Ministry proposes reporting regime for cryto trading platforms

Ministry proposes reporting regime for cryto trading platforms

The proposed rules form part of Việt Nam's pilot framework for crypto assets under Government Resolution 05/2025/NQ-CP.

A Bitcoin. The Ministry of Finance has proposed reporting and disclosure requirements for cryptocurrency trading platforms. — AFP/VNA Photo

Việt Nam is proposing setting up reporting and disclosure requirements for cryptocurrency trading platforms, including advance notice for certain insider transactions and regular audits of customer assets, as the country builds a regulatory framework for the growing digital asset market.

Under a draft circular issued by the Ministry of Finance and the State Securities Commission (SSC), individuals or organisations holding at least 1 per cent of the charter capital of a crypto-asset service provider would have to notify regulators at least three days before changing their ownership stake.

Board members, senior executives, chief technology officers and related persons would also have to give three days' advance notice before trading crypto assets held in custody by the platform.

Crypto-asset service platforms would be required to submit weekly custody data to the SSC and, twice a year, provide audited reports detailing customers' assets, including wallet addresses, asset balances, hot or cold wallet status and proof-of-reserves information.

Platforms would also have to disclose market data during trading hours, including the latest transaction price and volume, daily high and low prices, average prices and price movements. They would also be required to publish the three best bid and ask prices and corresponding volumes.

The draft would require platforms to report to the Ministry of Finance, Ministry of Public Security and State Bank of Vietnam within 24 hours of deciding to list or delist a crypto asset.

For issuers, the draft proposes that a prospectus be published at least 15 days before an offering. Amendments would have to be disclosed within three days, while offering results would have to be published within seven days of completion.

The draft also proposes four transaction reporting thresholds, below $1,000, $1,000-$5,000, $5,000-$10,000 and above $10,000.

The proposed rules form part of Việt Nam's pilot framework for crypto assets under Government Resolution 05/2025/NQ-CP.

The Ministry of Finance cited statistics from research firm GWI that around 9.2 million Vietnamese own crypto assets, or 18.5 per cent of Internet users. Triple-A even estimated the number of Vietnamese owning crypto assets at 20 million.

Chainalysis data cited by the ministry showed that the value of crypto assets held by Vietnamese residents totalled about $105 billion in 2024, after reaching $120 billion in 2023.

Under the pilot legal framework for the crypto asset market, Việt Nam expects the first crypto-asset service providers to be licensed and begin operations in 2026. 

Bizhub