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 .
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👥 Market Context
About 17 million Vietnamese currently own crypto (total market > $100 billion), ranking among top global adopters .
High crypto adoption, but uncertainty in legal clarity has led many firms to base overseas, and tax revenue is mostly untapped .
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🔮 What’s Coming
1. Completion of legal framework by May–March 2025 addressing definitions, licensing, AML/KYC, custody, security, financial centre sandbox rules.
2. Launch of pilot crypto exchange by end of March 2025 under sandbox oversight.
3. Gradual rollout of crypto trading within designated zones, though MoF hasn’t set a firm nationwide launch date.
4. Ongoing coordination among MoF, SBV, Justice, Planning & Investment to finalize regulations for broader licensing and oversight.
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✅ Bottom Line
Crypto trading is partially permitted, but crypto as payment remains banned.
A regulated pilot exchange is launching by March 2025, within a supervised sandbox framework.
A national legal framework (covering everything from AML to token issuance) is expected by mid‑2025. After pilot success, broader rollout and formalization will follow.
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In summary, Vietnam is shifting from an informal, grey-market crypto environment to a regulated, transparent system with sandboxed pilot zones, carefully designed legal architecture, and potentially tax-reportable trading—though full integration into mainstream financial channels is still pending detailed regulation.
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