Vietnam has long treated cryptocurrencies as illegal for payments—the State Bank of Vietnam prohibits their issuance, supply, and use as payment tools . However, trading and holding remain legal, leaving crypto in a regulated "grey zone" .
Responding to surging adoption—with millions of users and high international earnings—the government is actively closing regulatory gaps. A legal framework for crypto assets is being drafted by the Ministry of Finance, with a target completion date of May 2025, under directives aimed at combating money laundering and financing crimes .
Additionally, Vietnam is preparing pilot programs: a sandbox for digital asset issuance, trading, custody, and crypto firms, set to run through December 2027 . Tax proposals include a small transaction tax and licensing regime. While final rules are pending, the policy direction balances innovation with tighter oversight.