Legal Crypto In Vietnam

Introduction

With strong public interest and popular adoption, Vietnam has established itself as a country to watch in the crypto world. But the regulatory landscape is still murky, and in flux. In particular, this article delves into the regulatory environment surrounding crypto, popular exchanges and ways to buy crypto, the local crypto scene, the proposed crypto law, and the DeFi and NFT markets. It also delves into a roundup of how cryptocurrencies are being adopted and taxed, providing an exclusive glimpse into the crypto landscape in Vietnam.

The Legal Position of Cryptocurrency

Cryptocurrencies are in a gray area in Vietnam. The SBV has banned the use of them as a legal method of payment, he said, adding that since 2018 they have been legally invalid for transactions in Vietnam. It is illegal for banks to process transactions involving cryptocurrencies, though owning, trading and holding cryptocurrency for investment are not expressly prohibited, leaving a legal gray area.

In 2024, the Vietnamese government reportedly expressed interest in drafting a legal framework for digital assets, with the Ministry of Finance and SBV was in charge of drafting laws. In 2025, a prototype for a regulated crypto exchange (supported by Bybit) was given the green light, suggesting a move toward regulatory oversight. Legislation is expected to be approved by March 2025, but as of June 2025, the law is not enacted. These are part and parcel of the efforts to further both investor protection and international integration of Vietnam.

Well Known Exchanges And Exchange Methods

Vietnam’s cryptocurrency trading is done at international and local exchanges, and P2P platforms. Binance leads the charge thanks to its widespread P2P network that offers VND trading pairs with bank transfers and mobile payment apps. Other international exchanges including Coinbase and Kraken are also utilized, though are also less dominant. P2P trading is twice as popular, enabling people to avoid banks and trade directly -cash and digital transactions both included. OTC trading is common in urban areas even for very small amounts.

Same goes with local exchanges Remitano and VCC Exchange, which serve Vietnamese users with VND trading and local language support. These operations are connected to the local banks in Vietnam, and they provide an avenue for easy exchange between the fiat currency and crypto, which anyone can access, including the retail investors.

Local Exchanges

Some homegrown exchanges catering to the local market are based in Vietnam. Remitano, a popular P2P platform, enables trade of BTC and other cryptos against VND, supporting escrow for guaranteed security. VCC Exchange provides a centralized trading platform integrated with local bank accounts to conduct local transactions with local currency. (A smaller player, T-Rex Exchange, hosts newer tokens and caters to users who want to make low-cost trades. These exchanges offer Vietnamese speaking support and they follow local banking rules which is a way to compete with worldwide exchanges.

Cryptocurrency Industry Information in Vietnam

Key Statistics and Resources

• Market Size: Estimated revenue of cryptocurrency exchanges in Vietnam reached USD 109.4 million in 2023.
• User Base: Approximately 20% of Vietnamese adults have engaged with cryptocurrencies.
• Regulatory Bodies: State Bank of Vietnam (SBV), Ministry of Finance.
• Popular Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Tether (USDT).
• Blockchain Events: Vietnam Blockchain Summit, Ho Chi Minh City (annually).

Major Cryptocurrency Exchanges in Vietnam

Exchange	Type	Key Features	Supported Assets
Remitano	P2P	Escrow system, VND support	BTC, ETH, USDT, BCH
VCC Exchange	Centralized	Local banking integration, low fees	BTC, ETH, LTC, XRP
T-Rex Exchange	Centralized	Emerging tokens, user-friendly	BTC, ETH, BNB, TRX
Binance	Global	P2P trading, high liquidity	300+ cryptocurrencies
Kraken	Global	Advanced security, VND via P2P	BTC, ETH, ADA, SOL

Legislation That Regulates the Cryptocurrency Market

There are no regulations set by the Vietnamese regulators regarding cryptocurrency trading and activities. The SBV’s 2018 circular outlaws cryptocurrencies as legal tender, and prohibits financial institutions to deal with them. But personal trading is not banned. The Draft Digital Technology Industry (DTI) Law, introduced in 2024, may be Vietnam's first piece of comprehensive legislation on digital assets, which could mean licensing requirements for exchanges and taxation obligations could be decided by March 2025.

Anti-money laundering (AML) and counter-terrorism financing (CTF) rules apply indirectly, with crypto providers subject to identity checks and reporting of transactions above a certain threshold. The Bybit-backed pilot platform, which serves as a regulated sandbox, seeks to test compliance frameworks. The lack of crypto specific regulation causes uncertainty, though the proposed DTI Law indicates a semblance of regulated times ahead.

DeFi Market

Vietnam’s nascent yet expanding decentralized finance (DeFi) market is an ecosystem powered by a tech-savvy young generation and a high level of internet penetration. It’s possible to lend, borrow and farm yields on platforms such as Uniswap and PancakeSwap, without a middleman. But technical complexity and legal uncertainty are deterring companies from joining in. Vietnamese developers are building world-class DeFi protocols, just not necessarily at home. DeFi has not been dealt with by the government specifically and, being decentralized, is difficult to regulate. Given the rise of new policies in the crypto areas, DeFi could be put more under pressure when it comes to compliance for AML/CTF.

NFT Market

Vietnam’s NFT market is expanding moderately, fueled by interest in digital art, gaming and collectibles. Vietnamese creators use platforms as OpenSea and Rarible to mint and sell NFTs, frequently marketing them at international buyers. Local games and collectibles are appearing based on NFTs, though at an earlier stage than larger centers. Regulation remains a murky issue and NFTs have murky legal standing similar to other crypto assets. High transaction costs and lack of local infrastructure translate into lack of mainstream adoption.

Cryptocurrency Trends across the Globe

Vietnam stands out in the list of highest crypto adoption countries, with some 20-25% of adults using or buying cryptos. A young and digitally native demographic and high levels of smartphone penetration drive this trend with Bitcoin and Ethereum being the most favoured assets. That ease of access is also a lack of regulatory barriers — but also of protection, including from scams and volatility. Crypto literacy gains momentum on the backs of grassroots communities and educational efforts. Cryptocurrencies are also employed for remittances, providing a cheaper option compared with traditional systems in a remittance-heavy economy like Vietnam.

Taxation Policies

Cryptocurrency remains untaxed in Vietnam causing confusion for traders and investors. While the Ministry of Finance has announced that crypto gains could potentially be taxed under personal income tax (PIT) at rates of 5-35% depending on income levels, enforcement is said to be irregular as it is difficult to track. For cryptocurrency businesses, CIT can reach 20%. The upcoming DTI Law should clarify taxation, and could mean capital gains tax implications for digital assets.

Conclusion

Vietnam has a population of 93 million people with over half of it’s population under the age of 30 and it’s blockchain industry is only starting to take flight thanks to the barely developed regulatory space there. Though cryptocurrencies are not considered official money, trade and stock flourish under a lax regime. International and local exchanges, and P2P methods serve as gateways, and Remitano and VCC Exchange cater to the local demand. The DeFi and NFT worlds are both budding but with difficulties and headaches that comes with regulatory uncertainty and technical constraints. Vietnam’s regulatory environment: blanket bans, but cautious welcome With laws anticipated by 2025 and a trial exchange in the works, it could make Vietnam a more wholesome participant in the world crypto stage. Clear tax rules and vigilant oversight will be key to achieving the right balance between innovation and investor protection.