RWA Regulation in Vietnam

The Vietnamese government has taken a significant step with the new Decree No. 05/2025/NQ-CP, launching a five-year pilot program for the crypto asset market. As a lawyer in this space, this is a must-read for anyone operating in Vietnam.

The decree provides a clear, and very good, starting point: it focuses on the tokenization of Real World Assets (RWA). The resolution states that crypto assets must be issued based on a tangible underlying asset, explicitly excluding securities and fiat currency. This is a promising sign for projects that aim to connect blockchain technology with the real economy.

This is a good sign for the RWA space, as it provides a framework for bringing tangible assets like real estate, art, or commodities onto the blockchain, increasing liquidity and accessibility for investors. It's a strategic move that could position Vietnam as a pioneer in this area.

However, a key drawback is that all other types of tokens, particularly those central to the booming Decentralized Finance (#DeFi) market, are not yet permitted. The decree's definition of a "crypto asset" does not include traditional cryptocurrencies or most #DeFi tokens, which are not backed by a physical, tangible asset. This creates a significant gap, as #DeFi is a major driver of global crypto activity.

The pilot program is designed to be cautious and controlled, with the Ministry of Finance overseeing all activities and having the power to suspend or terminate the pilot if risks arise. All transactions must be conducted in Vietnamese Dong (VND), and only licensed Vietnamese enterprises with significant capital and institutional backing can provide services.

While the decree provides much-needed legal clarity, it is a narrow framework that reflects a measured approach. The exclusion of broader #DeFi activities means that a large part of the global crypto market is currently left out of this pilot.

Author

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