Cryptocurrency Regulations and Laws in Vietnam
Learn about cryptocurrency regulations in Vietnam. Discover why crypto is banned as a payment method, yet legal to own and trade, and stay informed on the country’s evolving approach to digital assets.
Vietnam has a complex relationship with cryptocurrency. While crypto ownership and trading are not illegal, they are not recognized as legal means of payment. The government has taken a cautious approach, banning the use of cryptocurrencies for payments while allowing limited personal use and trading.
Summary
Vietnam does not recognize cryptocurrency as legal tender and has banned its use as a method of payment. However, the government does not prohibit individuals from owning or trading cryptocurrencies. There is currently no formal licensing regime for crypto exchanges, and taxation remains a developing area. Regulatory authorities have expressed intent to study and potentially regulate the sector more clearly in the future.
Legal Status
- General Use: Legal to own and trade, but not for payments
- Trading: Permitted for individuals; not regulated
- Exchanges: Not licensed domestically; international platforms used
- Mining: Legal but unregulated
- ICOs & Tokens: Not recognized or regulated
- NFTs: Not officially addressed
Taxation
Vietnam has not yet established a clear tax framework for cryptocurrencies, but the Ministry of Finance has indicated that crypto income could fall under existing personal income tax laws.
- Capital Gains Tax: Possibly applicable under personal income tax
- Income Tax on Crypto Earnings: Likely applicable if considered business income
- Mining Taxation: Not specified
- Reporting Requirements: No official reporting system for crypto assets yet
Regulatory Bodies
- State Bank of Vietnam (SBV): Banned use of crypto as payment
- Ministry of Finance (MOF): Oversees financial legislation; formed a research group on crypto in 2020
- Ministry of Justice (MOJ): Assesses legal implications of virtual assets
- State Securities Commission (SSC): Warned against crypto trading and ICOs
Key Regulations & Laws
- 2017 SBV Ban: Prohibited the use of cryptocurrencies as a form of payment
- 2018 Criminal Code Amendment: Imposed fines for using crypto as payment
- 2020 MOF Research Group: Formed to study digital assets and propose a regulatory framework
- Ongoing: Draft regulations expected, but no official law has been passed as of mid-2025
Timeline of Regulatory Milestones
| Year | Event | Description |
|---|---|---|
| 2017 | Payment ban | SBV bans crypto as legal means of payment |
| 2018 | Criminal code update | Using crypto for payment becomes punishable by fine |
| 2020 | Research group formed | MOF begins developing draft regulations |
| 2023 | Draft proposal circulated | Legal framework for digital assets under consideration |
| 2025 | Still unregulated | Trading and holding continue without clear licensing |
Resources
- State Bank of Vietnam
- Ministry of Finance (MOF)
- State Securities Commission
- Vietnam News (Crypto Coverage)
Notes
- Travel Tip for Crypto Users: Do not attempt to use crypto for goods or services while in Vietnam. It is legally risky even if ownership is allowed.
- Local Adoption Trends: Vietnam consistently ranks high in global crypto adoption indexes, particularly in P2P trading and DeFi activity.
- Language Notes: Most government documents are in Vietnamese; limited official English translations are available.