Current Status and Policy Trends of Cryptocurrency Regulation in Vietnam

The Vietnamese government adopts a cautiously open attitude towards cryptocurrency. Currently, there is no clear legal framework, but the State Bank of Vietnam (SBV) is studying regulatory proposals. In 2023, the Ministry of Finance issued a notice requiring the strengthening of tax management for cryptocurrency transactions, with individuals needing to pay a 10% income tax on their earnings. It is worth noting that although Vietnam does not recognize cryptocurrency as a legal means of payment, it allows residents to hold and trade it. Analysts believe that a more systematic regulatory policy may be introduced by the end of 2024, focusing on anti-money laundering and investor protection.