The Vietnamese cryptocurrency market is entering an important legal transition phase, with an official pilot resolution being issued, but still accompanied by tightened management.

1. Current Legal Situation (Brief)

The government has issued Resolution No. 05/2025, officially opening the pilot framework for the cryptocurrency market for 5 years, starting from 9/9/2025 [xaydungchinhsach.chinhphu.vn]. This means that the state is moving to a phase of conditional management experimentation, allowing the testing of transactions and the provision of services. However, this decision does not mean that cryptocurrencies are recognized as widely accepted means of payment [THƯ VIỆN PHÁP LUẬT].

2. State Action Focus

The ministries (Ministry of Finance, SBV) are coordinating to build a detailed legal corridor (supervision, AML/KYC, custody). At the same time, law enforcement continues to tighten the handling of illegal activities, continuously dismantling fraud cases and Ponzi schemes [Ministry of Public Security].

3. Short - Medium Term Impact for Traders

  • Positive: The pilot framework creates opportunities for legitimate exchanges and projects to operate, increases transparency, and opens opportunities for infrastructure tokens and RWA.

  • Caution: The pilot phase comes with strict AML/KYC regulations. "Gray" services or unqualified exchanges may be eliminated. Prosecution of fraud cases can still cause short-term liquidity panic.

4. Practical Actions Traders Should Take

  • Follow official sources: All policy changes will come from the Government's E-portal, SBV, Ministry of Finance [xaydungchinhsach.chinhphu.vn].

  • Prioritize transparent platforms: Choose exchanges/apps with clear legal information, comply with KYC/AML to avoid risks (experience from fraud cases) [Ministry of Public Security].

  • Risk management: Do not use excessive leverage. Maintain a high stablecoin ratio during policy volatility.

  • Prepare for Compliance: Early preparation of a clear trading ledger for tax declaration/reporting when the legal framework is complete.

Core Risk Warning:

  • "Pilot ≠ Fully Legal" — Legal risks still exist if using crypto as a means of payment [LEGAL LIBRARY].

  • "Pilot ≠ Prosecution Immunity" — Fraud cases are still under strong investigation, users need to protect their assets [Ministry of Public Security].

Message:

Legal framework update: pilot from 09/09/2025 — traders should pay attention to official sources, do not FOMO on rumors. I will continue to update if there are detailed guidelines on trading/tax.