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 Vai of KOLs and agencies is less recognized 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 RWAs) and related service provision.
The resolution limits the number of entities participating in the pilot program and regulates the groups of crypto asset service providers. It also allows for adjustments, suspension, or termination of this mechanism during implementation. This shows that the State is not "closing" the market, but is gradually bringing it under management to reduce risks.
Will KOLs be subject to retroactive penalties?
A common concern is whether past promotional activities for cryptocurrency exchanges or assets will be subject to retroactive penalties. According to legislative principles and legal practice in Vietnam, new regulations generally do not apply retroactively in an unfavorable way, unless explicitly stated.
In the Draft Decree on administrative penalties in the field of cryptocurrency assets and the cryptocurrency market, the focus of the penalties is mainly on fraudulent acts, deception, misappropriation of assets, or advertising on unlicensed or fraudulent platforms. Currently, there are no regulations announcing mass retroactive penalties against KOLs or agencies simply because of past media collaborations.
It's important to clearly distinguish between promoting exchanges, Chia knowledge, and "shill Token."
According to lawyer Dao Tien Phong, a common misunderstanding is that not all crypto promotion activities are XEM violations. Under current policy, the distinctions can be made as follows:
Promoting specific crypto assets, Token Issuance projects, and soliciting investments: these fall under the category of activities that will be tightly controlled and are expected to be conducted only through licensed exchanges.
Introducing platforms, brands, and service experiences: these are not currently the focus of enforcement.
Chia market knowledge, personal perspectives, and educational content: these remain normal activities.
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.
