Crypto in Vietnam

Vietnam has no comprehensive crypto law. The State Bank of Vietnam (SBV) reaffirmed in 2017 that cryptocurrencies are not legal tender and banned their use as payment methods under the Law on Credit Institutions. In 2018, the SBV prohibited credit institutions from providing crypto-related services. The Ministry of Finance (MoF) has led drafting of a regulatory framework, and in 2023 the government assigned the MoF to study a pilot sandbox for digital assets. A draft Law on Digital Technology Industry, expected in 2024, may introduce licensing for crypto businesses. The SBV is also researching a central bank digital currency, the Digital Dong, but no launch date is set. Enforcement remains fragmented, with no dedicated crypto regulator.

Vietnam lacks a clear crypto tax framework. The Law on Personal Income Tax (2007) does not explicitly cover crypto. In 2018, the General Department of Taxation proposed treating crypto trading as business income subject to 0.1% tax on sale proceeds, but no formal guidance was issued. In practice, individuals trading on foreign exchanges often do not report gains. The MoF has discussed a 0.1% tax on crypto transactions, but as of 2025, no official circular exists. Corporate entities dealing in crypto face uncertainty, with some classifying it as intangible assets subject to 20% corporate income tax. The absence of reporting thresholds or exchange-level withholding means tax compliance is minimal.

Vietnam ranks among the world's top crypto adopters. Chainalysis's 2023 Global Crypto Adoption Index placed Vietnam first, with over 4 million users—about 4% of the population. Retail usage is driven by remittances, inflation hedging, and gaming. Remittances reached $19 billion in 2023, with a portion flowing through crypto. Institutional activity is limited due to banking restrictions, but local exchanges like Remitano and Aliniex operate in a grey zone. Play-to-earn games like Axie Infinity, developed by Vietnam's Sky Mavis, popularized crypto in 2021. DeFi usage is significant, with Vietnamese users active on PancakeSwap and Uniswap. However, the SBV's payment ban pushes most trading to foreign platforms.