Vietnam Crypto: High Adoption & Regulation #73

Country facts

Vietnam crypto score

Trade and store crypto

Top global adoption rates, SBV guidance, and Vietnam’s evolving crypto law

Vietnam, like the Philippines and Taiwan, often gains wide publicity as an unstoppable crypto hotspot, but when analyzed in wider terms of its crypto credentials has little else to offer. Since Sept–Oct 2025 Vietnam has a 5-year pilot market (Resolution 05/2025/NQ-CP): only Vietnamese companies with ≥VND 10,000bn capital and at least 65% institutional ownership can run a crypto platform. Foreign ownership is capped at 49%, so global exchanges will need a local JV. This may soon change, however, and the Vietnamese Deputy Prime Minister, Le Minh Khai, is driving forward a regulatory framework for cryptocurrency within Vietnam that has yet to be clarified. Crypto ownership is very high – between 5 and 9% of the population – and the country has a high score for the number of blockchain organizations. Clear regulation, when it comes, may drive a more cohesive crypto-economy within Vietnam. Also in the pipeline is further assessment for a central bank-issued digital currency to be conducted by the State Bank of Vietnam. Much depends on the changing worldview of cryptocurrencies and their trading of them following the fallout from the FTX debacle.

The crypto economy in Vietnam has been booming, along with other Asian countries whose populations have taken crypto to heart. In Vietnam, using cryptocurrencies to make purchases is illegal, but they are still actively bought, putting Vietnam high on the list of countries with a significant number of people holding it as an investment. The State Bank reminded banks of this ban again in 2025 when announcing the pilot. Finding places to spend it, therefore, is not easy and despite the government’s recent volte-face and its recent initiatives centered on studying and trialing cryptocurrency, crypto is not legal tender.

Crypto trading & crypto law in Vietnam

Vietnam’s government has moved from a position of opposition to acceptance of cryptocurrency – at least theoretically – perhaps bowing to the huge demand for crypto by its population. The government is now piloting an actual market first, not a public ‘crypto as money’ system — the pilot is for trading platforms under strict AML, cybersecurity and on-shore-capital rules. The country appears to be comfortable with increasing the volume of cashless payments and sees this form of usage as an irreversible trend, especially for users who may not have bank accounts.

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Paying taxes on my crypto trading in Vietnam

Vietnam still doesn’t classify crypto cleanly for tax, so until the 2025 pilot is fully in force, income/corporate tax is applied case-by-case.

As we mentioned elsewhere, tax relief doesn’t really come into it as there are no clear taxation laws applying to crypto in Vietnam. Buying, selling, holding, and investing are legal, but purchasing services and products is not.

Vietnam crypto mining

Thinking of mining crypto? It’s a highly technical and expensive activity at the best of times. Vietnam has periodic home-mining booms whenever BTC spikes, but there is still no specific mining law. The need for vast amounts of energy to perpetuate crypto mining, and the cost of equipment to do it, apparently is outweighed by the sharp price increases. In this still unregulated country, mining has yet to see specific laws to monitor and legislate for it.

To date, cryptocurrencies such as Bitcoin are not excluded from investment in Vietnam so it’s feasible that the investment industry will also include retirement planning. Most institutions will steer clear due to price volatility, but any investment plan would probably carry higher fees due to the higher risks involved.

Vietnam’s financial outlook on Bitcoin and the crypto economy

A huge crypto research program is underway in Vietnam after Vietnam’s Ministry of Finance initiated an in-depth study of cryptocurrencies, with a view to achieving legislative reform for the industry. With much about crypto still illegal – such as buying products and services with it – it is no surprise that the financial establishment is looking for guidance. However, as yet the conclusions of the study and any proposals and recommendations are not forthcoming. We hate to say it again but..watch this space.

Vietnam and Defi, the latest developments

Vietnam has long held a negative view of crypto but is changing rapidly. The government has decided it cannot ignore blockchain technology and the cryptocurrency mining and trading frenzy that has taken off during the coronavirus pandemic as people out of work or stuck at home seek new sources of income. The government is looking at ways to harness the trend towards digital assets and regulate the new technology rather than leave it to decentralized software and private enterprise. Needless to say, Decentralised Finance (Defi) is something of a non-starter and there appears to be little debate on its merits or otherwise.

Crypto regulation in Vietnam

The haphazard and largely unregulated way Vietnam has grown to be a major crypto country has been responsible for the larger than average number of spectacular frauds and illegal activities through unregulated exchanges. The crypto economy is crying out for regulation that ensures the safety and security of the cryptocurrency market and the existing and potential investors of cryptocurrencies — even if some investors are warned away due to increased scrutiny.

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