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Vietnam’s cryptocurrency policy is evolving from a restrictive stance to a more structured regulatory framework. Cryptocurrencies are not recognized as legal tender, and their use as payment is prohibited under Decree 101/2012/ND-CP, with fines for violations. However, ownership and peer-to-peer trading operate in a legal gray zone, fueling high adoption rates—Vietnam ranks among the top globally, with 17 million crypto owners. Since 2017, the government has pursued a cautious approach, with Decision 1255 initiating studies for a legal framework. By 2025, the Ministry of Finance and State Bank of Vietnam are tasked with proposing regulations, including a regulatory sandbox by mid-2026, anti-money laundering measures, and taxation policies. A proposed 0.1% transaction tax could generate $800 million annually. This shift aims to balance blockchain innovation, investor protection, and financial stability, potentially positioning Vietnam as a crypto hub.