Vietnam is gradually shaping its crypto policy amid rising digital asset adoption. While cryptocurrencies like Bitcoin are not recognized as legal tender, trading and holding them is not explicitly banned. The government is currently developing a legal framework to regulate crypto activities, focusing on investor protection and financial stability. In 2021, the Prime Minister directed the central bank to study digital currencies, showing openness to blockchain innovation. However, ICOs and crypto payments remain illegal. Vietnam’s cautious yet forward-looking approach aims to balance innovation with risk management, paving the way for clearer regulations and potential adoption of a central bank digital currency (CBDC).
