#VietnamCryptoPolicy

Vietnam’s crypto policy is evolving rapidly, moving from a near-total ban to a carefully regulated pilot phase aimed at fostering innovation while controlling risks. Here's the breakdown:

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⚖️ Current Legal Status

Not legal tender; use as payment remains illegal. The State Bank of Vietnam (SBV) prohibits crypto as a means of payment—violators can face fines up to VND 100–300 million (≈ $4,300–$12,900) or even up to three years in prison .

Crypto trading isn’t explicitly banned, but also lacks full legal clarity. It’s legal to buy/sell crypto assets as goods, but using them in financial or banking channels remains restricted .

Banking system transactions are barred. SBV directives (April 2018; January 2021) forbid commercial banks and card/payment providers from facilitating crypto-related transactions .

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🏛️ Emerging Legal Framework

National-level action: The Vietnamese government’s 2024–25 plan (Decision 194/QĐ‑TTg) tasked the Ministry of Finance (MoF) with drafting a regulatory framework on crypto/digital assets by May 2025 to combat money laundering etc. .

Sandbox pilot planned: The Ministries (Finance, Planning & Investment, Justice, SBV) and national agencies are coordinating on regulation, including a fintech sandbox within designated financial centres (e.g., Ho Chi Minh City, Da Nang). A pilot crypto exchange is targeted to launch in March 2025 .

Deputy Finance Minister confirmed the pilot crypto exchange will aim to provide transparent, secure trading and allow domestic issuance of virtual assets .

Timeline discussions: Ministry of Planning proposed trading start by July 1, 2026 within financial centre sandboxes—but MoF advised delaying any fixed start date until more research is complete$BTC