Here’s a comprehensive overview of Vietnam's policy evolution towards cryptocurrencies under the hashtag #VietnamCryptoPolicy:
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🇻🇳 1. Current situation and official direction
• Vietnam currently allows the trading and ownership of cryptocurrencies, but prohibits their use as legal tender for payments, imposing penalties for illegal payments.
• The central bank prohibits the use of cryptocurrencies for settlement, while the regulatory framework aims to integrate formal trading within the legal economy.
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⚖️ 2. Legal and experimental framework
• In March 2025, the Ministry of Finance and the central bank were instructed to prepare a legal framework for regulating digital assets, including the establishment of a pilot exchange platform (sandbox).
• A state-licensed experimental platform “pilot exchange” represents the first step towards regulating cryptocurrency trading within an official market.
• The framework is expected to include the issuance of digital assets by companies, custody services, trading, and regulations related to anti-money laundering and counter-terrorism financing.
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📅 3. Timelines and legal documents
• In February 2024 and January 2025, government decisions were issued to the Ministry of Finance and the central bank to design the legislation by May–March 2025.
• Key documents such as the “Digital Technology Industry Law,” the decision to establish regional financial centers, and the “Crypto Pilot” decision were introduced in the sessions of the National Assembly in mid-2025.
• The experiment is expected to continue until the end of 2027, after which its results will be evaluated to determine whether the public regulations for entering digital assets will be legal or prohibited.
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🌍 4. Political motivations and their impact
• Vietnam is among the highest countries in the world in terms of cryptocurrency ownership, with a rate exceeding 17–21% of the population (~17 million people), and annual transactions exceeding 100–120 billion dollars.
• The policy aims to transform the gray market into a formal and safe market, to increase the state's tax revenues (such as a 0.1% tax on financial services), and to reduce fraud and money laundering.
• The pilot program seeks to build trust, attract Web3 investment, and start local companies issuing digital assets, stimulating innovation in the financial and technological sectors.
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💬 5. Community opinions (according to Reddit)
“Prime Minister … instructed Ministry of Finance and State Bank to draft a legal framework … currently cryptos… operate in a legal gray area … leading to tax revenue losses”
“Get ready, crypto enthusiasts! … legal framework … this month. March is going to be a game-changer”
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✅ Summary
• Current reality: Exchange and ownership of cryptocurrencies is allowed, but their use as currency is prohibited.
• The trial phase: A licensed exchange platform enters testing within a sandbox area, aiming to develop comprehensive regulation.
• Legislative measures: Draft laws and regulatory and financial policies are expected to be approved in 2025, with experiments continuing until 2027.
• The goal: Integrate the obscure market into a legal market that provides investor protection, regulates activity, ensures tax resources for the state, and supports digital transformation.