#VietnamCryptoPolicy

**Vietnam Tightens Crypto Regulations Amid Rapid Market Growth**

*Hanoi, June 2024* – Vietnam’s government has introduced stricter cryptocurrency regulations, aiming to curb financial risks while acknowledging the sector’s explosive growth. Under the new rules, all crypto transactions must be reported to authorities, and unlicensed trading platforms face heavy penalties.

The move comes as Vietnam ranks among the world’s top adopters of digital assets, with over 20% of its population reportedly owning cryptocurrencies. Despite this, the country lacks a formal legal framework for crypto, leaving investors in a gray area.

The State Bank of Vietnam (SBV) emphasized that cryptocurrencies remain unrecognized as legal tender but signaled plans for a phased regulatory approach. Analysts suggest Vietnam may follow Singapore’s model, balancing innovation with anti-money laundering controls.

Local crypto businesses welcomed clearer guidelines but urged flexibility to avoid stifling innovation. Meanwhile, traders remain cautious as enforcement details unfold.