While countries like Japan, South Korea and more recently Thailand have established clear regulatory frameworks, Vietnam, one of the world’s best crypto adoption markets, operates in legal gray areas.
This was ultimately changed with the resolution 05/2025/NQ-CP published on September 9, 2025. To better understand the real-world impact of this historical turning point, we interviewed researchers at 5 PHUT Crypto, Vietnam’s leading crypto community, with hundreds of thousands of members whose new regulations are directly affected.
1. Why Vietnam needs to be encrypted
Over the past five years, the Vietnamese crypto market has exploded and is operating in a completely legal grey zone. No one was sure if Crypto Investing was legal, how to pay taxes, or where to turn it in the event of fraud. This uncertainty has created challenges for both investors and regulators.
- Vietnam is ranked as the world’s largest crypto adoption country – An estimated 20-30% of the population trades digital assets. The market has hundreds of billions of US dollars circulated without oversight. On this scale, the government can no longer turn a blind eye. A legal framework is needed to protect citizens while enabling reasonable tax collection.
- Pressure is escalating with successive fraud cases. In 2024 alone, hundreds of billions of VNDs have evaporated through crypto projects, fake exchanges and pyramid schemes that disguised the promise of a monthly 30-40% return. The state had to intervene.
- Neighboring countries have already established clear regulations – Even Thailand, Singapore and Laos have built legal frameworks for crypto. Without action, Vietnam will lose its competitiveness in the region.
- Timing is best for US Bitcoin ETF approvalas major financial institutions pour their money into crypto. The market is shifting from pure speculation to strategic investment.
According to van Hieu 5 Phut Crypto, Resolution 05 is not a surprise move, it is an inevitable step. The problem is not “should be encrypted”, it is not “how to effectively regulate”.
2. How will this affect Vietnamese investors?
opportunity
First, this solution is sure Limiting rampant fraud schemes. Remember the telegram group selling coins with a promise of 20-30% monthly returns? Or a project that claims to “invest 10 million and earn 100 million in three months”? Due to strict market regulations, these scams have a hard time surviving.
Another obvious advantage is tax clarity. Licensed exchanges ensure that all transactions are properly recorded. Investors can print statements, pay taxes legally, and cannot worry about explaining “where this money came from” when purchasing real estate or vehicles. This is something many investors have been waiting for.
The following benefits are: Resolution allows “token export”. Vietnam’s blockchain project allows tokens to be sold to foreigners and legally brings foreign currency to the country. This could be the country’s new source of foreign exchange revenue.
In the long run, experts at 5 PHUT Crypto believe this is a necessary stepping stone for sustainable development. Vietnam is Learn from KoreaHong Kong, Singapore – a country that successfully regulates cryptography. If executed well, Vietnam could absolutely become the region’s major blockchain hub.
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But it’s not all rosy. The biggest problem is the very high barrier to entry.
- 10 billion VND Capital Requirement – This number is even higher than the requirements for establishing a bank. Level 4 security systems are not easily achieved. This means that only a few key players can afford to participate. There are only two to three exchanges on the market, so users don’t have many choices compared to the dozens of international exchanges available today.
- I’m also worried about liquidityespecially for small altcoins. If the market is domestically restricted, liquidity can be very low.
- The ultimate risk is a regulatory misconception. Many people are panicking and believe that all crypto activities are banned. This is completely wrong, but if Vietnam’s Ministry of Finance is not immediately clear, it could lead to unnecessary sales.
3. Advice to Vietnamese investors during this transition period
What you should do:
- Stay calm and don’t panic: It is completely legal to hold Bitcoin, Ethereum or crypto in your personal wallet. The resolution regulates only exchanges, not ownership of digital assets.
- Continue with normal defi activity: Staking, agriculture and swapping on the blockchain continues as normal. Even if the law is officially in effect, you will usually receive a reward. When converting to VND, only licensed exchanges are required.
- Reevaluate your portfolio: Prioritize Bitcoin and Ethereum – the two most fluid assets. Before domestic liquidity drops significantly, consider leaving the top 20 or later Altcoins and leaving the less popular NFTs.
- Be patient and understand important timelines: Currently (September 16, 2025), there are no exchanges approved yet. Remember these two important milestones according to Article 7, Section 2 of the Resolution.
- Milestone 1: When your first exchange in Vietnam receives a license (date TBD)
- Milestone 2: Six months after Milestone 1 – this is an important date. From this point on, all crypto transactions in Vietnam must pass through an authorized exchange. Transactions via other channels are illegal.
- You can trade normally between the present and Milestone 2 as before. So don’t rush to action. Monitor the official announcement regarding the initial license exchange.
Things you shouldn’t:
- There is absolutely no fraudulent affiliate marketing: Stop advertising immediately for sharing referral links or licensed exchanges. Once the law comes into effect, this could be considered illegal.
- Don’t believe in the promise of a massive return: Beware of projects that promise high profits during this unstable market period.
- Don’t panic through rumors: Misinformation is spreading rapidly. Please check the information from official sources before taking action.
4. Look ahead
5 According to experts at PHUT Crypto, the Vietnamese crypto community is extremely disappointed with the resolution. Vietnamese users are used to Vinance and OKX with high liquidity. Of course, it doesn’t work because it’s limited to domestic exchanges.
Thailand and Singapore are actively attracting crypto projects with favorable policies, but Vietnam may be setting the bar too high. This has even considered moving overseas for many Vietnamese blockchain startups to develop.
However, based on Vietnam’s development history, this may be a cautious first step. The country has a track record of regulatory adjustments after testing. This is as seen on Uber, Grab and e-Wallets.
With enough data collected from the pilot phase over the next 1-2 years, Vietnam could adapt to balance risk management and innovation promotion. This provides an opportunity for international investors to monitor and prepare for a potential market of 100 million with one of the world’s highest crypto adoption rates.