Crypto in Vietnam: legal as property, but still waiting for licensed exchanges

In Hanoi or Ho Chi Minh City, almost everyone knows someone who trades crypto. Chainalysis estimates Vietnam received about US$220 billion in crypto in the 12 months to June 2025, up 55% year on year, and around 21 million Vietnamese hold or use digital assets. For years all of that sat in a grey zone. The law has finally arrived, and it has created an awkward gap: crypto is now recognised as property, the licensed exchanges have not opened, and trading outside them can already be fined. This page explains the law and the risks. It is not a buying guide for residents of Vietnam.

01Vietnam crypto market passport

02Is crypto legal in Vietnam?

The short answer: holding is legal, paying is illegal, and trading has to go through licensed providers that do not exist yet.

On 14 June 2025 the National Assembly passed the Law on Digital Technology Industry (reported as Law No. 71/2025/QH15), which took effect on 1 January 2026. It gives "digital assets" legal standing for the first time and splits them into "virtual assets" and "crypto assets", the latter meaning assets that use cryptography to validate their creation and transfer. The law lets the government set licensing, anti-money-laundering and cybersecurity conditions. Part of the backdrop is Vietnam's place on the Financial Action Task Force (FATF) grey list.

The practical rules come from Resolution 05/2025/NQ-CP, issued on 9 September 2025. It sets up a five-year pilot crypto-asset market, defines crypto as property rather than legal tender, requires every trade to settle in Vietnamese dong, and bans issuing assets backed by fiat currency or securities. In other words, no local dong stablecoin.

Meanwhile the State Bank of Vietnam has not moved an inch on payments: using crypto as a means of payment is illegal, with fines of VND 150–200 million under Decree 88/2019. Holding and trading crypto as an asset was never expressly banned, which is why P2P markets grew so large in the first place.

03The pilot exchanges: who has in-principle approval

The bar for running a pilot exchange is very high. The operator must be a Vietnamese company with at least VND 10 trillion (about US$380 million) in paid-up charter capital. At least 65% of the shares must be held by institutions, and more than 35% by at least two banks, securities firms, fund managers, insurers or technology companies. Foreign ownership is capped at 49%, and IT systems must meet Level-4 security. No more than five licences will be issued during the pilot.

The Ministry of Finance (MoF) grants licences, the State Securities Commission (SSC) supervises, the State Bank handles payments and bank accounts, and the Ministry of Public Security certifies security. MoF Decision 96 set out the procedure, and applications opened on 20 January 2026. By March 2026 five firms had in-principle approval:

SSI Digital signed a memorandum of understanding with Korea's Bithumb in March 2026, and MB and others have shown interest. But in-principle approval is not a licence. Each firm still has to deposit the VND 10 trillion, obtain Level-4 and Ministry of Public Security certification and complete about ten procedures, after which the MoF has 30 days to review. The ministry had aimed for first activity in Q3 2026. Business daily CafeF reported on 2 September that the pilot would now run from late 2026.

What will be tradable? Official messaging focuses on tokenised real-world assets such as agricultural commodities, real estate, green energy and rental cash flows. Bitcoinist reported in June that BTC, ETH and USDT are also expected on licensed venues, settled in dong, but the final list has not been published.

04Fines from 1 September 2026 for trading outside licensed providers

Decree 284/2026/NĐ-CP was issued on 16 July 2026 and took effect on 1 September. The key provisions:

• Individuals trading crypto assets not through a licensed provider: fines of VND 30–50 million.
• Individuals trading crypto assets "offered to foreign investors": VND 70–100 million.
• Organisations providing unauthorised crypto services or offerings: up to VND 200 million.
• Authorities may also suspend activity and confiscate assets. Banks have their own duties, and fines, around accounts used to buy crypto for foreign investors.

Until now, most Vietnamese bought USDT on the P2P markets of platforms such as Binance, paying merchants' personal accounts by bank transfer or VietQR. From 1 September 2025 banks required facial biometric verification, and about 86 million unverified accounts were closed or restricted, which squeezed the "mule" accounts P2P relies on. Our P2P guide covers the general risks. For residents of Vietnam, though, the issue is no longer just fraud. It is legality.

05Crypto tax in Vietnam: 0.1% per transfer

Ministry of Finance Circular 32/2026/TT-BTC, reported in force from 27 March 2026, sets the tax rules for the pilot:

Note that the 0.1% is charged on the value of the transfer, not the profit, so you pay it even when selling at a loss. The circular says nothing about past trades on offshore platforms, which are now fineable in themselves. For other countries, see our crypto tax guide for Asia.

06What residents of Vietnam can legally do now

Until the licensed exchanges open, the list is short, but each item matters.

First, don't pay with crypto. That rule has stood since 2014, and fines reach VND 200 million. Second, don't trade on unlicensed platforms. Since 1 September that is a fineable act. Third, look after what you already hold. Personal wallet holdings reportedly remain permitted under the pilot. Keep private keys and seed phrases offline, and keep purchase records and transfer receipts, because you may need them when you trade or file taxes on a licensed platform later. Our crypto security guide covers the basics.

Fourth, wait for and verify the first licences. The official list will come from the Ministry of Finance or the State Securities Commission. Until then, treat any app, Telegram group or website calling itself "Vietnam's first licensed exchange" with suspicion. Our guide to exchange safety and licences explains how to check.

07ONUS, BDOGE and the scams to avoid

In March 2026 the Ministry of Public Security arrested several people linked to ONUS, including the chair of Vemanti, ONUS's technical administrator and a HanaGold director, over token manipulation and misleading promotion involving VNDC, ONUS and HNG. More than 140 people were questioned. ONUS had been one of Vietnam's best-known homegrown crypto apps, and the case badly damaged trust in local "stablecoins".

On 23 September 2026 the Hanoi police cybersecurity unit warned about BDOGE, a worthless token sold with promises of a "10,000x" rise after a fake listing. In March, one victim reportedly lost more than VND 7 billion in the so-called "Xintel ecosystem". Police have repeatedly warned about crypto investment scams on social media and published 15 indicators of suspicious transactions.

The warning signs are easy to spot: fixed or outlandish returns, pressure to transfer quickly, recruitment through Telegram, TikTok or Facebook groups, and requests to send coins to an address supplied by "support". If you see any of them, stop.

08What to watch next

The rules are still moving fast. We are tracking the following and will update this page as they change:

• The first full licences: which of the five approved firms completes capital and security certification first, and when the MoF announces it.
• The list of tradable assets: whether BTC, ETH and USDT arrive on licensed platforms as expected.
• Offshore blocking: whether the blocking rules Reuters reported are adopted.
• Reporting duties: a draft circular published on 17 September would require licensed platforms to report daily and disclose proof of reserves and hot/cold wallet holdings.
• International platforms: in September 2025 Standing Deputy Prime Minister Nguyen Hoa Binh met Binance and Bybit leaders and invited Binance to open an office in the Da Nang international financial centre.

For neighbouring markets, see our guides to buying crypto in Thailand (no capital gains tax on licensed-platform trades) and the Philippines, and the rules in mainland China, where crypto trading is banned outright. Every market is in the country overview.

FAQ

Sources

• State Bank of Vietnam — statements on crypto as a means of payment · checked Oct 2026
• CoinDesk — reporting on the Law on Digital Technology Industry · 16 Jun 2025
• CafeF — reporting on the pilot market and Decree 284/2026 · Aug–Sep 2026
• Cointelegraph — Vietnam pilot licensing and the ONUS arrests · 2026
• Chainalysis — 2025 Global Crypto Adoption Index · Sep 2025

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