#VietnamCryptoPolicy The use of cryptocurrencies as a means of payment is illegal in Vietnam. Only the Vietnamese dong is recognized as the official currency. Despite the prohibition on use as payment, trading and possession of crypto assets are not explicitly prohibited, and many Vietnamese use foreign platforms to invest in crypto assets.

Regulation in development The Vietnamese government is drafting a regulatory framework to oversee digital assets, tokens, and exchanges. The focus is on preventing financial crimes and protecting investors.

Regulatory bodies involved: The State Bank of Vietnam, the Ministry of Justice, and the State Securities Commission are collaborating in this regulatory process.

Trend: Vietnam has shown strong interest in blockchain technologies, including possible studies on central bank digital currency (CBDC).