#VietnamCryptoPolicy
Legal Status & Use
Cryptocurrencies are not legal tender and cannot be used for payments in Vietnam. The State Bank of Vietnam (SBV) has explicitly banned their use as a payment instrument, with fines of VND 150–200 million (~US $6,500–8,700) for violations .
However, trading and holding crypto is not prohibited—it exists in a legal grey zone. SBV blocks banking access to crypto services, but individuals can own and trade assets, albeit without formal protections .
---
🏦 Regulatory Framework & Pilot Programs
A cryptocurrency exchange pilot has been approved for key financial hubs (Ho Chi Minh City and Da Nang), with the pilot intended to launch in March 2025 under a government sandbox program .
Multiple ministries (Finance, SBV, Justice) are collaborating to draft comprehensive regulation covering digital assets, AML/KYC measures, taxation, and exchange licensing .
---
🧩 Key Provisions Emerging
May 2024 Decree 52/2024/ND‑CP (effective July 1, 2024) clarifies aspects of non-cash digital payments, defines crypto concepts, and sets groundwork for risk controls, AML, cross-border operations, KYC, transactional logs, and data retention .
SBV requires strict KYC, reporting of suspicious activity, and transaction data storage (minimum five years), especially for cross-border crypto operations .