In recent days, the cryptocurrency investment community in Vietnam has been abuzz with news of an impending ban on international trading platforms, along with reports that a number of domestic businesses will be allowed to "pilot" operations starting in March. However, from a legal perspective and in direct comparison with Resolution 05/2025/NQ-CP, these interpretations are somewhat hasty and may misrepresent the true nature of the management roadmap. Let's clarify this in this article.
Part 1: Legal "rumors" surrounding Resolution 05/2025/NQ-CP
- Legal Fact-Check - Decoding the Actual Licensing Process. Addressing the misunderstanding between "Confirmation of Valid Application" and "Licensing Decision". Clearly analyzing that domestic businesses still have a long way to go, up to 12 months, to pass the Ministry of Public Security's Level 4 cybersecurity assessment and other requirements.
- The "6-month countdown clock" has not been activated. Correction regarding rumors of an immediate "ban" on international exchanges. Clarification of the regulation in Clause 2, Article 7 of Resolution 05: The 6-month grace period only begins after the first domestic exchange officially receives its license. Therefore, the current operations of investors are not interrupted or in violation of the law.
- Risk of investing based on rumors. The public is warned that leaked documents are being exploited for sensational headlines and to create fear. Investors are advised to only verify information on the Ministry of Finance's official portal and mainstream media to protect their assets and make appropriate asset management decisions.
1. Origin of the incident: The document was disseminated from social media sites and not published on official websites such as congbao.chinhphu.vn or the Ministry of Finance's information page.
This wave of information originated from a Reuters news report and a document circulating on social media stating that "5 companies have passed the preliminary evaluation round." Shortly afterward, this information was translated or quoted by several domestic news sites and online communities, with headlines like "5 names selected for the pilot program revealed in March." Below is the content of the document being circulated:
The juxtaposition of information from international news reports with a document not yet published on official websites such as congbao.chinhphu.vn or the Ministry of Finance's website created a major procedural misunderstanding, leading many investors to mistakenly believe that operating licenses had been officially granted to these entities.
2. According to unofficially circulated documents, domestic businesses have essentially only passed the "administrative procedure stage".
Comparing the document disseminated from social media with legal regulations, it can be seen that this is only an initial review of the application. According to Clause 2, Article 10 of Resolution 05, this document essentially only confirms that the businesses have completed Phase 1: Submitting basic documents such as the application form, company charter, and personnel list (meeting Clauses 1, 2, 5, and 6 of Article 9 of Resolution 05).
This is absolutely not a licensing approval decision. To obtain the official license (Form No. 07), these organizations must enter the extremely rigorous Phase 2. According to Clause 3, Article 10 of Resolution 05, they have up to 12 months to complete the in-depth documentation, especially the documents proving the actual contributed Capital and, most importantly, the Level 4 Information System Security Assessment document issued by the Ministry of Public Security. Only after completing all these requirements will the Ministry of Finance and inter-agency bodies have an additional 30 days to XEM granting the license.
3. The immediate ban is unfounded.
The biggest source of confusion for the market is the information circulating that Vietnam will ban the trading of digital assets on international platforms and immediately prosecute violators.
In fact, Vietnamese law has always had a clear transitional roadmap to protect investors' rights. According to Clause 2, Article 7 of Resolution 05, sanctions can only be applied to transactions not conducted through a licensed organization "after six months from the date the first cryptocurrency service provider is licensed."
As analyzed above, no businesses have yet received official licenses. This means that the "6-month countdown clock" grace period has not yet been activated. Investors and trading platforms have a safe and legal "buffer zone" to monitor further developments from the authorities.
4. Investors are advised to remain calm.
The licensing process for crypto asset services requires an extremely high level of transparency. According to Clause 5, Article 10 of Resolution 05, any organization granted a license must publish official information on the Ministry of Finance's website and in the press for three consecutive issues.
Currently, the official portal of the regulatory agency has not recorded any licensing announcements. Chasing after unverified information circulating on social media can lead investors to make hasty decisions, risking asset losses. The market needs to calmly monitor official documents and information from the Government in the coming period.
