#VietnamCryptoPolicy Vietnam's Evolving Crypto Policy: A Step Toward Regulation

Vietnam is emerging as a global leader in cryptocurrency adoption, ranking among the top countries for digital asset ownership and trading volume. With approximately 17 million citizens holding crypto and over $100 billion in annual inflows, the nation’s vibrant crypto scene is undeniable. However, its regulatory landscape has lagged behind, creating a legal gray area that exposes investors to risks like fraud and market manipulation. Recent developments signal a shift toward a more structured framework, aiming to balance innovation with oversight.

Since 2017, Vietnam has prohibited cryptocurrencies as legal tender, with the State Bank of Vietnam (SBV) banning their use for payments, citing concerns over financial stability and illegal activities. Despite this, crypto ownership and peer-to-peer trading remain unregulated, fueling widespread adoption but leaving investors vulnerable. High-profile scams, including a $100 million fraud in 2024, have underscored the need for clear regulations.

In 2025, Vietnam’s government is taking decisive steps. Resolution No. 57-NQ/TW (December 2024) and Resolution No. 03/NQ-CP (January 2025) outline a flexible policy framework, embracing pilot programs like regulatory sandboxes to test crypto trading platforms. The Ministry of Finance (MOF) and SBV are tasked with proposing a legal framework by May 2025, focusing on anti-money laundering (AML) and know-your-customer (KYC) protocols. A state-licensed digital currency exchange is also in the works, aiming to enhance oversight while fostering innovation.