Vietnam is taking another significant step in the process of bringing the cryptocurrency asset market into an officially regulated framework. According to the Ministry of Finance's plan, three important circulars related to accounting, taxation, and tax collection methods for cryptocurrency assets are expected to be issued in the first quarter of 2026, laying the initial legal foundation for this market.

Earlier, on September 9, 2025, under the coordination of various ministries, the Ministry of Finance presented to the Government the Resolution No. 05, aiming to bring cryptocurrency assets under state management and gradually form a cryptocurrency asset market in Vietnam.

According to the orientation of Resolution 05, the cryptocurrency asset market is not only viewed as a field that needs risk control, but is also expected to become:

  • A new investment channel for the public

  • An additional capital mobilization channel for enterprises

  • A potential revenue source for the state budget

At the same time, meet the FATF requirements on anti-money laundering and counter-terrorism financing

Three 'backbone' circulars for the cryptocurrency asset market

At the dialogue 'Legal Pathway and Development Model for Vietnam's Digital Asset Market' organized by Vietnam Economic Magazine/VnEconomy, Mr. To Tran Hoa, Deputy Head of the Standing Committee of the Cryptocurrency Market Management Board (State Securities Commission), stated that the Ministry of Finance is implementing the development of three foundational circulars, specifically:

  • Circular on accounting - auditing regime: applicable to organizations providing cryptocurrency asset services, issuers, and enterprises participating in investment and trading activities in the cryptocurrency asset market.

  • Circular on tax policy: building a tax framework for activities related to cryptocurrency assets.

  • Circular on taxable subjects and tax collection methods: guiding the collection of taxes suitable for the characteristics of the cryptocurrency asset market - a new market, cross-border, and high technology.

According to Mr. Hoa, the State Securities Commission is coordinating closely with functional units of the Ministry of Finance to finalize these circulars and is expected to present them to the Ministry for issuance in the first quarter of 2026.

Open the application portal, officially start the pilot phase

In addition to the system of circulars, the regulatory agency has also submitted several important decisions at the ministerial level to the Ministry of Finance. These include:

  • Decision on the issuance of the Plan to implement Resolution 05

  • Decision No. 96 related to administrative procedures in this field

Notably, from January 20, the regulatory agency officially opened the application portal for registration from organizations providing cryptocurrency asset services participating in the pilot phase.

Pilot for 5 years: doing while adjusting

Assessing the role of Resolution 05, Mr. To Tran Hoa stated that with a pilot period of 5 years, this is seen as the starting point in the process of forming the cryptocurrency asset market in Vietnam.

The operating viewpoint in this phase is emphasized as: 'Doing while adjusting, not strangling the market.'

Accordingly, Resolution 05 allows for a flexible adjustment mechanism to timely update policies when the market generates new factors, new technologies, or new risks.

However, in the long term, the leadership of the State Securities Commission believes that the fundamental solution is still to build a comprehensive legal framework, including specialized laws, decrees, and guiding circulars, approaching international practices and suitable for the realities of the Vietnamese market.

Licensing conditions: prioritizing safety and risk control

While waiting for a higher legal framework, to ensure the market operates orderly from the beginning, the licensing conditions for organizations providing cryptocurrency asset services in the pilot phase are designed quite strictly.

Specifically:

  • Minimum capital requirements up to 10,000 billion VND

  • At least 65% of the charter capital must be contributed by organizations, of which over 35% must come from at least two organizations such as commercial banks, securities companies, fund management companies, insurance enterprises, or technology companies

  • Each organization or individual is allowed to contribute capital to only one licensed cryptocurrency asset service provider by the Ministry of Finance

  • Accompanied by many other management requirements and constraints

According to the regulatory agency, this approach is in line with the overall roadmap of many countries: prioritizing safety, transparency, and management capacity in the initial phase, before gradually expanding the market scale and diversifying cryptocurrency asset products.