Crypto Overview in Vietnam

Regulatory data is for informational purposes only and may not reflect the most current legal developments. Always consult qualified professionals before making decisions.

Legal Classification and Regulatory Framework

Cryptocurrency Status

Vietnam passed the Law on Digital Technology Industry (Law No. 71/2025/QH15) on 14 June 2025, effective 1 January 2026. For the first time in Vietnamese law, digital assets are formally recognised as property under the Civil Code, enabling legal ownership, transfer, inheritance, and civil rights protections. The law distinguishes virtual assets (digitally stored units used for exchange or investment) from crypto-assets (those using cryptographic technology for authentication) and excludes central bank digital currencies, securities, and fiat currency in digital form from both definitions.

While ownership and trading of crypto-assets are lawful, they cannot be used as legal tender or as payment for goods and services. The payment prohibition dates to a 2014 State Bank of Vietnam statement and a formal 2018 directive (SBV Directive 02/CT-NHNN, January 2018). Administrative penalties for using crypto as a means of payment are set under Decree 88/2019/ND-CP; criminal liability can apply under Article 206 of the Penal Code in aggravated cases. The Vietnamese dong remains the sole legal tender.

Tax Treatment

Vietnam established a dedicated pilot-period tax framework for crypto-assets through Resolution 05/2025/NQ-CP and subsequent Ministry of Finance circulars. From 1 July 2026, individuals pay a 0.1% personal income tax on the gross value of each transfer executed through a licensed Crypto Asset Service Provider (CASP). This turnover-based approach, modelled on the existing securities transaction tax, removes the requirement for annual profit-and-loss reconciliation during the pilot period (2025-2030).

Separate rules apply to other crypto income. Profits from converting crypto to fiat currency are subject to a 20% capital gains tax on net profit, with the first VND 10 million of annual gains exempt. Income from mining, staking, and airdrops falls under the progressive personal income tax schedule at rates of 5% to 35%, depending on total annual income. Corporate entities pay 20% corporate income tax on net trading and transfer income. Value-added tax does not apply to crypto transactions. Pilot exchanges benefit from a reduced 10% corporate income tax rate during their first five years of operation.

Regulatory Oversight

Multiple agencies share statutory responsibility under the 2026 framework. The Ministry of Finance (MOF, Bo Tai chinh) is the lead licensing authority for crypto asset exchanges under Resolution 05/2025/NQ-CP, accepting applications from 20 January 2026. The State Bank of Vietnam (SBV, Ngan hang Nha nuoc Viet Nam) retains authority over monetary policy, payment prohibition enforcement, and anti-money laundering supervision through its Anti-Money Laundering Department. The State Securities Commission (SSC, Uy ban Chung khoan Nha nuoc) coordinates regulatory policy under the MOF. The Ministry of Public Security (MPS) governs the mandatory Level 4 cybersecurity certification that all licensed exchanges must obtain.

Vietnam’s legislative push accelerated significantly after the Financial Action Task Force (FATF) placed the country on its Grey List (Jurisdictions Under Increased Monitoring) in June 2023. The FATF cited the absence of virtual asset and VASP regulation as a key strategic deficiency under Recommendation 15. Law 71/2025/QH15 and Resolution 05/2025 directly address this gap. Vietnam remained on the grey list as of the February 2026 FATF plenary, with the June 2026 plenary representing the next formal window for review.

Business Environment

Banking Relationships

Vietnam’s banking sector has undergone a structural shift in its relationship with cryptocurrency. Historically the SBV prohibited banks from facilitating crypto transactions, pushing users toward peer-to-peer platforms. Resolution 05/2025 reverses this by embedding banks directly into the crypto exchange ownership structure: at least 35% of an exchange’s charter capital must come from two or more licensed financial institutions such as banks, securities firms, or insurers, while at least 65% must be held by institutional investors overall.

Vietnam Military Bank signed a memorandum of understanding with Dunamu (operator of South Korea’s Upbit) in August 2025 to develop the country’s first state-backed exchange. By early 2026, financial institutions including SSI, TCBS, MB, and VPBank were developing compliant platforms under the pilot framework, illustrating how mandatory bank participation embeds traditional finance into the new crypto infrastructure.

Innovation Support

Vietnam has positioned blockchain as a national strategic priority. Decision 1236/QD-TTg (October 2024) established a National Strategy for Blockchain Application and Development through 2025 with orientations toward 2030, targeting the creation of national blockchain innovation centres, blockchain education integration in universities, and development of 20 prominent blockchain brands with a goal of ranking among the top 10 blockchain training destinations in Asia.

In July 2025, the Ministry of Public Security’s Data Innovation Center launched NDAChain, a national blockchain platform with 49 validator nodes, proof-of-authority consensus, and zero-knowledge proofs. It supports programmable legal contracts and asset tokenisation including bonds and carbon credits; the validator consortium includes SunGroup, Zalo, Masan, and Sovico.

Ho Chi Minh City has emerged as the primary fintech hub. Binance signed a memorandum of understanding in November 2025 to support development of the Vietnam International Financial Centre (VIFC), including a regulatory sandbox and blockchain startup support. Nasdaq signed a separate cooperation agreement with Vietnam’s Department of Finance in October 2025.

Crypto License in Vietnam

Vietnam’s exchange licensing regime operates under a controlled pilot framework established by Resolution 05/2025/NQ-CP and operationalised through Ministry of Finance decisions from January 2026. No operational VASP licensing system existed before this date; operators previously relied on general payment or securities licences, and many operated informally through offshore structures. The pilot restricts the market to a maximum of five licensed Crypto Asset Service Providers (CASPs) during the 2025-2030 period, with a full regulatory review planned at the end of the pilot.

Licensing Requirements

The requirements set by Resolution 05/2025 are among the most demanding in Southeast Asia. Applicants must be Vietnamese-incorporated limited liability companies or joint stock companies with a minimum paid-up charter capital of VND 10,000 billion (approximately USD 380-400 million), fully contributed in Vietnamese dong. At least 65% of ownership must be held by institutional investors, and at least 35% must come from a minimum of two licensed financial institutions (banks, securities firms, or insurers). Foreign ownership is subject to a strict cap under the pilot’s domestic-ownership requirements.

Exchanges must obtain Level 4 cybersecurity certification, Vietnam’s highest standard, covering data encryption, intrusion detection, and business continuity systems. Cross-ownership between multiple service providers is prohibited. All trading must be conducted exclusively in Vietnamese dong. As of early 2026, the MOF had shortlisted five applicants meeting initial requirements: VIXEX, LPEX, CAEX, TCEX, and Vietnam Digital Assets JSC.

Authorized Activities

Licensed CASPs may organise spot trading markets for crypto-assets defined under Law No. 71/2025/QH15, including operating order books and providing custody for Vietnamese-incorporated clients. Issuers of crypto-assets must be Vietnamese enterprises and must publish a prospectus at least 15 days before issuance; stablecoins and CBDCs fall outside the pilot’s scope. Once the first exchange is licensed, domestic investors must transact exclusively through MOF-approved platforms, and off-platform trading will attract administrative or criminal penalties.

Application Process and Timeline

The MOF began accepting applications on 20 January 2026. The process involves a dossier review coordinated with the Ministry of Public Security and the SBV; applicants have 12 months from initial approval to submit full documentation, after which the licence must be issued within 30 days. Exchanges must then launch operations within 30 days of receiving their licence. Personnel requirements include a Director-General with at least two years in finance, a Chief Technology Officer with at least five years in finance-related IT, a minimum of 10 certified cybersecurity staff, and at least 10 licensed securities professionals.

Market Characteristics

Adoption Patterns

Vietnam consistently ranks among the world’s most active crypto-adopting nations. The Chainalysis Global Crypto Adoption Index ranked Vietnam first globally in 2022 and fourth in 2025. An estimated 17 million Vietnamese (approximately 17% of the population) hold some form of cryptocurrency, with annual trading volumes exceeding USD 100 billion.

Because licensed fiat on-ramps did not exist until 2026, peer-to-peer trading became the core domestic infrastructure for converting Vietnamese dong to crypto. Binance P2P and Remitano (Vietnamese-founded) have been the primary gateways, alongside domestic platforms Onus and Coin98. This P2P-first ecosystem is now transitioning toward the formal exchange framework established under Resolution 05/2025.

Industry Focus

Vietnam’s most internationally notable blockchain contribution is Sky Mavis, a Ho Chi Minh City-based studio founded in 2018 and the creator of Axie Infinity, a blockchain-based play-to-earn game that reached a peak valuation exceeding USD 9 billion. In March 2022, the Ronin Bridge, the cross-chain bridge underpinning the Axie Infinity ecosystem, was exploited for approximately USD 625 million (173,600 ETH and 25.5 million USDC) in what remains one of the largest cryptocurrency thefts on record. The FBI attributed the attack to the North Korean Lazarus Group. Sky Mavis subsequently raised USD 150 million, led by Binance, to reimburse affected users.

The State Bank of Vietnam has researched a central bank digital currency (CBDC) since 2021, with Viettel and MobiFone conducting technical research, though the SBV has stated that issuance is not suitable in the near term due to infrastructure and management constraints. The government’s broader blockchain strategy targets integration across banking, healthcare, logistics, and public services.

Regulatory Evolution

Vietnam’s regulatory trajectory represents one of the most rapid transformations in Southeast Asia. For most of the 2010s the country occupied a legal grey zone: crypto was neither banned nor formally regulated, with the SBV’s 2018 payment prohibition as the only substantive rule. This changed decisively from 2022, driven by FATF pressure and recognition of a large domestic market operating without oversight.

The architecture that emerged is conservative by regional standards. The approximately USD 400 million capital requirement dwarfs those of Thailand (USD 1.5 to 3.2 million) and is designed to restrict the market to well-capitalised institutional operators. Mandatory bank participation, foreign ownership caps, Vietnamese dong-only trading, and a pilot cap of five licences all reflect a preference for controlled integration.

Vietnam is a member of the Asia/Pacific Group on Money Laundering (APG). The Anti-Money Laundering Law No. 14/2022/QH15 (effective 1 March 2023) and implementing Decree 19/2023/ND-CP (28 April 2023) strengthened the AML/CFT framework, with the SBV’s Anti-Money Laundering Department acting as the national Financial Intelligence Unit. Vietnam remained on the FATF Grey List as of February 2026, with removal expected to follow demonstrated implementation of the new digital asset framework.

Within ASEAN, Vietnam joins Thailand, Singapore, Indonesia, and the Philippines in establishing formal crypto licensing frameworks. Despite being the last major regional economy to act, its approach, combining statutory property recognition, institutional-grade exchange requirements, and a tightly controlled pilot mechanism, positions it as a significant participant in Southeast Asia’s evolving digital asset landscape.