Article

Landmark Legislation Regulates Digital Assets in Vietnam 27 January 2026

Vietnam has taken significant legislative steps toward establishing a legal framework for digital assets, reflecting a cautious yet strategic regulatory approach. A series of new laws and resolutions issued in 2025 collectively mark the first comprehensive recognition, regulation and taxation of digital assets, whilst maintaining strict controls over market participation and financial stability.

This legislation is a key component of a recent suite of laws issued by Vietnam in support of its twin transition towards a digitalised and green economy.¹

"A crypto asset is a type of digital asset that employs cryptographic technology, or other digital technologies with equivalent functionality, for the purpose of authentication during its creation, issuance, storage and transfer."

Statutory Recognition of Digital Assets and Crypto Assets

A foundational development in Vietnam’s digital regulatory landscape was the issuance of the Law on Digital Technology Industry 2025 (the “Digital Technology Law”) by the National Assembly on 14 June 2025, which entered into force on 1 January 2026.

Under the Digital Technology Law, a digital asset is recognised as an asset under the Civil Code, represented in the form of digital data and created, issued, stored, transferred and authenticated by digital technologies in an electronic environment.² Such recognition could, in principle, enable owners of digital assets to claim legally protected ownership rights, including the ability to pursue civil and criminal claims involving such assets. Although further legislation and guidance will be needed to clarify how Vietnamese authorities and courts will apply these concepts, this initial step provides a positive foundation for the development of a more robust legal framework for digital assets in Vietnam.

The law further recognises crypto assets (in Vietnamese: tài sản mã hóa) as a specific sub-category of digital assets:

“A crypto asset is a type of digital asset that employs cryptographic technology, or other digital technologies with equivalent functionality, for the purpose of authentication during its creation, issuance, storage and transfer”.³

Excluded from the scope of this definition are securities, digitised forms of fiat currency and other financial assets regulated under civil and financial laws. This exclusion draws a clear boundary between digital assets and traditional regulated instruments.

Notwithstanding this formal recognition, digital assets in general and crypto assets in particular are not recognised as legal tender in Vietnam and may not be used as a lawful means of payment for goods and services.⁴ This distinction preserves the exclusive role of the Vietnamese Dong as legal currency, while allowing crypto assets to exist as legally recognised objects of ownership, transfer and investment.

< Back to insights hub

Key contacts

Tram
Nguyen

Counsel Hanoi

Theo
Cleminson

Senior Associate (Foreign Qualified Lawyer) Hanoi

Mai
Dao

Senior Associate Hanoi

Phan
Nguyen

Paralegal Hanoi

"Notwithstanding this formal recognition, digital assets in general and crypto assets in particular are not recognised as legal tender in Vietnam and may not be used as a lawful means of payment for goods and services."

Pilot Regulatory Framework for the Crypto Asset Market

Following the statutory recognition of crypto assets under the Digital Technology Law, the Government enacted Resolution 05/2025/NQ-CP on 9 September 2025, establishing a controlled five-year pilot programme (2025–2030) for the issuance, trading, and supervision of crypto assets in Vietnam (the “Crypto Pilot Programme”).

The Crypto Pilot Programme adopts a selective approach to market participation, with specific provisions regulating the activities of stakeholders as follows.

(i) Crypto Asset Issuers:

Under the Crypto Pilot Programme, only Vietnamese-incorporated companies may offer or issue crypto assets.⁵ The eligibility requirement does not appear to exclude Vietnamese companies with foreign shareholdings, provided that they are incorporated and operating in Vietnam in compliance with applicable law.

In parallel, crypto assets issued during the pilot phase must be issued on the basis of underlying assets that are real-world assets, other than securities or fiat currency.⁶ It is unclear whether the issuer must remain the legal owner of the underlying assets or whether such underlying assets may remain freely disposable.

Issuers are further subject to mandatory disclosure obligations.⁷ Prior to any offering or issuance of crypto assets, the issuer must publish a prospectus and other relevant information at least 15 days in advance. These disclosures are intended to provide transparency regarding the issuer, the nature of the crypto assets, associated risks and the underlying asset backing, and to enable regulatory supervision throughout the pilot phase.

(ii) Investors:

During the Crypto Pilot Programme, crypto assets may only be offered and issued to foreign investors⁸ – being an individual holding foreign nationality or an entity incorporated under foreign law.⁹ Accordingly, foreign-invested enterprises established under Vietnamese law, being considered as domestic investors are ineligible for new offerings and issuances.

The Crypto Pilot Programme permits both foreign and domestic investors to open trading accounts at licensed Vietnamese crypto asset service providers.¹⁰ However, for domestic investors already holding crypto assets elsewhere, the Crypto Pilot Programme grants a transitional grace period of six months from the date of approval of the first licensed exchange, during which domestic investors must migrate all crypto asset activities to a licensed exchange. After this period, transacting in crypto assets on unlicensed platforms is prohibited and may result in civil and criminal sanctions.¹¹

In addition, to ensure transparency of capital flows and prevent tax evasion and financial crimes, foreign investors must open Vietnamese Dong payment accounts with banks licensed to provide foreign exchange services in Vietnam. All transactions done in connection with the trading of crypto assets in Vietnam (including the offshore remittance of proceeds) must be conducted through this designated account.¹²

(iii) Crypto Asset Service Providers:

"All trading, custody and related transactions must be conducted through service providers that are licensed or approved by the Ministry of Finance."

All trading, custody and related transactions must be conducted through service providers that are licensed or approved by the Ministry of Finance (the “Service Providers”).¹³ This requirement effectively prohibits direct peer-to-peer trading outside the regulated ecosystem and ensures that market activity is subject to ongoing supervision, reporting and compliance controls.

Under the Crypto Pilot Programme, Service Providers are subject to a licensing regime and must be Vietnamese-incorporated enterprises, registered to conduct business in crypto asset–related services and satisfying other extensive prescribed criteria. Foreign ownership of Service Providers is capped at 49%, and an entity cannot hold interests in more than one Service Provider, reflecting a policy objective to limit cross-ownership and maintain regulatory control over market infrastructure during the pilot phase.

Moreover, the minimum contributed charter capital of Service Providers is VND10tn (approximately US$380m)¹⁴; and at least 35%. interest must be held by two financial institutions.¹⁵ All crypto asset offering, issuance, trading and settlement must be made in Vietnamese Dong¹⁶.

Commencing from 20 January 2026, the Ministry of Finance has begun accepting applications from Vietnamese enterprises for licences to provide crypto trading services.¹⁷

(iv) Tax Treatment of Crypto Asset Transfers

Pending the adoption of a dedicated tax regime for the crypto asset market, for tax purposes Vietnamese law applies the same treatment to crypto assets as it does to the trading of securities. For foreign enterprises, a levy of 0.1% is imposed on the gross proceeds derived from the sale of securities in Vietnam.¹⁸ For Vietnamese enterprises, income derived from the transfer of securities is taxable based on the general rules of corporate income tax.¹⁹

Synergy with Green Transition

The Digital Technology Law sets out a policy objective of developing a sustainable digital technology industry, ensuring economical and efficient use of energy and minimising negative environmental impacts²⁰.

In addition, the Digital Technology Law specifically provides that development of environmentally friendly digital technology products and services is to be given priority in green procurement for investment projects and tasks funded by the State budget, as well as requiring the State to establish mechanisms to support companies to research and develop digital technology which enables environmentally friendly digital products and services²¹.

This law and the Crypto Pilot Programme also have the potential simultaneously to facilitate green transition. Once clearer regulations are issued on carbon credits, biodiversity credits, renewable‑energy certificates and other green‑transition instruments, this legal framework could serve as a basis for the tokenisation of such assets, enabling innovative mechanisms to facilitate Vietnam’s sustainability objectives.

"In certain respects, Vietnam’s new regulatory framework puts it ahead of the law of England and Wales, for example, which lacks a statutory definition or recognition of digital assets as property."

Comparisons with other Jurisdictions

Relative to Thailand, for example, which introduced the Digital Asset Business Emergency Decree in 2018²², Vietnam has been cautious in its introduction of regulations. Whilst both are civil law countries which have introduced statutes, Thailand’s statutory regime enables a relatively open market in comparison with the protections introduced by Vietnam. For example, Thailand requires only THB50m (approximately US$1,590,000) as paid-up registered share capital for exchanges not holding clients’ assets or THB100m (approximately US$3,180,000) for exchanges holding clients’ assets. Thailand also allows digital assets to be traded in certain SEC-approved cryptocurrencies, including Bitcoin, Ethereum, USDC and USDT, as well as Thai Baht.

In certain respects, Vietnam’s new regulatory framework puts it ahead of the law of England and Wales, for example, which lacks a statutory definition or recognition of digital assets as property and has instead relied on the Courts to set precedents on a case-by-case basis, such as the D’Aloia v Persons Unknown & Ors judgment recognising USDT as property²³. Relatedly, the Financial Services and Markets Act (FSMA) 2023 broadened the Bank of England’s regulatory remit to include certain stablecoins, although a comprehensive framework is yet to be introduced – this contrasts with Vietnam’s preclusion on the use of crypto assets as a form of payment.

In contrast with the relatively tentative recognition of digital assets under the law of England and Wales, Singapore began regulating digital assets earlier with the Payment Services Act 2019, and subsequently under the Financial Services and Markets Act 2022 and notices issued by the Monetary Authority of Singapore (“MAS”). MAS has, in April 2023, already introduced a stablecoin regulatory framework.

Takeaways

"Vietnam’s new legal framework for digital assets is designed to balance the objectives of growth through innovation and risk management, while supporting Vietnam’s transition to a digitalised economy."

From a policy perspective, Vietnam’s new legal framework for digital assets is designed to balance the objectives of growth through innovation and risk management, while supporting Vietnam’s transition to a digitalised economy. Rather than seeking merely to regulate market trends, Vietnam has implemented a regulatory framework which proactively pursues broader national policy goals and long‑term strategic priorities at international standard levels.

On the one hand, it enables foreign investors to access potentially high-growth Vietnamese markets through a more flexible capital-raising channel than traditional securities while injecting foreign capital into Vietnam and bringing liquidity to otherwise relatively illiquid assets.

On the other hand, the restrictions, for example on market participation and the Vietnamese Dong denomination requirement, enable the State to retain substantial control of the industry, while protections shield domestic investors from early-stage systemic risks.

Ha Hoang and Lan Hoang, Trainee and Intern in our Hanoi office, also contributed to this article.

Footnotes

[1] See our recent articles on Offshore Wind in Vietnam (https://www.wfw.com/articles/regulatory-developments-for-offshore-wind-power-projects-in-vietnam/); Major Updates to Power Development Plan VIII (https://www.wfw.com/articles/vietnam-makes-major-updates-to-power-development-plan-viii/); Vietnam’s Green Taxonomy (https://www.wfw.com/articles/vietnams-green-taxonomy-new-legal-framework-green-credit-green-bonds/); and New Resolution on Vietnam’s National Energy Development (https://www.wfw.com/articles/new-resolution-on-vietnams-national-energy-development/).
[2] Article 46 of the Digital Technology Law.
[3] Article 47 of the Digital Technology Law.
[4] Article 17.2 of the Law on the State Bank of Vietnam. Under this provision, only banknotes and coins issued by the State Bank of Vietnam are recognized as legal tender within the territory of the Socialist Republic of Vietnam. Crypto assets—although recently granted legal recognition as property and permitted for trading and investment—have not been approved as legal tender and therefore cannot be used as legal means of payment in Vietnam.
[5] Article 5 of Resolution 05/2025/NQ-CP.
[6] Ibid.
[7] Article 6.3 of Resolution 05/2025/NQ-CP.
[8] Article 6.1 of Resolution 05/2025/NQ-CP.
[9] Article 3.9 of Resolution 05/2025/NQ-CP.
[10] Article 7.1 of Resolution 05/2025/NQ-CP.
[11] Article 7.2 of Resolution 05/2025/NQ-CP.
[12] Article 13 of Resolution 05/2025/NQ-CP.
[13] Article 6.2 and Article 7.3 of Resolution 05/2025/NQ-CP.
[14] Article 8.2 of Resolution 05/2025/NQ-CP.
[15] Article 8.3(a) of Resolution 05/2025/NQ-CP.
[16] Article 4.7 of Resolution 05/2025/NQ-CP.
[17] Decision No. 96/QD-BTC dated 20 January 2026 of the Minister of Finance, on the announcement of newly issued pilot administrative procedures in the field of crypto assets within the scope of the Ministry of Finance’s management functions.
[18] Article 12.3(g) Decree No. 320/2025/ND-CP.
[19] Decree No. 320/2025/ND-CP.
[20] Article 4.9 of the Digital Technology Law.
[21] Article 33 of the Digital Technology Law.
[22] https://www.wfw.com/articles/thailands-licensing-regime-for-digital-asset-businesses/.
[23] https://www.wfw.com/articles/bitkub-successfully-defends-english-high-court-claim-in-first-of-its-kind-crypto-judgment/.

< Back to insights hub

Key contacts

Share this Page

Landmark Legislation Regulates Digital Assets in Vietnam 27 January 2026

Statutory Recognition of Digital Assets and Crypto Assets