#VietnamCryptoPolicy
Vietnam clearly prohibits cryptocurrencies as a means of payment, but allows the holding and trading of these assets. The SBV (central bank) reminds that the use of #Bitcoin or other cryptos for payment may result in sanctions.
However, the adoption of cryptos is massive: nearly 17 million users, and about 120 G$ have circulated between July 2022 and June 2023, making the country one of the top global leaders in crypto adoption.
đ In light of this reality, Prime Minister PháșĄm Minh ChĂnh ordered a clear legal framework by the end of March/May 2025 in March 2025. Several projects are underway:
Draft DTI Law to legally define digital assets and create sandboxes for crypto services.
A "pilot resolution" to regulate the issuance, trading, custody, and test these activities until 2027.
Creation of regional financial zones, particularly in Ho Chi Minh City and Da Nang, with dedicated sandboxes starting in 2025â2026.
đ„ According to professionals, this framework is essential to protect against fraud, money laundering, and secure investors.
Some opinions from the community:
> *"Itâs not banned outright. Itâs just banned as a form of payment. ... Trading crypto is perfectly legal."*
*"Crypto enthusiasts⊠the future of digital assets in Vietnam is burninâ brightly."*
â In summary:
1. Use prohibited as a means of payment, but trading allowed.
2. Very strong adoption (5thâ7th in the world).
3. Legal framework in preparation, with sandboxes and clear legal definition expected by mid-2025.
4. This framework should enhance investor protection and stimulate fintech innovation.
đ§ Open question: this regulatory framework, if well-balanced, could make Vietnam a regional crypto hub entering a new era of greater safety and innovation. In the meantime, caution remains essential.
