Vietnam is moving quickly to regulate cryptocurrencies. Under Decision 194/QĐ‑TTg from February 2024, the Ministry of Finance must develop a legal framework by May 2025 to prevent money laundering and illicit finance . In early 2025, Prime Minister Phạm Minh Chinh issued Directive 05/CT‑TTg, requiring both MOF and the central bank to draft a digital‑asset framework and launch a crypto‑exchange sandbox—with Bybit’s help—for controlled market testing . A pilot exchange was scheduled for March 2025 to improve transparency and investor protection . Meanwhile, tax reforms are under consideration: a small transaction levy and capital‑gains tax could generate revenue without discouraging investment .
