#VietnamCryptoPolicy

New developments from the State (2024 - 2025)

📌 Draft regulations:

• The Ministry of Finance, the State Bank, the Ministry of Public Security, and the Ministry of Justice are collaborating to draft a legal framework for managing virtual assets and cryptocurrencies → expected to be completed by 2025 - 2026.

• According to the plan of the Prime Minister, the complete legal framework for crypto will be presented in 2025, with trial application starting in 2026.

📌 Experimental sandbox:

• The State Bank of Vietnam (SBV) is developing a sandbox mechanism (legal trial framework) for fintech and digital assets.

• Domestic exchanges and financial organizations related to crypto may be legally tested in the sandbox environment if they meet the standards.

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📌 National digital currency (CBDC)

• Vietnam is researching the issuance of a central bank digital currency (CBDC) in the form of cryptocurrency on a blockchain (high possibility of applying a permissioned decentralized blockchain).

• CBDC is only for transactions between banks and financial institutions, not stablecoins like USDT/USDC.

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📌 Taxes & financial obligations:

• There are currently no official regulations on crypto taxes.

• However, experts recommend that there will soon be a tax policy on crypto profits according to personal income tax (PIT) or property transfer tax in the next 1-2 years.

• Some provinces (Hanoi, Ho Chi Minh City) have recommended individuals voluntarily declare crypto income.