#越南加密政策 📊 Core Analysis of Vietnam's Cryptocurrency Policy (As of June 2025)
🔄 1. Policy Shift: From Prohibition to Legalization Experiment
Historical Ban: Previously, Vietnam completely prohibited cryptocurrency payments and exchange operations, excluding cryptocurrencies from legal tender due to major concerns about financial risks and fraud (such as the $400 million 'Matrix Chain' scam in 2024).
Major Turning Point: On June 14, 2025, the National Assembly of Vietnam passed the 'Digital Technology Industry Law,' which for the first time included crypto assets in the national legal framework (effective January 2026), categorizing them into 'virtual assets' and 'crypto assets,' and establishing compliance frameworks such as anti-money laundering (AML). This move aims to respond to the regulatory demands of the international anti-money laundering organization FATF and to help Vietnam escape the 'grey list.'
🏛️ 2. Regulatory Framework: Layered Management and Sandbox Pilot
Categorized Regulation: The new law clearly states that crypto assets are not securities or illegal currencies, but allows them to be traded as regulated digital assets; exchanges must meet licensing reviews, cybersecurity, and other requirements.
Sandbox Mechanism: In 2026, a 'Digital Asset Sandbox' will be launched, allowing compliant companies (such as those collaborating with international exchanges like Bybit) to test innovative businesses in a controlled environment, reducing risks while encouraging technological exploration.
Departmental Division of Labor: The Ministry of Finance leads the sandbox and tax policies, the State Bank of Vietnam (SBV) remains conservative, and the Ministry of Justice promotes civil law amendments to clarify the legal attributes of digital assets.
💡 3. Driving Factors: Economic Ambition and Risk Balance
Economic Potential: Vietnam has 17 million crypto users, with private holdings of crypto assets exceeding $100 billion; after legalization, a mere 0.1% transaction tax could yield an annual increase of $800 million in tax revenue.
Combating Crime: The new law prioritizes fraud, enhancing investor protection, as previous frequent scams have pressured policy improvement.
International Competition: To prevent talent from flowing to more mature regulatory markets like Singapore and Thailand, Vietnam is accelerating the development of the entire blockchain industry chain (such as supporting semiconductors and AI data centers).
🔮 4. Future Challenges and Directions
Short-term Obstacles: Insufficient coordination among departments may lead to delays in policy implementation; over 20% of adults hold crypto assets but lack risk education.
Open Pilot: Starting July 2026, Da Nang (regional financial center) and Ho Chi Minh City (international financial center) will pilot crypto asset trading, allowing foreign banks to participate without shareholding restrictions.