Vietnam has adopted a cautious yet increasingly structured approach toward cryptocurrency regulation. Initially, in 2017, the State Bank of Vietnam banned the use of cryptocurrencies as a legal means of payment. However, holding and trading crypto assets were left unregulated, placing the sector in a legal grey zone. This led to a rise in retail adoption but also opened doors to scams and fraud.
Between 2022 and 2023, Vietnam began laying the groundwork for a formal crypto policy. The Vietnam Blockchain Association was formed to support the development of blockchain ecosystems. In 2023, Vietnam was added to the Financial Action Task Force (FATF) grey list, prompting stronger anti-money laundering (AML) regulations for digital assets.
In 2024, the government announced a National Blockchain Strategy (2024–2030), introducing plans for pilot projects and regulatory sandboxes. By early 2025, a new directive tasked the Ministry of Finance and the State Bank with drafting comprehensive digital asset regulations and launching pilot programs in major cities like Ho Chi Minh City and Da Nang.
Looking ahead to 2025–2026, Vietnam is expected to roll out licensed centralized exchanges under strict AML and investor protection rules. This shift signals a move from unregulated activity to a regulated, innovation-friendly framework.
