#VietnamCryptoPolicy presents itself as a crucial turning point for the country — and for its cryptocurrency-enthusiast citizens. The adoption of crypto in Vietnam is very high: it ranks 5th in the global adoption index, with about 17 million users and digital asset flows between US$ 90 billion and US$ 120 billion recently. However, to this day, crypto is not recognized as legal tender, and its use as a means of payment is prohibited, with fines of up to VND 200 million. In March 2025, the government initiated an aggressive movement: the first draft of regulation, prepared by the Ministry of Finance and the Central Bank, aims for approval by the end of that month; in addition, the creation of a sandbox environment to pilot an official digital asset exchange was announced.
This new policy seeks to balance two central objectives. On one side, strict attention: combating money laundering, fraud, tax evasion, terrorist financing, and investor protection — requiring KYC, reporting of suspicious transactions, and data storage for years. On the other, it offers a modern and innovative environment: regulation conducive to the growth of the crypto industry, attracting investments, and encouraging the ethical use of blockchain and DeFi, especially through the sandbox and policies compared to Singapore, Japan, and the EU.
In summary: Vietnam is moving from a regulatory gray area to entering a model of proactive supervision. This can strengthen its position as a digital hub in Asia, protect investors, and create tax revenue — but it needs to be well-calibrated. If it is too rigid, it may stifle startups. If it is too permissive, it leaves gaps for illicit activities. The challenge will be to find this balance.
