Cryptocurrency Regulations in Vietnam

The Vietnamese government plans to establish a complete legal framework for cryptocurrency regulations, which will become active by May 2025. The country evolved from initial resistance to adopting a regulatory system that enables technological progress alongside financial protection measures. Vietnam maintains a middle ground toward cryptocurrency by neither completely endorsing nor completely banning it.

The comprehension of these regulations becomes essential for investors and businesses, alongside users, to handle risks and maintain compliance. A clear legal framework protects investors from penalties because several crypto-related operations exist in unregulated areas. The increasing regulatory developments affect both foreign exchanges seeking to enter Vietnam’s digital asset market and new projects operating within the country.

Three main regulatory authorities exist in Vietnam: the State Bank of Vietnam (SBV) leads monetary policy while the Ministry of Finance handles tax policy and licensing and the Ministry of Justice creates legal proposals for digital assets.

Historical Context

The initial policy regarding cryptocurrency in Vietnam involved rigorous regulatory measures. The State Bank of Vietnam established a ban on cryptocurrency usage for legal payment transactions during 2017. Prime Minister Nguyen Xuan Phuc established Decision 1255, which demanded the establishment of legal management systems for virtual assets.

During 2018, the State Securities Commission issued an official warning that directed businesses to refrain from crypto-related operations. Blockchain research became the primary focus for Vietnam between 2019 and 2023, while public cryptocurrency use was no longer a priority. The Ministry of Justice issued a statement in 2024 to confirm that owning cryptocurrencies did not constitute illegal behaviour, thus starting a path toward regulatory oversight instead of absolute bans.

The country’s regulatory position continues to evolve because it needs to balance risk management with the growing adoption of cryptocurrencies. The Triple-A data showed Vietnam held the position as the second-highest country worldwide for crypto adoption in 2024.

Regulatory Framework

The regulatory framework development process involves three main bodies working together to create it.

• The State Bank of Vietnam (SBV) manages both banking operations and payment system activities. The ban on crypto payments remains active while the institution develops licensing requirements for digital asset companies.

• The Ministry of Finance works to establish taxation policies that will affect crypto assets. The new framework might establish a capital gains tax system for crypto, while the country currently lacks any official crypto tax regulations.

• The Ministry of Justice works with other ministries to develop legal proposals and played a role in defining crypto ownership rights for 2024.

Businesses operating in cryptocurrency will need to register with the new framework as part of its requirements. A license system will specify the authorized services while enforcing national laws.

The new framework will make AML and KYC compliance requirements essential for all participants. The Vietnamese government implemented a new anti-money laundering legislation during 2022 that started with financial services but plans to expand coverage to crypto platforms.

The Ministry of Finance has proposed monitoring the activities of ICOs, STOs and NFTs, but no official rules exist at present. Future legislation will determine the issuance and trading processes for these assets.

Vietnam Crypto Policies

The Vietnamese government has not established cryptocurrencies as official legal currency, which makes their use for payments illegal. The laws of Vietnam do not prohibit the ownership or trading of cryptocurrencies. A legal ambiguity exists because Vietnamese law permits personal ownership yet restricts public activities with these assets.

The practice of crypto mining is authorized provided operators comply with all national business regulations. Companies operating within the country must register their business with authorities and follow standard tax obligations. The energy requirements of mining operations have become a matter of policy concern, which could lead to additional regulatory measures.

The national government continues to study the development of a central bank digital currency (CBDC). The 2021-2023 pilot program for the digital currency is undergoing evaluation for its results. The national blockchain strategy of Vietnam, introduced in late 2024, targets the development of public and private blockchain innovations up to 2030.

Penalties exist for violations. The use of cryptocurrency for payments will lead to financial penalties between 150 and 200 million VND. The government continues to establish penalties for tax evasion and illegal fundraising as the new regulatory system evolves.

Country’s Approach to Crypto Innovation

The Vietnamese government will establish a regulatory sandbox during July 2026 for conducting controlled tests of blockchain and fintech projects. The government can monitor both advantages and risks through this approach before implementing complete policies.

The worldwide acceptance of crypto by individuals surpasses business adoption, which remains restricted by payment restrictions. Research data from 2024 indicates Vietnamese individuals hold crypto assets at a rate exceeding 21% due to their strong interest despite unclear regulations.

The government supports blockchain development through its funding of infrastructure projects and its establishment of strategic partnerships. The Vietnam Blockchain Corporation leads blockchain initiatives to track products and establish digital certification platforms.

Notable Challenges and Issues

Different sectors maintain varying levels of inconsistency regarding crypto regulations. The lack of an official licensing system for trading creates uncertainty between users and companies, since trading itself remains legal.

Enforcement remains difficult. The decentralized structure of crypto, along with its anonymous features, makes it impossible for authorities to monitor user transactions or identify their identities. The decentralized structure of crypto makes it difficult to stop fraudulent activities together with money laundering and tax evasion schemes.

Public opinion is mixed. Young adults use cryptocurrency to build wealth, but older groups and institutional entities maintain a reserved approach. Some users remain hesitant because they worry about scams and unstable prices, as well as unclear laws.

The regulatory landscape of crypto, along with its projected developments, forms the backbone of this analysis.

The Vietnamese government established through a February 2025 directive that all regulatory systems must be finalized by May 2025. The government now maintains an active role in regulation and policy enforcement instead of previous passive supervision.

The upcoming crypto regulations will establish licensing requirements and taxation of digital asset gains along with guidelines for trading platforms and token issuers, according to most expert predictions. The implementation of these rules will help Vietnam achieve international standards while drawing in institutional investment.

The regulatory measures Vietnam adopts will shape the direction other countries in Southeast Asia choose for their digital asset governance. The clarification of Vietnam’s position in crypto regulation will likely lead to increased regional cooperation or standardized crypto standards across the region.

Conclusion

The Vietnamese government works on establishing defined cryptocurrency regulations to achieve both economic development and regulatory oversight. Businesses, investors and users need to monitor legal framework changes because compliance requires active tracking of developments.

The country’s rising institutional interest and widespread adoption position Vietnam to become a digital economy leader throughout Asia. Stakeholders who want to understand this dynamic market should consult trusted information sources.

FAQs

1. Is Bitcoin legal in Vietnam?

The ownership and trading of Bitcoin remain lawful in Vietnam, while the use of Bitcoin for payment transactions remains prohibited by law.

2. Can businesses accept crypto?

Current Vietnamese law prohibits the use of crypto assets for payment transactions.

3. Is crypto taxed in Vietnam?

The government plans to introduce crypto tax regulations by mid-2025, although they have not been implemented yet.

4. Is mining allowed?

The general business and tax rules apply to miners operating within Vietnam.