VIETNAM OFFICIALLY OPENS THE CRYPTO ASSET MARKET: A NEW GATEWAY TO THE DIGITAL FINANCE ERA

On September 09, 2025, the Government issued Resolution No. 05/2025/NQ-CP, officially launching a five-year pilot program for the crypto asset market. This document is not merely a new policy, but a legal milestone marking Vietnam’s transformation, as crypto assets—long existing only in a “grey zone”—are for the first time brought into an official, transparent, and well-oriented regulatory framework.

1. A legal corridor woven with discipline and vision

To operate a crypto asset exchange, enterprises cannot “participate at will.” The Resolution sets out standards that may appear stringent, but in reality serve as a necessary “filter,” allowing only capable entities to enter:

10,000 billion VND in charter capital – a substantial figure, demonstrating that this is a playing field for organizations with strong financial foundations, capable of bearing the trust of the market.
20 personnel holding professional certificates – human resources are the decisive factor, ensuring professionalism, technical capacity, and compliance with international standards.
A stringent shareholder structure: at least 65% of capital must be held by organizations, of which at least 35% must come from financial institutions (banks, insurance companies, securities firms, investment funds, etc.). This is the legal “anchor” connecting the new market with the traditional financial system.
And most importantly: all transactions are only lawful when conducted through entities licensed by the Ministry of Finance.

It is precisely this rigor that transforms Vietnam’s crypto asset market into a corridor built on discipline, transparency, and strategic vision, rather than leaving technological flows to develop spontaneously.

2. Significance beyond national borders

The pilot crypto asset market is not merely a domestic matter. It also carries integration and national positioning implications:

For Vietnamese enterprises: an opportunity to legalize the issuance and trading of digital assets, while accessing new capital sources through tokenized securities – a rapidly growing global trend.
For investors: legal protection helps minimize fraud risks and rebuild trust that has been shaken over many years.
For the nation: Vietnam officially places itself on the international digital finance map, standing alongside financial centers such as Singapore, Japan, or the European Union – where legal frameworks (such as the MiCA Regulation) have already set standards.

It can be said that this step proves Vietnam is not only keeping pace, but also proactively aligning itself with the global wave of innovation.

3. Major opportunities accompanied by heavy legal responsibilities

The new picture is not painted entirely in pink. On this journey, enterprises and investors must face significant challenges:

Transactions outside licensed exchanges: risk of severe penalties, and even criminal liability.
Illegal capital mobilization via tokens/coins: remains strictly prohibited.
Risks of money laundering, cybersecurity threats, and personal data breaches: latent “cracks” that every organization must be prepared to control with strict solutions.

In other words, the crypto asset market is both a gateway of opportunity and a rigorous test of governance capacity and legal compliance.

4. Celigal – A legal guide on a new journey

Amid this strong transformation, Celigal Law LLC commits to accompanying enterprises and investors, providing solid legal assurance:

Comprehensive legal strategy consulting: from participation conditions, licensing mechanisms to risk governance.
Review and drafting of dossiers: helping clients quickly and accurately access the licensing process.
Establishment of internal legal compliance frameworks: anti-money laundering, personal data protection, and cybersecurity assurance.
Long-term partnership: not only at the initial stage, but throughout operation, development, and market expansion.

Celigal believes that Vietnam’s crypto asset market is not merely a pilot policy, but truly a gateway opening the digital finance era. However, only those who move forward with thorough preparation and a standard legal “compass” will be able to seize opportunities without being drawn into the vortex of risk.

Celigal Law LLC is honored to become your trusted legal companion on the journey of shaping the future – a digital, transparent, and sustainable future.