Vietnam’s cryptocurrency policy has evolved significantly, reflecting a cautious yet progressive approach to digital assets. As of June 16, 2025, here’s a concise overview based on recent developments:
Legal Status: Cryptocurrencies like Bitcoin are not recognized as legal tender in Vietnam, and their use as a payment method is prohibited under Decree 101/2012/ND-CP, as amended by Decree 80/2016/ND-CP. However, owning and trading cryptocurrencies is legal, though it operates in a regulatory gray zone. A 2024 Ministry of Justice statement clarified that owning crypto is not illegal, and a new digital asset law passed in 2025, effective January 1, 2026, recognizes cryptocurrencies as digital assets, distinct from securities or currency.
Regulatory Framework: Vietnam is transitioning from an unregulated market to a structured one. The government, led by the Ministry of Finance and the State Bank of Vietnam (SBV), is developing a comprehensive legal framework, expected to be finalized by the end of 2025. This includes a regulatory sandbox launching by mid-2026 to test compliance frameworks, AML/KYC protocols, and stablecoin applications. The framework aims to balance innovation with financial stability, drawing inspiration from the EU’s Markets in Crypto-Assets Regulation (MiCA).
Taxation: No specific crypto tax laws exist yet, but earnings from trading or mining are considered taxable income under capital gains tax. The General Department of Taxation requires individuals to report earnings annually by March 31 and businesses quarterly. A proposed 0.1% transaction tax could generate over $800 million annually without disrupting the market.
Adoption and Market: Vietnam ranks among the top globally for crypto adoption, with a 20.69% user penetration rate in 2025 and approximately 17 million crypto owners. The country was third globally in crypto gains ($1.18 billion) in 2023. High adoption is driven by interest in digital assets, gaming rewards, and financial access.
AML/CFT Compliance: Vietnam’s push for regulation is partly motivated by the need to exit the Financial Action Task Force (FATF) gray list. The Ministry of Public Security emphasizes strict KYC protocols and monitoring to curb fraud, money laundering, and tax evasion.
Future Outlook: The 2026 digital asset law and sandbox program signal Vietnam’s intent to integrate crypto into its digital economy while addressing risks. Incentives for AI, semiconductors, and blockchain development accompany these efforts, positioning Vietnam as a potential crypto hub.
For further details, the Ministry of Finance’s proposals and the Vietnam Blockchain Association’s updates are key resources.
Note: Always verify with official sources like the Ministry of Finance or SBV for the latest regulatory updates, as policies are rapidly evolving.