#VietnamCryptoPolicy Cryptocurrencies are not legal tender Ownership ✅ Individuals can own and trade cryptocurrencies Payments ❌ Payments in cryptocurrencies are banned Exchanges 🟡 No fully licensed local exchange yet; some operate in a gray area Government stance 🧭 Cautiously optimistic, working on regulatory framework
🧾 Key developments (2021-2025):
High adoption:
Vietnam is consistently ranked among the top countries in the world for cryptocurrency adoption (according to Chainalysis).
Payment ban (ongoing):
The State Bank of Vietnam (SBV) prohibits the use of cryptocurrencies as a payment method under current law.
2023: Pilot program for central bank digital currencies:
Vietnam has begun researching a central bank digital currency (CBDC) using blockchain technology.
2024-2025: Regulatory framework in implementation:
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:
Licensing exchanges
Investor protection
Compliance with anti-money laundering / Know Your Customer standards
Legitimacy of smart contracts
Taxes:
Discussions on the application of capital gains tax on cryptocurrency profits began in late 2024.
🌐 Its significance:
Widespread 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 seeks 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.