#VietnamCryptoPolicy Vietnam Crypto Policy Update: A New Era of Regulation
Vietnam is rapidly shifting from a crypto “grey zone” toward structured, state-led experimentation and regulation:
🧭 1. Crypto Not Legal Tender—but Trading Allowed
The State Bank of Vietnam prohibits cryptocurrencies as a legal means of payment, and violations can result in fines of around ₫150–200 million (≈ US $5,600–7,500)
However, buying, holding, and trading crypto assets (e.g., Bitcoin, Ethereum) remains legal, though unregulated .
🚧 2. Market-Scale Adoption—and Risk
Vietnam ranks top 5 worldwide in crypto adoption, with over 17–26 million holders; roughly 21–26% of the population .
Crypto transaction volume in Vietnam reached approximately US $120 billion in 2023
Lack of regulation means no formal protections—raising concerns over fraud, scams, money laundering & tax evasion reddit.com.
Reddit snapshot:
“It’s not banned outright … just banned as a form of payment. You can still trade it, it's not illegal … You just won't be able to use it anywhere in Vietnam” reddit.com
📋 3. Pilot Exchanges & Regulatory Sandbox
In early 2025, the Ministry of Finance (MoF) and State Bank of Vietnam (SBV) were instructed to draft a legal framework by March 2025, including permission for pilot crypto platforms
A sandbox pilot for crypto trading has been announced, with the first platforms expected to launch by March or April 2025. Both Binance and Bybit are working with authorities on setup and compliance .
The sandbox will evaluate AML/KYC, cybersecurity, stablecoins, mining rules, and investor protections lianpr.com.
🏛️ 4. Upcoming Legislation & Strategy (2024–2027)
Vietnam’s Blockchain Strategy 2024–2030 emphasizes blockchain’s role and regulated experimentation in digital assets
A new Draft Law on Digital Tech Industry and Crypto Pilot Resolution are under review, aiming to define crypto assets, licensing conditions, and pilot programs running through December 2027
