#VietnamCryptoPolicy Cryptocurrencies are not legal tender in Vietnam. The State Bank explicitly prohibits their issuance, supply, or use as a means of payment—violators face fines ranging from VND 150–200 million (approx. $6,200–8,200) and possible criminal charges .
Despite this, trading and investment in digital assets are not outlawed—Vietnam is in a "grey zone" where markets flourish but lack investor protection or legal clarity .
A Reddit commenter captured it well:
> “It’s not banned outright. It's just banned as a form of payment… Trading crypto is perfectly legal.”
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🔄 Regulatory Reform in Progress
Decree 52/2024 (effective July 1, 2024) affirmed cryptocurrencies are not recognized payment methods, and introduced strict KYC, suspicious‑transaction reporting, and 5‑year data retention requirements for providers .
Under Decision 194/QD‑TTg (Feb 2024), the Ministry of Finance was tasked to research or regulate crypto assets by May 2025, especially to counter money‑laundering threats .
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🛠️ New Developments & Pilot Framework
In early March 2025, the Deputy Finance Minister announced plans to launch a pilot crypto exchange and establish a regulatory sandbox, with a legal framework and resolution expected by late March .
The pilot aims to:
Use authorized entities to operate the exchange under state supervision;
Enable enterprises to issue their own digital tokens;
Improve transparency, security, and create taxable crypto activity .
The Ministry of Finance continues re-examining functional start dates (e.g., was summary for a July 2026 sandbox raised?)—indicating ongoing coordination .
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📊 Adoption Snapshot & Outlook
Vietnam ranks 5th globally in crypto interest and 3rd in usage of international platforms; with ~17 million investors (~20 million by some estimates), and over $100 billion in holdings .
A local expert noted a modest 0.1% tax on crypto income, which could generate an estimated $800 million/year for the state .