If you’ve been trading crypto in Vietnam or simply following the space, you’ve probably noticed that things feel a bit… uncertain. Crypto is popular here — Vietnam consistently ranks among the top countries in global adoption. But despite that, there’s still no real set of local rules for how crypto should be used, taxed, or regulated.
That’s about to change.
After years of debate, research, and behind-the-scenes planning, the Vietnamese government is now taking real steps to regulate cryptocurrencies and virtual assets. The full legal framework isn’t ready yet, but it’s coming — and the target date is sometime in 2025.
Let’s walk through what’s happening, what it means for users and businesses, and how Vietnam’s approach compares with what’s going on in the rest of the world.
What the Law Says Right Now
To be clear, crypto isn’t illegal in Vietnam. You can buy it, sell it, hold it in a wallet, or trade it on global exchanges like Binance or OKX. But — and this is important — crypto is not considered legal tender, and you can’t use it to pay for goods or services.
So technically:
- Owning crypto? Allowed.
- Trading crypto? Allowed (but unregulated).
- Paying someone in crypto? Illegal.
- Operating a local crypto exchange? Not allowed — there’s no licensing system yet.
- Taxes? No clear rules (yet) on how to report or pay tax on crypto gains.
Basically, crypto sits in a legal gray zone. It’s not banned, but it’s not supported by a real framework either. And for a country with millions of users trading daily, that creates a big gap.
Why Vietnam Has Waited This Long
Regulating crypto isn’t as easy as flipping a switch. It’s new, complex, and moves way faster than most governments. Vietnam has taken a cautious approach, and there are a few reasons why.
First, fraud and scams are a big concern. Vietnam has seen multiple crypto-related Ponzi schemes and rug pulls. Without clear rules, it’s hard to protect people from bad actors.
Second, there’s concern about money laundering and financial stability. Crypto can move across borders quickly and anonymously — and that makes regulators uncertain.
Third, Vietnam wants to learn from other countries before finalizing its own framework. They’ve been looking at what’s happening in places like Singapore, South Korea, the UAE, and the EU — trying to figure out what works, and what doesn’t.
So while it might seem slow from the outside, the government has been doing its homework.
Steps Taken So Far
Vietnam’s crypto regulation journey officially kicked off in 2017, when the government banned the use of Bitcoin and other virtual currencies as a payment method. That decision still stands today.
But things began to shift in 2021, when the Prime Minister approved a digital transformation roadmap (Decision 942). That roadmap included a specific goal: create a legal framework for virtual assets and cryptocurrencies by 2025.
Here’s a breakdown of what’s happened since:
- 2018–2020: The Ministry of Justice studied how other countries regulate crypto.
- 2021: The Ministry of Finance set up a task force to research crypto assets and virtual currencies.
- 2022: The State Bank started exploring the idea of launching a central bank digital currency (CBDC).
- 2023–2024: Ministries and regulators started developing early drafts of laws and rules.
- Now (2025): Draft regulations are expected later this year, followed by feedback, revisions, and final approval.
This process takes time, but it’s moving forward — and the destination is finally in sight.
What the New Rules Will Likely Cover
Even though the full law hasn’t been released yet, we already have a good idea of what to expect. Vietnam is trying to create rules that strike a balance between innovation and control.
Here’s what’s probably coming:
Licensing for Exchanges and Crypto Businesses
Right now, there’s no way for a company to legally operate a crypto exchange or wallet service inside Vietnam. That’s expected to change.
New rules will introduce licensing and registration requirements for platforms that want to serve Vietnamese users. Companies will need to prove they meet standards for security, governance, and transparency.
KYC and AML Requirements
Vietnam is a member of the FATF (Financial Action Task Force), and it plans to apply FATF standards — including the Travel Rule. That means platforms will need to verify who their customers are (Know Your Customer or KYC), monitor transactions, and report anything suspicious to authorities.
This might be a big shift for users who are used to anonymous or lightly verified trading.
Consumer Protection Rules
Expect new measures designed to protect users from scams, misleading advertising, and shady projects. Platforms will need to disclose risks, avoid hyped-up marketing, and clearly explain how user funds are stored or insured.
There may also be requirements for exchanges to separate user funds from company funds — similar to what we see in traditional finance.
Tax Reporting Obligations
Vietnam’s tax authorities are also stepping in. Crypto earnings will likely be treated as taxable income or capital gains, and users will be expected to report and pay tax on profits.
That means if you’re actively trading, you’ll need to track your transactions — including dates, amounts, and profits.
Rules for Token Listings
There’s a good chance Vietnam will regulate which tokens can be listed on licensed platforms. Exchanges may be required to vet projects before listing them, and some tokens (like privacy coins or gambling tokens) could be restricted or banned.
This would help prevent pump-and-dump schemes and protect users from low-quality projects.
Vietnam’s Central Bank Digital Currency Project
Alongside crypto regulation, the State Bank of Vietnam (SBV) is exploring a digital version of the Vietnamese đồng — a Central Bank Digital Currency (CBDC). Unlike Bitcoin or Ethereum, this would be a government-issued, centralized currency that’s fully backed by the state.
The idea is to modernize payments and give the government a safe digital alternative to private stablecoins.
CBDCs are still being studied, and there’s no launch date yet. But the project shows that Vietnam isn’t anti-digital currency — it just wants to maintain control.
What This Means for Users and Businesses
For everyday crypto users, regulations will bring both good and bad changes.
On the plus side:
- You’ll know which platforms are licensed and safe.
- You’ll get more protection from fraud and hacks.
- You might see local exchanges and services pop up.
On the downside:
- You’ll probably need to verify your identity to trade.
- You’ll have to keep good records for taxes.
- Some tokens or services might be restricted.
For businesses, regulations are a big deal. They’ll finally be able to apply for licenses, work with banks, and operate legally. But compliance won’t be easy — it means new systems, policies, audits, and reporting.
Still, it’s a major step toward mainstream adoption and long-term stability.
How Vietnam Compares to Other Countries
Vietnam is not alone in this journey. Many countries in Asia are still figuring crypto out.
- Singapore has a full licensing system under the Payment Services Act.
- Thailand allows regulated exchanges but has rules on token types and advertising.
- Indonesia allows crypto trading through licensed platforms but bans crypto payments.
- The UAE has VARA in Dubai and ADGM in Abu Dhabi issuing detailed rules for VASPs.
Vietnam’s approach is more cautious, but the demand is already here — millions of Vietnamese users are active in DeFi, NFTs, and crypto trading. Once the framework is in place, Vietnam could become a serious Web3 and fintech hub.
What to Expect in 2025 and Beyond
So, when exactly is all this happening?
- Late 2025: Draft crypto regulations are expected to be published for public input.
- 2026: Final rules will likely be approved and begin to take effect.
- 2026–2027: Licensing of platforms and full enforcement could roll out.
This means we’re getting very close to a new era for crypto in Vietnam — one where there’s more clarity, more trust, and more opportunity.
Final Thoughts
Vietnam is entering a critical phase where crypto will finally move from legal uncertainty into a clearly defined, regulated space. This transition has taken time — but that’s been intentional. Rather than rushing into half-formed policies, the government has opted for a cautious, research-driven approach that draws from global lessons.
Now, with regulatory frameworks expected soon, the market is on the edge of real transformation.
For individuals, this is the moment to get organized: understand what compliance looks like, get familiar with identity verification, and start maintaining clear records of your crypto activity. Tax obligations are coming — and it’s better to be ready than caught off guard.
For businesses and startups, this is your window to align early. Start reviewing your internal systems, strengthen your security and compliance infrastructure, and prepare to engage with local authorities once licensing becomes available.
Vietnam isn’t just catching up — it’s preparing to lead in a responsible and structured way. Crypto in the country is about to become more transparent, safer, and more sustainable for the long haul. The unregulated era is ending — and the real crypto economy is about to begin.
