#VietnamCryptoPolicy 🇻🇳 Vietnam Crypto Policy – Summary

1. Legal Status

Not legal tender: Cryptocurrencies like Bitcoin (BTC) and Ethereum are not recognized as legal means of payment in Vietnam.

Use as payment is prohibited by the State Bank of Vietnam (SBV).

Trading and ownership are not explicitly banned, creating a legal gray area where individuals and businesses still engage in crypto-related activities.

2. Government Stance

Vietnam is not anti-crypto, but it emphasizes control, investor protection, and financial stability.

Authorities are moving toward regulation rather than prohibition.

3. Regulatory Developments

Draft Laws in Progress:

Digital Technology Industry Law (DTI Law): Introduces legal definitions for digital assets and blockchain tech.

Crypto Pilot Resolution: Framework for pilot crypto activities, valid until end of 2027.

Financial Center Resolution: Proposes regulated financial zones including crypto exchanges.

Sandbox Programs:

Controlled testing environments for crypto exchanges, AML mechanisms, and stablecoins.

International platforms like Bybit are collaborating on pilot exchange models.

Blockchain Strategy 2024–2030:

Aims to position Vietnam as a regional blockchain hub.

Promotes innovation while enforcing compliance and anti-fraud controls.

4. Market Overview

~17 million Vietnamese own crypto (one of the world’s highest adoption rates).

Vietnam ranks #5 globally in crypto adoption.

Estimated $1.2 billion in crypto profits earned by Vietnamese in 2023 alone.

5. Key Challenges

Lack of clarity on taxation, licensing, and investor protection.

Fraud and scam risks due to regulatory gaps.

Pressure to align with international AML/CFT standards.$BTC $BTC