Vietnam has moved from having no framework at all for crypto-assets to a licensed pilot mechanism in under two years. Law on Digital Technology Industry 71/2025/QH15 recognises digital assets from 1 January 2026, and Resolution 05/2025/NQ-CP opens a five-year pilot crypto-asset market with exchanges licensed by the Ministry of Finance. Investors must distinguish three layers clearly: holding, trading on a licensed venue and running an exchange business, because each layer has a very different legal status.
The base layer: digital assets recognised, crypto is not payment money
Law on Digital Technology Industry 71/2025/QH15 brings digital assets, including crypto-assets, into Vietnamese law for the first time as a category of asset protected by civil law when conditions are met. Recognition as an asset is not recognition as currency: crypto-assets are not legal tender and may not be used as a means of payment in Vietnam, and a business accepting crypto for goods or services still breaches payment rules.
Resolution 05/2025/NQ-CP designs the market as a controlled pilot: offerings, issuance of crypto-assets, organising trading markets and providing crypto-asset services may only occur within the pilot through licensed organisations. A provider organising a crypto-asset trading market must meet a minimum charter capital of VND 10,000 billion plus ownership structure and system safety conditions, a capital gate showing the pilot targets a small number of large organisations rather than open entry.
Investor trading inside the pilot mechanism
Under the pilot design, domestic investors trade crypto-assets through service providers licensed in Vietnam. Decree 284/2026/ND-CP, effective from 1 September 2026, adds the sanction layer: trading outside a licensed provider can draw fines, with individual levels below organisational levels under the decree’s usual convention. Note that under Resolution 05/2025/NQ-CP itself, sanctions for off-venue trading apply only six months after the first service provider is licensed, giving the market time to form a lawful trading channel.
On tax, an individual’s income from transferring crypto-assets inside the pilot is taxed on a mechanism similar to securities transfers, at 0.1 percent of the transfer price per transaction. That duty applies to trades inside the pilot channel; trades outside it remain in a high legal risk zone and should not be treated as a lawful investment channel merely because they still occur in practice.
The biggest legal risks and practical recommendations
The investor’s largest risk is not price volatility but the legal status of the trading channel: dealing through foreign venues unlicensed in Vietnam puts the investor outside the pilot’s protection, makes source of funds and ownership hard to prove in a dispute, and can draw fines once sanctions activate. The second risk is fraudulent issuance: crypto-assets offered outside the pilot pass no appraisal at all, and investors losing money in such schemes have almost no recovery mechanism.
In practice, investors and businesses wanting this market should wait for and use the licensed channel once pilot venues operate, keep full records of fund sources and trades for tax and banking purposes, and businesses wanting to provide crypto-asset services should prepare a licence file under Resolution 05/2025/NQ-CP conditions instead of running an unlicensed venue while waiting.
Frequently Asked Questions
What is the current legal framework for crypto-assets in Vietnam?
The current frame comprises: Law on Digital Technology Industry 71/2025/QH15 recognising digital assets from 1 January 2026; Resolution 05/2025/NQ-CP piloting a crypto-asset market for five years with trading organisations licensed by the Ministry of Finance; and Decree 284/2026/ND-CP on penalties in the crypto-asset field from 1 September 2026. Outside the pilot, no standing framework exists for this market.
Can a crypto exchange be operated?
Yes, but only inside the pilot: organising a crypto-asset trading market requires a Ministry of Finance licence under Resolution 05/2025/NQ-CP, with a headline condition of minimum charter capital of VND 10,000 billion plus ownership, technology and information safety requirements. Running an unlicensed crypto exchange is prohibited and penalised under Decree 284/2026/ND-CP.
What is the biggest legal risk for investors?
The biggest risk is a trading channel with no legal status: dealing through venues unlicensed in Vietnam leaves the investor outside pilot protection, creates difficulty proving fund sources to banks and ownership in disputes, and can attract fines once off-venue trading sanctions activate six months after the first licensed venue. The second risk is fraudulent issuance outside the pilot, which passes no appraisal.
How are crypto transactions taxed?
Inside the pilot, an individual’s income from transferring crypto-assets is taxed at 0.1 percent of the transfer price per transaction, on a mechanism similar to securities transfer tax. Investors should keep trade records and fund source documents for tax duties and bank explanations. Tax for organisations and other crypto-asset income types follows the corresponding tax law at the time the income arises.
Bottom line for investors
Crypto-assets in Vietnam now have a framework, but it is a licensed pilot with a very high capital gate for market organisers. Individual investors should trade through the licensed channel once operating and keep full tax records; businesses wanting to run a venue must take the licensing route under Resolution 05/2025/NQ-CP, with no lawful shortcut.