#VietnamCryptoPolicy ❌ Cryptocurrencies are not legal tender ownership ✅ Individuals can own and trade cryptocurrencies payments ❌ Payments in cryptocurrencies are banned exchanges 🟡 There is currently no fully licensed local exchange; some operate in a gray area government stance 🧭 Cautiously optimistic, working on establishing a regulatory framework
🧾 Key Developments (2021-2025):
High Adoption:
Vietnam consistently ranks among the top countries in global cryptocurrency adoption (according to Chainalysis).
Payment Ban (Ongoing):
The State Bank of Vietnam (SBV) prohibits the use of cryptocurrencies as a method of payment under current law.
2023: Pilot program for central bank digital currencies:
Vietnam has begun exploring a central bank digital currency (CBDC) using blockchain technology.
2024-2025: Regulatory framework in progress:
The Ministry of Finance, the central bank, and the Ministry of Justice are jointly working on drafting a legal framework for cryptocurrencies, expected to include:
Exchange Licensing
Investor Protection
Compliance with anti-money laundering/know your customer standards
Legality of Smart Contracts
Taxes:
Discussions on the implementation of capital gains tax on cryptocurrency profits began in late 2024.
🌐 Its Importance:
Wide adoption without clear laws: Millions of Vietnamese use cryptocurrencies, especially for financial transfers, trading, and decentralized finance (DeFi) - despite the absence of formal regulation.
Innovation vs Risk: The government aims to encourage innovation while combating fraud and financial crimes.
Regional Context: Competing with regional hubs like Singapore, Hong Kong, and South Korea in regulating cryptocurrencies.