Vietnam’s Ministry of Finance has issued Circular 165/2026/TT-BTC, outlining new rules for reporting and disclosing information on the crypto-asset market. The circular, effective December 18, 2026, applies to crypto-asset service providers, issuers, and investors operating in the country.
The regulations aim to ensure transparency and accuracy in the crypto market. All disclosed information must be truthful, timely, and complete, with changes reported promptly. Crypto-asset service providers and issuers must disclose information in both Vietnamese and English, with the Vietnamese version taking precedence in case of discrepancies.
Key Disclosure Requirements
Service providers must disclose details about licensing, listing of crypto-assets, and trading cancellations on their websites. They are also required to publish financial statements, prepared in accordance with accounting laws, and audited by approved organizations.
Periodic disclosures include trading data, such as prices, volumes, and foreign investor activity. Issuers must disclose prospectuses, offering results, and commitment fulfillment progress every six months until all obligations to investors are met.
Reporting Obligations
Service providers must submit monthly and annual reports to the State Securities Commission on shareholder lists, personnel changes, and trading activities. They are also required to report system changes, depository activities, and proprietary trading.
Additional reporting includes information technology incidents, compliance assessments, and transactions by key personnel and related parties. Banks handling foreign investor accounts must report receipt and disbursement details for crypto-asset transactions.
The circular emphasizes that reporting and disclosure obligations do not replace tax administration requirements. All information must be retained for a minimum of 10 years, with disclosed data accessible on websites for at least 5 years.
A force majeure event, defined as unforeseeable circumstances beyond a party’s control (e.g., natural disasters or epidemics), may allow service providers to postpone disclosures, provided they notify the State Securities Commission immediately.
Information Disclosure by Crypto-Asset Issuers
Before an offering, they must publish a prospectus. Any amendments to the prospectus must be disclosed within 24 hours.
Within seven days of completing an offering tranche, issuers must disclose the results. If they change issued crypto-assets’ conditions, they must disclose this within 24 hours. Every six months, they must update on commitment fulfillment until all obligations are met.
The Circular guides a number of provisions on reporting and information disclosure on the crypto-asset market piloted under Resolution No. 05/2025/NQ-CP, and it does not govern the registration and due diligence of crypto-asset users and controlling persons, or the collection, aggregation, retention, reporting, and exchange of information for tax administration purposes under the Crypto-Asset Reporting Framework.
Reporting Requirements for Crypto-Asset Service Providers
They must also report annually on technology and certified personnel. Changes in charter capital require advance notice.
Providers must report daily on trading activities and monthly on violations and proprietary trading. Weekly reports are required for depository activities, with advance notice for system changes affecting asset segregation.
They must report on listing of crypto-assets and depository situations monthly. Information technology incidents and annual compliance assessments must be reported promptly.
The subjects of application of this Circular include crypto-asset service providers, crypto-asset issuers, organizations and individuals participating in crypto-asset investment and operating on the crypto-asset market, and other relevant agencies, organizations, and individuals.
Reporting by Other Entities
Key personnel and related parties must report crypto-asset transactions in advance.
In accordance with Article 3 of the Circular, terms such as network, address, matching engine, listing of crypto-assets, crypto-asset wallet, hot wallet, and cold wallet are defined to provide clarity on the concepts used in the Circular.
