(Chinhphu.vn) - The Personal Income Tax Law 2025 sets the personal income tax rate on income from the transfer of digital assets at the transfer price multiplied by a tax rate of 0.1%, similar to the securities tax mechanism, ensuring fairness among investment channels and forcing digital money to strictly comply with its obligation to contribute to the state budget.
The issuance of Resolution No. 05/2025/NQ-CP on the pilot implementation of the cryptocurrency market in Vietnam reflects a cautious and transparent management approach, focusing on risk control and protecting the legitimate rights and interests of organizations and individuals participating in the market.
According to Articles 46 and 47 of the 2025 Law on Digital Technology Industry, digital assets are assets as defined by the Civil Code, expressed in the form of digital data, created, issued, stored, transferred, and authenticated using digital technology in an electronic environment. Digital assets include virtual assets, cryptographic assets, and other digital assets. However, virtual and cryptographic assets do not include securities, digital forms of fiat currency, and other financial assets as stipulated by law , thus defining the scope of management for these types of assets.
To control risks from the issuance stage, Clause 2, Article 5 of Resolution No. 05/2025/NQ-CP stipulates that crypto assets must be issued based on underlying assets that are real assets, excluding securities and fiat currency. Furthermore, according to Article 6 of this Resolution, crypto assets may only be offered and issued to foreign investors and may only be traded between foreign investors through crypto asset service providers licensed by the Ministry of Finance .
The resolution stipulates a pilot program duration of 5 years. For domestic investors currently holding crypto assets, Article 7 allows them to open accounts at crypto asset service providers licensed by the Ministry of Finance to deposit, buy, and sell crypto assets in Vietnam in accordance with regulations. Defining the scope, target groups, and conditions for market participation provides a basis for regulatory authorities to monitor trading activities during the pilot program.
Furthermore, point a, clause 1, Article 48 of the 2025 Law on Digital Technology Industry establishes the management content for the creation, issuance, storage, transfer, and establishment of ownership rights of digital assets. These regulations contribute to forming a legal basis for managing issuance and trading activities and protecting the legitimate rights and interests of investors.
Alongside establishing a market management framework, the law is also gradually improving regulations on tax obligations and monitoring of money flows related to digital asset transactions.
Notably, the Personal Income Tax Law of 2025 added income from the transfer of digital assets to the list of taxable income under point d, clause 10, Article 3. According to clause 2, Article 19 and clause 2, Article 27 of the Law, personal income tax on income from the transfer of digital assets by resident and non-resident individuals is determined by multiplying the transfer price by a tax rate of 0.1%.
Applying a 0.1% tax rate on the transfer price, similar to the tax calculation method for securities transfers, helps establish a basis for fulfilling tax obligations for digital asset transfers, serves tax management purposes, and limits the risk of budget revenue losses.
To enhance transaction monitoring and tax compliance, Resolution No. 05/2025/NQ-CP stipulates specific responsibilities for organizations providing cryptocurrency services. According to point a, clause 2, Article 15, these organizations must verify the identity of investors opening accounts; manage customer's cryptocurrency and assets separately from the organization's own cryptocurrency and assets; monitor transaction activities, protect customer assets, and collect and pay taxes in accordance with the law.
Regarding foreign investor funds, Clause 1, Article 13 of Resolution No. 05/2025/NQ-CP stipulates that investors must open a dedicated payment account in Vietnamese Dong at a foreign bank or branch authorized to conduct foreign exchange business and provide foreign exchange services in Vietnam to carry out transactions related to the purchase and sale of crypto assets.
According to Clause 6, Article 13 of this Resolution, money transfer orders for the purchase and sale of crypto assets in Vietnam by foreign investors must clearly state the purpose of the transfer, serving as a basis for banks to verify, check, and retain documentation. This regulation contributes to strengthening the ability to control money flows, serving the purpose of transaction monitoring and preventing and combating violations of the law.
Along with establishing market participation conditions and the obligations of entities, Decree No. 284/2026/ND-CP specifies the fines, supplementary penalties, and remedial measures for violations in the cryptocurrency market. According to Clause 1, Article 4 of this Decree, the maximum fine is VND 200 million for organizations and VND 100 million for individuals.
Specifically, point a, clause 4, Article 7 stipulates a fine of VND 180 million to VND 200 million for the act of providing services related to crypto assets without having been granted a license to provide services for organizing crypto asset trading markets.
Regarding the offering and issuance of crypto assets, Clause b, Point 5, Article 6 of the Decree stipulates measures to compel the cancellation of the offering or issuance and the full refund of funds to investors when the issuing organization commits violations of the provisions in Clauses a, b, and c, Point 3 of this Article. This regulation aims to remedy the consequences of offering or issuance activities that do not meet legal requirements.
Regarding violations of regulations on anti-money laundering and terrorist financing, Clause c, Point 9, Article 13 of Decree No. 284/2026/ND-CP stipulates a fine of VND 180 million to VND 200 million for acts such as organizing, participating in, or facilitating money laundering; establishing or maintaining business relationships with shell banks; directly or indirectly providing money, assets, economic resources, or financial services to organizations or individuals related to terrorism or terrorist financing, but not yet reaching the level of criminal liability.
In addition to fines, according to point a, clause 10, Article 13 of this Decree, organizations providing cryptographic services that violate the provisions of clause 9, Article 13 will also have their cryptographic service provision activities suspended for 1 to 3 months.
The promulgation of the Law on Digital Technology Industry, the Law on Personal Income Tax, and related resolutions and decrees have gradually formed a legal framework for managing the cryptocurrency market in Vietnam. These regulations provide a basis for strengthening transaction monitoring, managing tax obligations, preventing and handling violations, and contributing to protecting the legitimate rights and interests of organizations and individuals participating in the market.
Dr. Phan Phuong Nam
Ho Chi Minh City University of Law
