Crypto asset service providers will be required to disclose a range of data, including prices, trading volumes, and the three best bid and ask prices during each trading session.
The Ministry of Finance and the State Securities Commission of Vietnam (SSC) are seeking comments on proposed regulations on the disclosure of crypto asset transaction information, including prices, volumes, and bid and ask prices.
The Ministry of Finance and the SSC are seeking comments on a draft Circular guiding reporting and information disclosure requirements in the crypto asset market, with various requirements concerning transaction transparency, custody, and the operations of crypto asset service providers.
Disclosure of Transaction Information During Trading Sessions
Under the draft, the Circular will guide reporting and information disclosure in the crypto asset market, which is being piloted pursuant to Resolution No. 05/2025/NQ-CP dated September 9, 2025 of the Government.
Entities subject to the draft include crypto asset service providers; crypto asset issuers; organizations and individuals investing and operating in the crypto asset market; and relevant agencies, organizations, and individuals.
One of the matters specifically addressed in the draft is the principle of information disclosure. Accordingly, entities must ensure that disclosed information is accurate, truthful, timely, complete, and not misleading. Crypto asset service providers and issuers must disclose information in both Vietnamese and English.
Disclosed and reported information in both written and electronic data formats must be retained for at least 10 years, while information published on websites must remain accessible for at least five years. The SSC, an agency under the Ministry of Finance, will receive reports and disclosed information from crypto asset service providers.
With respect to transaction information, during trading hours, crypto asset service providers must disclose the total number of types of assets currently being traded; the price and volume of the most recent transaction; the highest and lowest prices during the session; price movements; and the average price of each type of asset.
The draft also requires disclosure of the three best bid and ask prices for each type of crypto asset, together with the corresponding bid and ask volumes and information on transactions by foreign investors.
No later than 9:00 a.m. on a trading day, service providers must disclose information on transactions arising on the preceding trading day, including the number of asset types permitted for trading, price fluctuations, the number of orders, bid and ask volumes and values, and the price, volume, and value of transactions for each type of crypto asset.
For issuers, the prospectus for the offering or issuance of crypto assets must be disclosed at least 15 days before the offering is conducted. If the prospectus is amended or supplemented, information on the changes must be disclosed within three days. Within seven days from the end of an offering, the issuer must disclose the offering results.
In the event of changes to the conditions or characteristics of an issued crypto asset, the issuer must disclose the decision on such changes within 24 hours. Every six months from the end of an issuance, the issuer must disclose its fulfillment of commitments to investors, if any.
Reporting on Transactions, Custody, and Signs of Violations
In addition to market-wide information disclosure, the draft establishes a reporting system to support regulatory and supervisory activities.
Accordingly, within 24 hours of deciding to select or remove a crypto asset from its trading system, a service provider must report the decision to the Ministry of Finance (SSC), the Ministry of Public Security, and the State Bank of Vietnam.
No later than 3:00 p.m. on a trading day, service providers must submit to the SSC a report on trading activities conducted on the preceding day. No later than the 10th day of each month, they must report on market conditions and, on a monthly basis by the 10th day, submit to the SSC reports on transactions showing signs of violations in accordance with the transaction monitoring process.
If an incident occurs that affects the continuous operation of the crypto asset service system, a report must be submitted to the SSC within 24 hours.
Custody activities are also subject to periodic reporting. Every Monday, service providers must submit to the SSC data on crypto asset custody for the preceding week. The draft also requires reporting before making operational changes that affect the segregation of customer assets or before using a third-party custody service provider.
On July 31 and January 31 each year, service providers must submit to the SSC a six-month report on customer assets that have been audited.
The proposed reporting system also covers proprietary trading, the provision of crypto asset issuance platforms, maintenance of licensing conditions, professional personnel, and compliance assessment reports. According to the dossier prepared for the draft Circular, these reporting categories are designed to support the management and supervision of service providers and market developments.
Regarding issuance activities, by the 10th day of each month, service providers must report to the SSC information on crypto asset issuance offerings conducted during the preceding month, while also reporting to the Ministry of Public Security and the State Bank of Vietnam. Information on the listing status of crypto assets issued in Vietnam must also be reported monthly.
The draft also establishes reporting obligations for certain shareholders and insiders. Organizations and individuals holding 1% or more of the charter capital of a crypto asset service provider must submit a report at least three days in advance when they plan to change their ownership ratio.
Members of the Board of Directors, Members’ Council, General Director, Chief Technology Officer, and related persons must report at least three days before conducting transactions in crypto assets held in custody by the same service provider. Issuers must also provide prior notification at least seven days before repurchasing issued crypto assets.
According to the explanatory dossier, the regulations applicable to shareholders and insiders are designed to prevent conflicts of interest, enhance openness and transparency, and protect the lawful rights and interests of investors in the market.
The draft Circular comprises four chapters and 19 articles, covering general provisions, information disclosure activities, reporting requirements, and implementation provisions. The dossier for the draft identifies the objective of providing consistent guidance on reporting and information disclosure obligations, supporting management and supervision, and ensuring openness, transparency, and safety when the crypto asset market officially begins pilot operations.
Comments on the draft are requested to be submitted to the SSC before September 26, 2026.