custody, and issuance platforms. They may choose which crypto assets to list and may charge fees for related services. State Securities Commission representatives stressed that exchanges should be especially cautious in asset selection, encouraging assets with high liquidity and market prevalence to ensure safety and reduce fraud risk.
Since 2017, Vietnam’s crypto market has grown rapidly in user numbers. Market size estimates vary: some projects project about 9 million crypto account holders by 2025, while others project up to 21 million. Regulators consider 15 million more realistic. Trading scale has also expanded since 2021; in 2025, total trading value is estimated at about $220 billion, indicating substantial potential for future growth.
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