Digital asset market reshaped by new legal system

The Vietnamese government has taken a decisive step towards regulating the country's emerging digital asset sector with the issuance of Resolution No.05/2025/NQ-CP last month. The new framework marks the first official recognition of digital and cryptoassets as lawful property under Vietnamese law, signalling a major milestone for the country's fintech landscape.

- By Nguyen Thi Thuy Chung Senior partner, ASL Law

Resolution 05 establishes a five-year pilot programme applicable to both service providers, issuers, as well as domestic and foreign investors. This pilot mechanism aims to create a structured and monitored environment for the fast-evolving crypto sector, balancing innovation with investor protection and financial stability.

Notably, under Resolution 05, digital assets and cryptoassets have officially been recognised as assets under Vietnamese law. By classifying digital and cryptoassets as lawful property, Vietnam offers long-awaited legal certainty for investors, entrepreneurs, and regulators alike.

To manage entities participating in the digital asset ecosystem, the resolution introduces specific regulations governing cryptoasset service providers (CASPs). These must be Vietnamese entities and are permitted to operate within four defined areas: organising trading markets, proprietary trading, custody, and providing platforms for issuance.

Each CASP must meet several stringent licensing and operational conditions to obtain a licence from the Ministry of Finance (MoF), including a minimum charter capital of $400 million, limits on foreign ownership (49 per cent), and institutional shareholding thresholds (65 per cent). These standards are expected to boost market discipline and transparency, encouraging only financially sound and technologically competent players to enter the field.