Vietnam’s evolving crypto policy:
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🇻🇳 Current Legal Status
Not legal tender: The State Bank of Vietnam (SBV) explicitly prohibits cryptocurrencies like Bitcoin and Ethereum from being used as official payment methods .
Trading permitted: While using crypto to pay for goods is illegal, trading and holding crypto as assets remain allowed—though they occur in a regulatory gray zone .
Penalties in place: Using crypto for payment risks a fine of VND 150–200 million (≈ $6,000–8,000 USD), with more severe violations facing prosecution .
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🏛️ Regulatory & Pilot Initiatives
National strategy: The government launched a National Blockchain Strategy in late 2024, aiming to promote blockchain across sectors until 2025 and into 2030 .
Sandbox pilots:
Ministry of Planning & Investment proposed running crypto trading sandboxes at designated financial centres under a controlled framework .
The Finance Ministry is finalizing a legal framework for digital assets by March 2025, intended to support these sandbox operations .
Crypto exchange pilot: As of March 2025, Vietnam is set to launch its first government-backed pilot crypto exchange—authorized, regulated, and launched under formal oversight .
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🤝 Stakeholder Coordination
Cross‑ministry effort: Multiple agencies—including Finance, Justice, Information & Communications, and the SBV—are collaborating to establish the framework and timeline for crypto regulation .
PM’s direction: Prime Minister Pham Minh Chinh directed both the Ministry of Finance and SBV to develop legal groundwork swiftly—resulting in the upcoming sandbox and exchange pilot .
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🔎 Risks, Objectives & Context
Key risks: Regulatory efforts focus strongly on preventing money laundering, fraud, terrorist financing, and other illicit activities .
Economic opportunity: With about 17 million crypto owners and over US$100–120 billion in digital asset flow, Vietnam ranks high in global adoption—spurring interest in capturing tax revenue (~$800M/yr at just 0.1%) .
Technological ambition: The goal is to foster blockchain innovation (DeFi, NFTs, tokenization) and position Vietnam as a regional digital finance leader .
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📅 Timeline Summary
Period Milestone
May 15 2024 Decree 52/2024 expands AML and KYC rules in noncash payments
Late 2024 National Blockchain Strategy & Academy launched
Mar 2025 Legal framework for digital assets due; first pilot exchange expected
Jul 2026* Sandbox-based transactions originally proposed, but start date now under review
*Note: The proposed July 1, 2026 start date may be postponed pending further study by MoF .
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🗣️ Voices from the Field
> “Vietnam’s Prime Minister … instructed the Ministry of Finance and the State Bank of Vietnam to draft a legal framework for managing cryptocurrencies” .
> “Vietnam ranks 5th on the Global Crypto Adoption Index 2024 … crypto adoption in Vietnam is not regulated, and there is no clear legal framework” .
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✅ Outlook & Implications
In short: Vietnam is transitioning from a hands‑off stance to a regulated ecosystem, emphasizing investor protection, AML controls, innovation, and economic capture. We can expect:
1. Further regulation detailing token classification, licensing, and cross-border oversight.
2. Growth of legal platforms, replacing many unregulated offshore services.
3. Tax clarity and monitoring of crypto incomes.
4. Launch of CBDC research and potentially enhanced digital payments infrastructure.
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Vietnam is embarking on a pivotal shift: legitimizing and managing its booming crypto activity with official infrastructure and rules. Its success could set a strong model for emerging digital economies.