#VietnamCryptoPolicy Vietnam's **cryptocurrency policy** is currently **restrictive**, with no clear legal framework for cryptocurrencies, but growing interest in blockchain technology. Here’s an overview of the key aspects:

### **1. Legal Status of Cryptocurrency**

- **Not recognized as legal tender**: The State Bank of Vietnam (SBV) has repeatedly stated that cryptocurrencies like Bitcoin are **not legal money** and cannot be used for payments.

- **Ban on crypto payments**: Since 2018, using crypto as a payment method is **prohibited** (Decree 80/2016/ND-CP, amended by Decree 98/2020/ND-CP). Violations can lead to fines.

### **2. Trading & Investment**

- **No outright ban on trading or holding**: While crypto is not legal tender, individuals can **trade and hold** cryptocurrencies as assets (with risks).

- **Exchanges operate in a gray area**: Many global exchanges (Binance, OKX, etc.) serve Vietnamese users, but no licensed domestic crypto exchanges exist.

- **Taxation unclear**: No specific crypto tax laws, but profits may be subject to capital gains or income tax.

### **3. Regulatory Developments**

- **Exploring a legal framework**: The government is studying regulations, possibly following models like Singapore or Japan.

- **Anti-money laundering (AML) rules**: Crypto businesses may face stricter AML requirements in the future.

- **Central Bank Digital Currency (CBDC)**: The SBV is piloting a **digital Vietnamese đồng (e-VND)** but remains cautious about decentralized crypto.

### **4. Blockchain Adoption**

- Vietnam is a **hotspot for blockchain development**:

- **Strong developer community**: Ranked among top countries for crypto adoption (Chainalysis 2023 report).

- **Government support for blockchain**: Initiatives like the **National Digital Transformation Program** encourage blockchain in finance, logistics, and governance.

- **Growing Web3 & GameFi sector**: Many Vietnamese startups are active in NFTs, DeFi, and blockchain gaming.

### **5. Risks & Challenges**

- **Scams & fraud**: High number of crypto-related scams