Current Legal Status
The government does not recognize cryptocurrencies as a legal means of payment, and their use is punishable by fines of up to 150–200 million dong (~$6,000–$7,500) or even imprisonment.
Conversely, the purchase and trading of cryptocurrencies are allowed and treated as assets or commodities.
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2. Development of the Regulatory Framework
The Ministry of Finance and the Central Bank have been tasked with preparing a comprehensive legal framework to regulate cryptocurrencies and digital asset trading, to be presented before or in March 2025.
The government plans to launch experimental platforms (sandbox) for digital asset trading within financial centers such as Ho Chi Minh City and Da Nang in 2025.
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3. Limited Trading Platform Trials
An operational trial for digital currency trading platforms is expected to begin in financial centers after 2026, but it requires further study and agreement among government entities.
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4. National Blockchain Strategy
As part of a national blockchain strategy until 2025-2030, Vietnam aims to adopt 20 local brands in blockchain and establish 3 testing centers.