Key Takeaways:
- Six-month grace period: After the first licensed exchange launches, all trades must move onshore.
- High barriers to entry: Licensed exchanges require 10,000 billion VND in capital and strict ownership rules.
- Transactions in VND only: Stablecoin pairs may be added later, but fiat settlement is mandatory.
- Legal recognition: Crypto is now protected as property, with investor rights in case of hacks or disputes.
- Tax obligations: Expect transfer taxes and personal income tax on staking, farming, and airdrops.
- Criminal risks: Persistent “offshore” trading may lead to prosecution.
A Milestone for Vietnam’s Digital Asset Market
On September 9, 2025, Vietnam officially put digital assets under a legal framework – according to 5 phút crypto, a well known Vietnamese crypto website, with Resolution 05/2025/NQ-CP. After years of operating in a “gray zone,” crypto is now subject to a five-year pilot program. Licensed exchanges will be established, token issuance will be supervised, and investor protections will begin to take shape.The move has sparked both excitement and anxiety. To shed light, 5 Phút Crypto interviewed legal expert Đào Tiến Phong from the Vietnam Blockchain & Digital Assets Association, who answered ten of the most pressing questions from the community.
Holding vs. Trading: A Crucial Distinction
Wallets Are Fine
Good news first: owning and storing crypto in hot or cold wallets remains fully legitimate.
Trading Faces New Boundaries
The real change lies in trading. For six months after the first local exchange is licensed, investors may still use global platforms or P2P transactions. After that, all trades must go through licensed Vietnamese exchanges. Using a DEX with a VPN? Regulators could still view it as “trading in Vietnam.”
The term itself — “in Vietnam” — hasn’t been precisely defined yet, leaving plenty of gray areas.
Building a Licensed Exchange: Only for the Big Players
Becoming a compliant exchange in Vietnam is not for scrappy startups. Requirements include:
- 10,000 billion VND (~400M USD) in charter capital
- At least 65% institutional ownership, including two banks, insurers, or major tech/finance firms
- Foreign capital capped at 49%
- Top-tier cybersecurity approval from the Ministry of Public Security
For global giants, entering Vietnam will likely mean local partnerships and “Vietnamization” of technology.
Tokens, Stablecoins, and VND Settlement
Resolution 05 requires all transactions to be settled in Vietnamese đồng (VND). Initially, this could limit liquidity, since USDT or USDC trading pairs won’t be available.
Still, experts believe stablecoin/VND pairs may be allowed later, and popular tokens like Bitcoin, Ethereum, and select stablecoins are expected to receive approval first.
P2P and DEX After the Grace Period
Peer-to-peer trading and decentralized exchanges remain legal during the initial six months. But once that window closes, those channels risk being labeled unlawful. Investors who continue “outside the system” could face not only fines but also criminal charges if activity is large-scale or organized.
Investor Protection and Taxation
For the first time, digital assets are recognized as lawful property. Licensed exchanges will carry legal responsibility in the event of hacks or technical failures. While compensation mechanisms are still unclear, users finally have legal recourse.
Taxes are also part of the package. Trading will likely follow the securities model, with a transfer tax around 0.1% per transaction. Income from staking, farming, or airdrops may fall under “other income,” subject to progressive personal income tax from 5% to 35%.
What’s Out: Futures and Options
Many traders wondered whether derivatives would be included. Resolution 05 is clear: futures, options, and similar instruments are not classified as digital assets. The framework only covers tokens created with cryptographic technology and backed by real value.
In practice, this excludes perpetual futures, high-leverage bets, and complex options strategies. Regulators see this as a way to limit systemic risks and keep the pilot focused on spot markets. For investors, it means leveraged trading will remain offshore — and after the six-month grace period, such activity could carry legal risks if done from within Vietnam.
The Trade-Offs: Gains and Losses
Bringing digital assets back to Vietnam comes with a clear give-and-take:
- Gains: legitimacy, legal protection, and a safer, more transparent market.
- Losses: less flexibility, taxation, and reduced access to global liquidity.
As 5 Phút Crypto notes, the era of “no rules” is over – but so is the era of total vulnerability.
Conclusion
Vietnam’s Resolution 05 is ambitious and uncompromising. It ends the era of borderless trading and introduces a framework centered on control, transparency, and investor protection. For traders, this means adapting fast — moving assets onshore, preparing tax records, and accepting tighter rules. For institutions, it’s a long-awaited green light to enter a market once too uncertain.
Strict as they may seem, these rules legitimize crypto in Vietnam. The coming five years will test whether the country can balance innovation with regulation — and perhaps position itself as a regional leader in digital finance.
