In recent years, Vietnam's cryptocurrency policy has shown a shift from strict restrictions to gradual openness. In 2018, the State Bank of Vietnam (SBV) explicitly prohibited cryptocurrencies as a means of payment and restricted the import of mining machines, but did not completely ban trading. In June 2025, the National Assembly of Vietnam passed the Digital Technology Industry Bill, categorizing digital assets into virtual assets and cryptocurrency assets, with plans to take effect in January 2026, laying the foundation for legalization. At the same time, the Ministry of Finance launched a regulatory sandbox pilot in cooperation with Bybit, allowing for the testing of cryptocurrency asset trading in a controlled environment to promote market standardization.

The core of the policy includes: 1) Prohibiting cryptocurrencies as legal tender, but allowing companies to issue virtual assets for financing; 2) Planning to establish a regional financial center and introduce a regulatory sandbox mechanism, with a pilot for cryptocurrency trading expected to start in July 2026; 3) The tax framework is to be improved, with no current tax on profits from cryptocurrency trading, but the Ministry of Justice has proposed referencing the securities tax model (e.g., a 0.1% tax rate) to increase fiscal revenue. Vietnam has over 17 million cryptocurrency users and a market capitalization exceeding $100 billion. The policy adjustment aims to balance risk and innovation, attract foreign investment, and promote the development of blockchain technology.