#VietnamCryptoPolicy #VietnamCryptoPolicy Here’s a clearer snapshot of Vietnam’s crypto policy:
---
🇻🇳 1. Payment is banned, trading is allowed
Since 2017, the State Bank of Vietnam has prohibited the issuance, supply, and use of cryptocurrencies (e.g. Bitcoin, Litecoin) as legal payment methods—violators may be fined 150–200 million ₫ (≈ €5,600–7,400) .
However, trading or holding crypto is not illegal—they’re treated as "virtual goods" or "property" in a regulatory gray zone .
Reddit users echo this understanding:
> “Its not banned outright. Its just banned as a form of payment.”
“You can still trade it, it's not illegal…”
---
📊 2. No clear legal classification… yet
Vietnam lacks an official legal definition for cryptocurrencies or digital assets. They are not recognized as legal assets or fiat—they exist in a civil-law vacuum .
This ambiguity complicates issues like taxation, ownership rights, and investor protections.
---
🧪 3. Piloting sandbox and legal framework
Vietnam is actively moving toward regulation via controlled pilot programs:
2024: Government adopted its National Blockchain Strategy 2024–2030, signaling official interest in blockchain and digital assets .
March 2025: Prime Minister instructed the Ministry of Finance and State Bank to draft a legal framework, including sandbox pilot programs, by mid‑2025 .
Plans include licensed exchange pilots in Ho Chi Minh City and Da Nang, expected to launch around mid‑2026 and run through December 2027 .
A Draft Digital Technology Industry Law and Crypto Pilot Resolution are currently under parliamentary review, introducing formal definitions for crypto-assets and service providers .
---
💰 4. Taxation and investor protection upcoming
Experts suggest that once cryptos are legally defined as assets, they could be taxed under capital gains, personal income tax, or via transaction levies (e.g. ~0.1%)—a structure similar to securities markets .
A balanced tax model is critical to prevent capital flight to other jurisdictions like
