#VietnamCryptoPolicy

Vietnam's cryptocurrency policy is a work in progress, with the government aiming to create a clear regulatory framework. Here's what we know so far ¹ ²:

- *Current Status*: Cryptocurrency is not recognized as a legal payment method, and using it for payments can result in fines up to 200 million VND. However, owning and trading cryptocurrency is not prohibited.

- *Regulatory Efforts*: The government has been researching and developing a legal framework for cryptocurrencies since 2017. In February 2024, the Prime Minister assigned the Ministry of Finance to draft a legal framework for virtual assets and service providers by May 2025.

- *Upcoming Legislation*: Three key legal instruments are being developed ²:

- *Draft DTI Law*: Establishes a binding regulatory framework for cryptocurrency and blockchain technology, including definitions and regulations for digital assets.

- *Draft Financial Center Resolution*: Allows international financial centers to establish transaction floors for digital asset transactions and sets forth organizational and operational principles.

- *Draft Crypto Pilot Resolution*: Proposes a pilot program for managing, issuing, trading, and owning crypto assets in Vietnam's crypto asset market.

*Key Considerations* ³ ¹:

- *Anti-Money Laundering (AML)*: Vietnam has implemented AML regulations, requiring cryptocurrency service providers to collect and verify user identities, report suspicious transactions, and store transaction records.