Crypto KOLs Can Remain Confident in the Current Regulatory Phase

As Vietnam gradually shapes its legal framework for digital assets, many crypto KOLs and media organizations have chosen to temporarily “step back” due to concerns over potential legal risks. However, according to legal experts, when the current policies are interpreted within their proper scope, most common crypto media and promotional activities are not subject to tightened regulation at this stage.

The resolution was issued in the context of Vietnam’s step-by-step approach to building a legal framework for the digital asset market. While public attention has largely focused on its implications for exchanges and investors, KOLs, agencies, and media partners have been more significantly affected on a psychological level. This raises a key question: Are crypto media activities currently facing legal risks?

Resolution 05/2025/NQ-CP: Focused on Trading, Not Media Activities

Under Resolution 05/2025/NQ-CP, the policy establishes a controlled pilot mechanism with a five-year duration, primarily targeting digital asset trading activities and real-world-asset–linked digital assets (RWA), with a limited number of participating entities.

Notably, Resolution 05 does not introduce direct regulatory provisions governing KOL media or promotional activities, nor does it include any clauses addressing promotional actions that occurred prior to the resolution’s issuance.

This indicates that the current regulatory focus is on trading operations and market infrastructure, rather than directly regulating content creation or media communications within the crypto sector.

Lawyer’s View: No Legal Basis for Retroactive Enforcement

According to Đào Tiến Phong, as of January 16, 2026, there is no legal basis indicating that KOLs or agencies would be penalized solely for having promoted exchanges or shared crypto-related content in the past.

Vietnamese law, as a general principle, does not apply retroactive enforcement in a manner that disadvantages individuals or organizations, unless explicitly stated in legal documents.

This assessment aligns with Vietnam’s legislative principles and enforcement practices, under which new regulations are typically not applied retroactively to actions that occurred before the regulations took effect.

Regulatory Attention Targets High-Risk Conduct

In parallel, the draft decree on administrative penalties for violations related to digital assets and digital asset markets indicates that regulatory enforcement is primarily aimed at high-risk behaviors, including:

• Fraud and deceptive practices
• Asset misappropriation
• False or misleading advertising
• Violations mainly originating from service providers

From a regulatory perspective, legal experts note that authorities are currently prioritizing behaviors such as guaranteed profit claims, investment mandate arrangements, personalized investment recommendations, or the misuse of media activities to appropriate assets.

This suggests that, in the current phase, crypto KOLs may continue operating as long as they adhere to transparent communication principles, avoid financial return commitments, and refrain from participating in models that show clear risk signals.

A Transitional Phase, Not a Sudden Shift

From a legal standpoint, Resolution 05 does not represent a sudden regulatory shift targeting crypto KOL activities. Instead, it is a step toward shaping a controlled and orderly digital asset market.

During this transitional period, a correct understanding of the policy’s scope can help KOLs and media partners reduce uncertainty, maintain confidence, and continue operating in a transparent, responsible, and compliant manner.