Vietnam has recently been actively promoting the construction of a regulatory framework for cryptocurrencies, shifting from an outright ban to compliant regulation. Below are key pieces of information regarding its policy development:

1. Latest Legislative Progress

On June 14, 2025, the National Assembly of Vietnam passed the 'Digital Technology Industry Law', which will take effect on January 1, 2026, and for the first time includes crypto assets within the legal framework, clearly classifying them as 'virtual assets' and 'crypto assets', while excluding financial instruments such as securities and digital fiat currencies.

This law emphasizes cybersecurity, anti-money laundering, and anti-terrorism financing requirements, providing a legal basis for the subsequent formulation of detailed regulations.

2. Role of Regulatory Bodies

State Bank of Vietnam (SBV): Prohibits cryptocurrencies as a means of payment, but supports the development of blockchain technology and is exploring Central Bank Digital Currency (CBDC).

Ministry of Finance: Promotes pilot projects for cryptocurrency sandboxes, supports the legalization of exchanges, custodial services, and stablecoin issuance, with a focus on tax reporting and fund transparency.

State Securities Commission (SSC): Takes a cautious approach to tokenized assets to prevent the risk of implicit securities issuance.

Ministry of Justice: Promotes the definition of digital assets in civil law and commercial law to address ownership disputes.

Ministry of Public Security: Combats crimes related to cryptocurrencies and proposes stricter KYC protocols and suspicious transaction reporting systems.

3. Pilot Programs and Industry Collaboration

In March 2025, the Ministry of Finance of Vietnam plans to pilot the operation of cryptocurrency exchanges, allowing companies to issue virtual assets.

Collaborates with the Monetary Authority of Singapore to draw on its regulatory experience.

Partners with global exchanges such as Bybit to develop a cryptocurrency sandbox program to test compliance frameworks and AML/KYC procedures.

4. Market Status and Challenges

Vietnam is one of the countries with the highest cryptocurrency ownership rates globally, with about 17% of the population holding crypto assets.

Due to a lack of legal regulation, the market faces fraud risks, and some companies have relocated overseas.

Being listed on the FATF's 'grey list' has increased compliance costs for cross-border transactions.

Summary: Vietnam's cryptocurrency policies are shifting from strict prohibition to gradual legalization and standardization, balancing innovation and regulation through legislation and pilot programs. Despite facing challenges, its proactive attitude provides new opportunities for industry development.