Vietnamese investors join the growing crypto community. Photo: Cong Trung / Tuoi Tre
The resolution sets rules for offering, issuing, and trading crypto assets; providing related services; and the state management of the market.
The pilot will last five years, following a cautious, controlled, and transparent roadmap to protect the rights of participants.
Under the resolution, crypto assets must be backed by real underlying assets, excluding securities and fiat money.
Such assets can only be issued by Vietnamese companies registered as limited liability or joint stock firms.
All transactions and payments must be conducted in Vietnamese dong.
Initially, crypto assets are only allowed to be offered and traded among foreign investors through licensed service providers.
Domestic investors may open accounts to deposit and trade, but unauthorized transactions outside these platforms will face administrative or criminal penalties after a six-month transition period.
Licensed service providers must be Vietnamese enterprises with at least VND10 trillion (US$379 million) in charter capital, sufficient infrastructure, and IT systems meeting level-4 safety standards under cybersecurity law.
The resolution will remain in effect beyond the five-year pilot until new legislation replaces it.
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