#越南加密政策 Vietnam adopts **"pragmatic regulation of 'non-prohibition, but approval'** for cryptocurrency:

1. **Prohibition of payment tool status**: The central bank clearly states that cryptocurrencies are not legal tender, prohibiting payment settlements and restricting financial institutions' involvement.

2. **Implicit approval of personal trading/holding**: Citizens trading on foreign platforms are not prohibited, making Vietnam one of the countries with the highest cryptocurrency adoption rates globally (top five according to 2023 Chainalysis data).

3. **Encouragement of blockchain technology**: The government actively promotes blockchain applications, supports technology research and development, and sandbox testing, contrasting with the crackdown on the crypto sector.

4. **Gray market risks**: The lack of clear regulations leads to fraud and money laundering risks, with weak protection for investors' rights.

**Impact Summary**: Under policy fragmentation, **high public participation coexists with regulatory vacuum**, creating a speculative boom in the short term but requiring compliance guidance in the long term, with technological development and financial risks rising simultaneously.