#VietnamCryptoPolicy ๐ป๐ณ CRYPTO POLICY VIETNAM 101: GREY ZONE SEMI-OFFICIAL
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โ๏ธ 1. Legal Status of Crypto Assets in Vietnam
Trading & ownership is legal, but use as an official payment tool remains prohibited.
If you sell crypto and withdraw it to a local account: the government can impose a one-time income tax, but as long as you keep it in a wallet, there is no official treatment.
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๐งพ 2. Regulations & Official Definitions are Being Formed
Plan to be completed by May 2025: the government (Ministry of Finance & SBV) is requested to create a legal framework for digital assets & digital currencies, focusing on: KYC, AML, and ownership rights.
There is a draft DTI Law that begins to define โdigital asset,โ including crypto tokens, and provides a fintech sandbox space in several financial centers (Ho Chi Minh, Da Nang).
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๐งช 3. Sandbox & Pilot Exchange
The pilot exchange plan will be operated in a Special Fintech Zone, under the authority of the central government.
Digital trading platforms & crypto assets can be tested under strict controls: licensing, cybersecurity, AML, and insurance for user protection.
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๐ฆ 4. Stablecoin & CBDC Not Yet Recognized
Stablecoins are still considered a subset of crypto without legal status, and their use as official currency remains illegal.
SBV is researching CBDC (digital rupiah), and ready to conduct a digital finance pilot within the fintech sandbox framework.
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โ ๏ธ 5. Grey Zone Risks
Many crypto businesses choose to register in Singapore/US due to regulatory uncertainty.
Vietnam loses potential tax revenue and control because talent and businesses move away.
Hasty regulations can trigger threats such as AML, terrorist financing, and money laundering if not followed up with law enforcement.
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๐ 6. Impact & Prospects
If regulations are completed:
Assets are clear, investors are more confident.
Local players grow, no need for foreign registration.
Vietnam enters the global fintech radar.
But:
Too strict regulations could drive foreign players out.
Strict control = healthier or just back to the old center?