While countries like Japan, South Korea, and most recently Thailand have established clear regulatory frameworks, Vietnam – one of the world’s highest crypto adoption markets – has been operating in a legal gray area.
This finally changed with Resolution 05/2025/NQ-CP, issued on September 9, 2025. To better understand the real-world impact of this historic turning point, we interviewed Van Hieu – Researcher at 5 Minutes Crypto, Vietnam’s leading crypto community with hundreds of thousands of members directly affected by the new regulations.
1. Why Vietnam Needs to “Legalize” Crypto
Over the past five years, Vietnam’s crypto market has exploded while operating entirely in a legal gray zone. Nobody knew for certain if crypto investing was legal, how to pay taxes, or where to turn when scammed. This uncertainty created difficulties for both investors and regulators.
- Vietnam ranks among the world’s top crypto adoption countries – with an estimated 20-30% of the population having traded digital assets. Tens of billions of USD are circulating in this market without oversight. At this scale, the government can no longer turn a blind eye. They need a legal framework that protects citizens while enabling reasonable tax collection.
- Pressure intensified with successive fraud cases. In 2024 alone, thousands of billions of VND evaporated through pyramid schemes disguised as crypto projects, fake exchanges, and promises of 30-40% monthly returns. The state had to intervene.
- Neighboring countries have already established clear regulations – Thailand, Singapore, even Laos are building crypto legal frameworks. Without action, Vietnam would lose its competitive edge in the region.
- The timing is perfect with Bitcoin ETF approvals in the US, as major financial institutions pour money into crypto. The market is transitioning from pure speculation to strategic investment.
According to Van Hieu from 5 Minutes Crypto, Resolution 05 isn’t a surprise move but an inevitable step. The question isn’t “should crypto be regulated” but “how to regulate effectively.”
2. How Does This Impact Vietnamese Investors?
Opportunities
First, this resolution will certainly limit the rampant fraud schemes. Remember those Telegram groups selling coins with promises of 20-30% monthly returns? Or projects claiming “invest 10 million, get 100 million in 3 months”? With strict market regulation, these scams will struggle to survive.
Another clear benefit is tax clarity. With licensed exchanges, all transactions will be properly recorded. Investors can print statements, pay taxes legitimately, and won’t worry about explaining “where this money came from” when buying property or vehicles. This is what many investors have been waiting for.
The next benefit is the resolution allows “token exports”. Vietnamese blockchain projects can sell tokens to foreigners, legally bringing foreign currency into the country. This could become a new foreign exchange revenue source for the nation.
Long-term, the expert from 5 Minutes Crypto believes this is a necessary stepping stone for sustainable development. Vietnam is learning from South Korea, Hong Kong, and Singapore – countries that have successfully regulated crypto. If executed well, Vietnam could absolutely become a major blockchain hub in the region.
Challenges
But it’s not all rosy. The biggest issue is the extremely high barriers to entry.
- 10,000 billion VND capital requirement – this figure is even higher than requirements for establishing a bank. Level 4 security systems aren’t easily achieved either. This means only a few major players can afford to participate. With only 2-3 exchanges in the market, users won’t have many choices compared to the dozens of international exchanges currently available.
- Liquidity concerns are also worrying, especially for smaller altcoins. When the market is limited domestically, liquidity could be extremely low.
- The final risk is regulatory misunderstanding. Many people are panicking, thinking all crypto activities are banned – including staking, farming, or blockchain swaps. This is completely false, but if Vietnam’s Ministry of Finance doesn’t clarify soon, it could trigger unnecessary sell-offs.
3. Advice for Vietnamese Investors During This Transition Period
What You SHOULD Do:
- Stay calm, don’t panic sell: Holding Bitcoin, Ethereum or any crypto in your personal wallet is completely legal. The resolution only regulates exchanges, not digital asset ownership.
- Continue normal DeFi activities: Staking, farming, and swapping on blockchain continue as usual. When the law officially takes effect, you’ll still receive rewards normally – you’ll only need licensed exchanges when converting to VND.
- Reassess your portfolio: Prioritize Bitcoin and Ethereum – the two most liquid assets. Consider exiting altcoins outside the top 20 and less popular NFTs before domestic liquidity drops significantly.
- Be patient and understand key timelines: Currently (September 16, 2025), no exchanges are licensed yet. According to Article 7, Section 2 of the resolution, remember these two crucial milestones:
- Milestone 1: When the first exchange in Vietnam receives a license (date TBD)
- Milestone 2: 6 months after Milestone 1 – This is the critical date. From this point, all crypto transactions in Vietnam MUST go through licensed exchanges. Trading through other channels will be illegal.
- Between now and Milestone 2, you can still trade normally as before. So don’t rush into any actions – monitor official announcements about the first licensed exchange.
What You Should NOT Do:
- Absolutely no unauthorized affiliate marketing: Stop sharing referral links or advertising unlicensed exchanges immediately. When the law takes effect, this could be considered illegal.
- Don’t believe promises of massive returns: Be wary of projects promising high profits during this volatile market period.
- Don’t panic over rumors: Misinformation is spreading rapidly. Verify information from official sources before taking action.
4. Looking Ahead
According to the expert from 5 Minutes Crypto, Vietnam’s crypto community is quite disappointed with this resolution. Vietnamese users are accustomed to Binance and OKX with their high liquidity – being restricted to domestic exchanges naturally doesn’t sit well.
While Thailand and Singapore are actively attracting crypto projects with favorable policies, Vietnam may be setting the bar too high. This is even causing many Vietnamese blockchain startups to consider relocating abroad for easier development.
However, based on Vietnam’s development history, this may just be a cautious first step. The country has a track record of flexibly adjusting regulations after testing – as seen with Uber, Grab, and e-wallets.
In the next 1-2 years, once sufficient data is gathered from the pilot phase, Vietnam will likely adjust to balance risk management with innovation promotion. This presents an opportunity for international investors to monitor and prepare for a potential market of 100 million people with one of the world’s highest crypto adoption rates.
