#VietnamCryptoPolicy
Vietnam's cryptocurrency policy is complex, with no formal legal framework for crypto as legal tender but growing acceptance of blockchain technology. Here’s an overview of the current regulations and trends:
### **1. Legal Status of Cryptocurrency in Vietnam**
- **Not Recognized as Legal Tender**: The State Bank of Vietnam (SBV) prohibits the use of cryptocurrencies like Bitcoin as a payment method (Decree No. 98/2020/ND-CP).
- **Ban on Crypto Payments**: Since 2018, using crypto for payments can lead to fines of **up to 200 million VND (~$8,000 USD)**.
- **No Ban on Trading or Holding**: While trading is not officially legalized, individuals can buy, sell, and hold crypto as an asset (with risks).
### **2. Taxation & AML Regulations**
- **No Specific Crypto Tax Laws Yet**: Vietnam is drafting regulations, but currently, crypto profits may fall under capital gains or income tax.
- **Anti-Money Laundering (AML) Rules**: Crypto businesses must comply with AML laws (2021 amendment to the Law on Anti-Money Laundering).
### **3. Government & Central Bank Stance**
- **Cautious but Exploring Blockchain**: While restricting crypto payments, Vietnam supports blockchain development (e.g., SBV’s digital currency research).
- **Securities Watchdog’s Approach**: The Securities Commission (SSC) warns against unauthorized crypto investment schemes.
### **4. Crypto Adoption Trends**
- **High Retail Interest**: Vietnam ranks among the top countries in crypto adoption (Chainalysis 2023 Global Crypto Adoption Index).
- **P2P Trading & OTC Markets**: Many traders use peer-to-peer (P2P) platforms like Binance P2P due to banking restrictions.
- **Growing Blockchain Startups**: Projects like **Kyber Network, Axie Infinity (Sky Mavis)** originated in Vietnam.