The policy of Vietnam towards cryptocurrency assets is shifting from strict regulation to gradual liberalization and compliant regulation. The specifics are as follows:
Past Policies
- 2017: The State Bank of Vietnam issued an official letter prohibiting the use of cryptocurrency as a legal payment method, but there was a lack of regulation on cryptocurrency ownership and P2P transactions, creating a legal gray area.
- 2018 - 2021: Cryptocurrency activities surged, and related fraud cases increased. Due to the lack of a legal framework, many enterprises relocated overseas.
- 2023: Due to insufficient anti-money laundering regulation on cryptocurrency assets, Vietnam was placed on the gray list by the Financial Action Task Force, prompting the government to strengthen supervision of cryptocurrency-related businesses.
Current Policies
- 2024: The 'National Blockchain Strategy 2024 - 2030' was released, aimed at promoting the application of blockchain in various fields, emphasizing regulatory experimentation through digital asset sandbox pilot projects.
- 2025: The Prime Minister of Vietnam instructed the Ministry of Finance and the State Bank to establish a comprehensive regulatory framework for digital assets. The Ministry of Finance plans to collaborate with global exchanges to develop a cryptocurrency sandbox program. On June 14, the National Assembly of Vietnam passed the 'Digital Technology Industry Law', which for the first time incorporates cryptocurrency assets into the national legal framework. This law categorizes digital assets into 'virtual assets' and 'cryptocurrency assets', excluding financial instruments such as securities and digital fiat currencies, and emphasizes cybersecurity, anti-money laundering, and counter-terrorism financing requirements, set to take effect on January 1, 2026.
