#VietnamCryptoPolicy Vietnam Crypto Policy: Key Facts**

1. **Legal Status**:

- Cryptocurrencies **not recognized as legal tender** (like fiat VND).

- Trading/investing in crypto exists in a **legal gray zone**—not banned but unregulated.

2. **Regulatory Stance**:

- **State Bank of Vietnam (SBV)**: Prohibits crypto for payments (since 2018).

- **Ministry of Finance**: Drafting framework to regulate crypto as *assets* (2024-2025).

- **No formal licensing** for exchanges (but global platforms like Binance operate unofficially).

3. **Taxation**:

- **No specific crypto tax laws**, but profits may fall under capital gains tax (0.1–20%).

- **Mining**: Treated as a business activity (subject to VAT/income tax).

4. **Adoption Trends**:

- **Top 3** globally for crypto adoption (Chainalysis 2023).

- P2P trading thrives (Vietnam leads Telegram crypto group activity).

- Popular coins: BTC, ETH, and play-to-earn tokens (Axie Infinity origins).

5. **Restrictions**:

- Banks block crypto-related transactions (but VPNs/decentralized workarounds common).

- ICOs banned since 2018; strict anti-money laundering (AML) rules.