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🇻🇳 Legal Status of Crypto in Vietnam
🔸 Legality of Crypto
Not recognized as a legal payment method.
According to Vietnamese Law, only the Vietnamese Dong (VND) is recognized as an official payment method.
Using Bitcoin or other cryptocurrencies to pay for goods/services may result in fines or criminal action.
Crypto is recognized as an investment asset, but there are currently no comprehensive official regulations for trading or storing crypto assets.
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🏛️ Current Policies and Regulations:
1. Ban as a Payment Method.
Since 2017, the government has explicitly prohibited the use of cryptocurrencies as a payment method.
2. Crypto as an Asset.
The government considers crypto as a non-fiat digital asset, but has yet to provide a clear legal framework for:
👉Crypto taxation
👉Investor protection
👉Exchange licensing
3. Order from the Prime Minister (2021–2023)
PM Phạm Minh Chính instructed the central bank (SBV) and the Ministry of Finance:
To develop a legal framework and sandbox policies related to digital assets and blockchain.
Focus on Blockchain technology, not just crypto.
4. Crypto Sandbox (in development)
A regulatory sandbox is being designed by the State Bank of Vietnam to test specific crypto and fintech projects.
The goal is to test business models that are legal but not yet fully regulated.🏦🌍
