#VietnamCryptoPolicy
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 r position Vietnam as a regional digital finance leader .
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📅 under review
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