Following the issuance of Resolution 05/2025/NQ-CP on the pilot implementation of the cryptocurrency market in Vietnam, many KOLs, agencies, and media partners in the Vietnamese crypto sector have expressed reservations. Some have temporarily suspended operations due to concerns about legal risks. However, according to legal analysis, this interpretation does not fully reflect the spirit of the policy's adjustments.
While market attention is primarily focused on exchanges and users, the role of KOLs and agencies is rarely viewed from a legal perspective. Does Resolution 05 truly "tighten" the activities of crypto KOLs, or is it merely re-establishing the regulatory framework?
Resolution 05/2025/NQ-CP: Controlled pilot program, not a ban.
According to Resolution 05/2025/NQ-CP, this is a controlled pilot mechanism with a 5-year term, focusing on two main areas: Market development for crypto assets (including Real Asset Values (RWA)) and related service provision.
The resolution limits the number of entities participating in the pilot program and regulates the groups of cryptocurrency service providers. At the same time, it allows for adjustments, suspensions, or termination of this mechanism during implementation. This shows that the State is not "closing off" the market, but is gradually bringing it under management to reduce risks.
Will KOLs face retroactive legal action?
A common concern is whether past promotional activities for exchanges or crypto assets are subject to retroactive action. According to legislative principles and legal practice in Vietnam, new regulations are generally not applied retroactively in an unfavorable way, unless explicitly stated otherwise.
In the draft decree regulating administrative penalties in the field of crypto assets and the crypto asset market, the focus of the penalties is mainly on fraudulent acts, deception, misappropriation of assets, or advertising platforms that are unlicensed or fraudulent. Currently, there are no regulations announcing retroactive penalties for KOLs or agencies simply because of previous media collaborations.
It's important to distinguish clearly between promoting the exchange, Chia knowledge, and using "shill Token."
According to lawyer Dao Tien Phong, a common misconception is that not all activities promoting crypto are XEM violations . Based on current policy, the following distinctions can be made:
- Promoting specific crypto assets, Token Issuance projects, and soliciting investments: these activities fall under the category of those that will be tightly controlled and are expected to be conducted only through licensed exchanges.
- Introducing the platform, brand, and service user experience is not currently the focus of this process.
- Chia market knowledge, personal perspectives, and educational content remains a normal area of activity.
| Building a brand for an exchange, a blockchain technology platform, Chia personal experiences, or creating educational content are fundamentally different from "shill coin" or soliciting investment in a specific Token . – Lawyer Phong Chia . |
From a legal perspective, Resolution 05 is not an extreme "tightening" signal for crypto KOLs, but rather a step to reshape the rules of the game for the cryptocurrency market in Vietnam. During this transitional period, correctly understanding the policy and adjusting activities towards transparency and responsibility will be more important than withdrawing due to fear.
