Vietnam's cryptocurrency policy remains cautious and restrictive, reflecting the government's concerns about financial stability, fraud, and money laundering. Here’s an overview of key aspects of Vietnam’s stance on cryptocurrencies as of 2024:
### **1. Legal Status**
- **Not Recognized as Legal Tender**: Cryptocurrencies like Bitcoin are **not considered legal tender** in Vietnam. The State Bank of Vietnam (SBV) has repeatedly warned against using crypto for payments.
- **Ban on Crypto Payments**: Since 2018, cryptocurrencies have been **prohibited** as a means of payment. Businesses accepting crypto for goods/services risk penalties.
### **2. Trading & Investment**
- **No Official Ban on Trading/Investment**: While crypto trading is not officially banned, it operates in a legal gray area. Exchanges are not licensed, but individuals can trade at their own risk.
- **Securities Law Implications**: The Securities Commission warns that **ICOs (Initial Coin Offerings)** and some crypto-related activities may be treated as illegal securities offerings.
### **3. Regulatory Warnings**
- The SBV, Ministry of Finance, and Ministry of Public Security have issued warnings about the risks of crypto scams, Ponzi schemes, and market volatility.
- Authorities have cracked down on fraudulent crypto projects and illegal forex/crypto trading platforms.
### **4. Taxation & AML Measures**
- No specific crypto tax framework exists, but profits may fall under capital gains or income tax.
- Vietnam is tightening **anti-money laundering (AML)** rules, potentially affecting crypto transactions.
### **5. Blockchain Development**
- While skeptical of cryptocurrencies, Vietnam supports **blockchain technology** for non-financial applications (e.g., supply chain, government records).
- The government is exploring a **central bank digital currency (CBDC)** pilot under SBV supervision.
### **6. Recent Developments (2023-2024)**
- Increased scrutiny of peer-to-peer (P2P) crypto trading.
- Discussions on potential licensing frameworks for crypto businesses (but no
