🇻🇳 1. Legal Status & Use
Crypto is not legal tender or recognized as payment in Vietnam.
The State Bank of Vietnam explicitly prohibits using digital currencies like Bitcoin or Ethereum as payment tools; violators face fines up to VND 200 million (approx. $8,300) or even criminal charges
However, owning and trading crypto as assets is still allowed—even though there's no formal legal protection or licensed exchanges yet
🧩 2. Regulatory Sandbox & Pilot Exchange
In March 2025, the Ministry of Finance and State Bank proposed launching a pilot cryptocurrency exchange in select financial centers
This pilot will legally authorize trading via licensed entities, offering investor protections and regulated market conditions
A “sandbox” model for fintech and crypto trading is being developed, to test market mechanisms while controlling risks—target launch mid-2026
📜 3. Legal Framework & AML Compliance
Decree 52/2024 (effective July 2024) improved non-cash payment rules—but confirms that cryptocurrencies aren't recognized as e-money
The government is working on a comprehensive crypto-asset legal framework, aimed for completion by May 2025, with aims to address money laundering, tax evasion, and investor protection
Key regulatory topics being developed:
Strict KYC requirements, suspicious transaction reporting, data retention rules
Licensing for crypto exchanges, wallets, token issuers, and NFT platforms
n crypto gains and trading flows.
Licensing guidelines for wallets, token issuers, exchanges, and NFT platforms.
📝 Bottom Line
Vietnam is transitioning from a crypto gray area—where payment is banned but investment is tolerated—into a more regulated and supervised market via sandbox pilots and forthcoming laws. The government's goal: balance innovation, economic benefit, and risk control via:
Pilot exchange (March 2025)
Decree 52 clarifying payments rules
Full crypto law targeting mid-2025 adoption
Emphasis on AML, KYC, licensing, and tax compliance
