#VietnamCryptoPolicy

Vietnam is rapidly advancing from a regulatory “grey zone” to a structured, sandbox-driven approach to digital assets. Although cryptocurrencies like Bitcoin and Ethereum remain illegal as means of payment, they are legal to trade and hold. The government’s shift began in earnest with its National Blockchain Strategy 2024–2030 (Decision 1236/QĐ‑TTg, Oct 2024), which positions blockchain as a cornerstone of national digital transformation and introduces digital asset sandbox pilot projects.

In early 2025, Prime Minister Pham Minh Chinh issued Directive 05/CT‑TTg, mandating the Ministry of Finance (MOF) and State Bank of Vietnam (SBV) build a comprehensive legal framework for crypto by March–May 2025 . This includes drafting the Draft Digital Technology Industry Law, a Crypto Pilot Resolution, and a Financial Center Resolution—all aimed at formalizing digital asset definitions, licensing, stablecoin oversight, AML/KYC measures, and market structure. The Draft Crypto Pilot Resolution proposes a trial period for licensed crypto service providers running until 2027.

Vietnam’s crypto ecosystem already ranks among the world’s top five by adoption, with 17–26 million users and $120 billion in inflows between mid‑2022 and mid‑2023. Experts warn that without regulation, risks rise—from terrorism financing to investor fraud .

The sandbox model, comparing with the EU’s MiCA and EBRS frameworks, aims to balance innovation and oversight. As one observer noted, Vietnam must evolve its civil‑law system to support flexible, real‑time regulation.

In summary: Vietnam is moving fast—from banning crypto payments to piloting regulated trading, solidifying legal definitions, and planning sandbox experimentation by 2026, with full legislation expected in 2025–2027.