HCMC – The Government has approved a five-year pilot program for digital asset trading.
Deputy Prime Minister Ho Duc Phoc on September 9 signed Resolution 5/2025 on piloting the digital asset market, the Government news site reported.
The pilot will run for five years and remain in operation until new regulations are introduced. The resolution took effect the same day.
The program will be implemented on the principles of prudence, control, safety, transparency, and protection of the legitimate rights and interests of participants. It covers the issuance and offering of digital assets, the operation of trading platforms, and related service provision.
Eligible participants include digital asset service providers and issuers, along with Vietnamese and foreign organizations and individuals investing in or engaging in activities in Vietnam’s digital asset market.
The offering, issuance, trading, and payment of digital assets must be conducted in Vietnamese dong.
Regarding issuance conditions, digital asset issuers must be Vietnamese enterprises operating as limited liability or joint-stock companies. Issued digital assets must be backed by real assets, excluding securities and the Vietnamese dong.
Under the resolution, digital assets may only be offered to foreign investors and traded among investors through service providers licensed by the Ministry of Finance.
Domestic investors holding digital assets, along with foreign investors, may open accounts at licensed service providers for custody and trading. Local investors are required to trade through licensed entities for a minimum of six months; violations may result in administrative sanctions or criminal charges, depending on the severity.
Regarding licensing conditions for service providers, they must be Vietnamese enterprises registered in relevant business sectors with minimum charter capital of VND10 trillion.
At least 65% of the charter capital must come from institutional investors, with more than 35% contributed by at least two entities such as commercial banks, securities firms, fund managers, insurers, or technology companies. Foreign investors may hold up to 49% of the capital.
The general director must have at least two years of experience in finance, securities, banking, insurance, or fund management. The chief technology officer must have at least five years of experience. Companies are also required to employ at least 20 staff in technology and securities who hold valid professional certificates.
