Phase Exact actions Typical documents Where / who
1 — Prep & Feasibility • Draft 2‑page Project Summary (business scope, forecast BTC holdings, jobs created).• Order notarised passport copies & bank references for each foreign shareholder. Project Summary, notarised ID, proof‑of‑funds letter. Remote (you can prep from Singapore).
2 — Investment Registration Certificate (IRC) 1. Upload Project Summary to e‑MPI (Ministry of Planning & Investment) portal.2. Pay application fee (≈ VND 1.5 m).3. Respond to “clarification” emails (they usually ask for AML policy & projected cap‑table). Application form (Form I‑1, Circular 25/2023/TT‑BKHĐT) , draft Charter, bank statement. Department of Planning & Investment, HCMC.
3 — Enterprise Registration Certificate (ERC) 1. After IRC approval, notarise your Company Charter (Điều Lệ).2. File ERC packet online: • Charter • List of Members (if >1) • Appointment resolution naming Director.3. Receive ERC in 3‑5 working days. Charter, Members list, Appointment resolution. Same DPI portal.
4 — Company Seal & Tax Code • Order e‑seal (cloud‑based) or physical seal.• DPI auto‑issues Tax Code with ERC—register for E‑Invoice within 10 days. Seal order form, e‑invoice registration. Vietnamese e‑tax portal.
5 — Bank Account & Capital Injection 1. Take ERC + IRC to a crypto‑friendly bank (e.g., Vietcombank Fintech Desk).2. Open Capital Account (foreign‑currency) & Operating Account (VND).3. Wire charter capital within 90 days; bank issues Capital Confirmation Letter. ERC, IRC, Director’s passport, Board resolution funding the account. Bank branch in HCMC.
6 — Crypto Business Licence (under DTI Law) Until 1 Jan 2026: operate under “holding‑only” model (no licence yet).From 2026: file Form DL‑Custody or DL‑Broker:• AML manual (English & Vietnamese).• Cold‑storage architecture diagram.• List of beneficial owners. Form DL‑Custody / DL‑Broker (expected in MOF circular Q4 2025). Ministry of Finance + SBV sandbox.
7 — AML / KYC Roll‑out • Integrate on‑chain screening (e.g., Chainalysis API).• Draft Customer Risk Rating Matrix.• Appoint a Vietnam‑resident Compliance Officer. AML Policy, Risk Matrix, Officer appointment. Internal.
8 — Custody Go‑Live • Deploy MPC wallet (Fireblocks/Krayon) or 2‑of‑3 multisig (BitGo).• Store one key in bank HSM, one with Director in Ledger Enterprise, one with external counsel. Key‑holder matrix, Disaster‑Recovery SOP. Cold‑storage facility + HSM vault.
9 — BTC Acquisition • Sign OTC agreement with a sandbox‑ready broker (Bybit VN pilot) or offshore desk (Genesis, B2C2).• Execute test buy (0.01 BTC), confirm sweep to cold wallet.• Scale purchases via DCA. OTC Master Agreement, Trade tickets. Remote + Saigon office.
10 — Accounting & Audit • Record BTC at fair‑value each quarter under new FASB rule (Dec 2024) .• Retain Big‑4 Vietnam or RSM VN for annual audit.• Provide on‑chain proof‑of‑assets to auditors (xpub disclosure or signed message). Ledger, Fair‑value memo, Audit trail. Internal + Auditor.
11 — Tax Compliance • File quarterly CIT estimate; include realised BTC gains.• File annual personal‑income tax for any BTC‑denominated bonuses.• Maintain separate ledger for unrealised gains (not taxed until sold). CIT form, Transfer‑pricing file (if group crosses borders). General Department of Taxation portal.
12 — Board & Policy Review • Hold annual board meeting in Saigon; review Treasury Policy KPI: allocation %, VaR, custody uptime.• Update risk thresholds, hedge programme (options collars) if volatility > 50 %. Board minutes, Updated policy v2. Company HQ.
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Practical Tips & Time‑Savers
1. E‑signature ready: Vietnam’s DPI accepts DocuSign‑style signatures if the signatory’s passport copy is notarised & consularised.
2. Local director not mandatory but local legal rep address is—use a serviced‑office provider until you lease premises.
3. Language: All filings must be in Vietnamese; attach English translations for investor clarity.
4. Sandbox edge: Early‑bird applicants often receive provisional approval within 30 days, allowing operations while final licence is processed.
5. Insurance: Marsh VN and Aon APAC now underwrite up to US $50 m per incident for crypto cold‑storage—bargain rates if keys reside in an HSM.
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Momentum Check
Mile‑marker Days (typical)
IRC approval 15‑25
ERC issuance 3‑5
Bank accounts active 5‑10
Capital injected ≤ 90
Custody set‑up 7‑14
First BTC on balance sheet ≤ 120
Stay disciplined, document everything, and you’ll progress from idea ➞ licensed custodian in about 4 months.
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Need backup?
• Lawyers: YKVN or Viet An Law (crypto‑aware).
• Tax & audit: PwC Vietnam – Digital Assets Desk.
• Custody tech: Krayon for MPC; BitGo for multisig; Ledger Enterprise for HSM‑backed cold storage.
• OTC liquidity: Bybit VN pilot sandbox (post‑2026) or B2C2 Asia (today).
Plant your flag, follow each micro‑step, and watch Saigon’s skyline—and your treasury—light up in Bitcoin orange!