Is crypto legal in Vietnam? Rules & regulation (2026)

Legal framework

Law on Digital Technology Industry (Law No. 71/2025/QH15, effective 1 Jan 2026); Government Resolution No. 05/2025/NQ-CP (9 Sept 2025) on the 5-year Crypto Asset Market Pilot; MoF Circulars 32/2026/TT-BTC and 41/2026/TT-BTC (tax); State Bank of Vietnam remains the payment-services regulator (OL 5747/NHNN-PC bans crypto as means of payment). Primary authorities: Ministry of Finance (licensing/oversight of the crypto pilot), State Bank of Vietnam (payments, AML/CFT), Ministry of Public Security (cyber/data).

Status by sub-area

• Stablecoins

  Partial

  There is no dedicated stablecoin issuance/authorisation regime. Under Resolution 05/2025/NQ-CP crypto assets backed by fiat currencies or securities cannot be issued in Vietnam, and settlement on licensed venues must be in VND — effectively ruling out issuance of USD-referenced stablecoins domestically. Reserve, redemption, audit and capital rules specific to stablecoins have not been separately prescribed.

  Still pending: Reserve, redemption, audit, and capital rules for stablecoins not yet prescribed

• Exchanges / VASP

  In force

  A dedicated licensing regime for crypto asset service providers (CASPs) is now operational. The Ministry of Finance began accepting applications on 20 January 2026 under Resolution 05/2025/NQ-CP, with very high capital, ownership, personnel and IT-security thresholds.

• Token Offerings

  In force

  Under the pilot, only Vietnamese enterprises may issue crypto assets, and only via a licensed CASP; issuance must be backed by real underlying assets (not fiat or securities) and can only be offered to foreign investors. Tokens that qualify as securities remain within the Securities Law and outside the crypto pilot.

• Custody

  In force

  Custody sits within the CASP licensing regime under Resolution 05/2025/NQ-CP: only Ministry of Finance-licensed providers may hold client crypto, and they are subject to safeguarding, IT-security, AML/CFT and data-localisation obligations.

• DeFi

  Partial

  There is no bespoke DeFi framework. The pilot regime channels all trading, custody and issuance through licensed Vietnamese CASPs, so permissionless DeFi protocols, DAOs and non-custodial front-ends have no clear compliance pathway; some tokenised-finance experimentation is envisaged inside regulatory sandboxes under the DTI Law.

  Still pending: No compliance pathway for permissionless DeFi protocols, DAOs, non-custodial front-ends

• Tax

  In force

  Crypto-specific tax rules were introduced by MoF Circulars 32/2026/TT-BTC (27 March 2026) and 41/2026/TT-BTC (6 April 2026). Individuals pay 0.1% PIT on the transfer value on licensed platforms (securities-style), corporates pay 20% CIT on net gains, and crypto-asset transfers are outside the scope of VAT.

Key points: crypto & digital assets in Vietnam

1. 01Comprehensive law now in force

   The Law on Digital Technology Industry (Law 71/2025/QH15), passed by the National Assembly on 14 June 2025, entered into force on 1 January 2026 and is the first standalone law in the world dedicated to the digital-technology industry; it formally recognises 'digital assets' and 'crypto assets' as property under the Civil Code and delegates detailed rules to the Government.

   vietnam-briefing.com wfw.com

2. 025-year pilot regime for the crypto market

   Resolution 05/2025/NQ-CP (9 September 2025) launched a controlled pilot (2025–2030): only Vietnamese-incorporated LLCs or JSCs licensed by the Ministry of Finance may issue, trade, custody or settle crypto assets; peer-to-peer trading outside licensed venues is effectively prohibited.

   english.luatvietnam.vn allenandgledhill.com

3. 03High-bar licensing began 20 Jan 2026

   The Ministry of Finance began accepting licence applications from Vietnamese enterprises on 20 January 2026. Requirements include VND 10 trillion (~US$400m) charter capital, ≥65% institutional Vietnamese ownership, ≤49% foreign ownership, senior-management experience, ≥10 IT-security and ≥10 licensed securities staff, and Level-4 IT systems assessed by the Ministry of Public Security.

   tilleke.com vietnam-briefing.com

4. 04Not legal tender; VND-only settlement

   Cryptocurrencies are not legal tender and cannot be used to pay for goods or services (position originally set out in State Bank of Vietnam OL 5747/NHNN-PC of 2017, reaffirmed under the DTI Law). All issuance, trading and payments on licensed platforms must be settled in Vietnamese Dong.

   wfw.com vietnam-briefing.com

5. 05Restrictions on issuance & investor base

   Under Resolution 05/2025, crypto assets must be backed by tangible underlying assets; fiat- or securities-backed crypto assets (including most fiat-referenced stablecoins) cannot be issued. The pilot also allows Vietnamese issuers to offer crypto assets only to foreign investors, effectively segmenting domestic retail from primary issuance.

   blogs.duanemorris.com russinvecchi.com.vn

6. 06Dedicated crypto tax rules from Q2 2026

   Circular 32/2026/TT-BTC (27 March 2026) sets CIT/VAT/PIT treatment for crypto transactions and Circular 41/2026/TT-BTC (6 April 2026) covers declaration, withholding and finalisation. Transfers by individuals on licensed platforms attract a 0.1% PIT (securities-style), corporate profits are subject to 20% CIT, and crypto transfers are outside the scope of VAT.

   bakermckenzie.com vatcalc.com

Timeline of decisions

1. 20 Jul 2026Decision
   Vietnam sets new crypto trading fines on par with drunk-driving penalties

   The Block

2. 20 Jan 2026Decision
   Ministry of Finance Launches Pilot Crypto Exchange Licensing (Decision 96/QĐ-BTC)

   Vietnam's Ministry of Finance issued Decision No. 96/QĐ-BTC, operationalising the licensing regime for crypto asset trading platforms: step-by-step dossier procedures, governance standards, and a VND 10,000 billion (~USD 400 million) minimum paid-up capital requirement. The State Securities Commission immediately began accepting applications, marking the first time a formal licensing pathway was open to operators.

   Tilleke & Gibbins

3. 1 Jan 2026Law
   Law on Digital Technology Industry Enters into Force

   Vietnam's landmark Law on Digital Technology Industry (passed June 2025) took effect, formally classifying digital assets, including crypto assets, as a category of property under the Civil Code, enabling legal ownership, transfer, and inheritance. Crypto assets remain non-legal-tender and may not be used as payment for goods and services.

   Vietnam Briefing

4. 9 Sept 2025Law
   Government Enacts Resolution 05/2025/NQ-CP, Five-Year Crypto Pilot Program

   The Government issued Resolution 05/2025/NQ-CP establishing a controlled five-year pilot programme (2025-2030) for the issuance, trading, and supervision of crypto assets. Key rules: only Vietnamese-incorporated enterprises may issue virtual assets; all transactions must settle in VND; exchanges must have at least 65% institutional ownership with 35% held by licensed financial institutions.

   LuatVietnam (Official Legal Database)

5. 14 Jun 2025Law
   National Assembly Passes Law on Digital Technology Industry

   The 15th National Assembly passed the Law on Digital Technology Industry (441 of 445 deputies in favour), the first statute anywhere to be dedicated to the digital tech sector. The law provides the first statutory definition of crypto assets as a sub-class of digital assets and mandates implementing regulations, ending more than a decade of legal ambiguity.

   Watson Farley & Williams

6. 1 Jun 2023Decision · official
   FATF Places Vietnam on Enhanced Monitoring ('Grey List')

   The Financial Action Task Force added Vietnam to its list of jurisdictions under increased monitoring, citing 17 strategic AML/CFT deficiencies. Among the gaps explicitly flagged: the absence of any licensing or supervision regime for virtual asset service providers (VASPs), accelerating domestic pressure to pass the Digital Technology Industry Law.

   FATF

7. 15 Nov 2022Law
   Anti-Money Laundering Law 2022 Passed, VASPs Not Yet Included

   The National Assembly enacted Law No. 14/2022/QH15, a significant AML/CFT reform effective March 1, 2023. Notably, an earlier draft had proposed classifying virtual asset service providers as reporting entities, but this provision was dropped from the final text, leaving a VASP regulatory gap that FATF subsequently flagged.

   Thư Viện Pháp Luật (Vietnam Legal Library)

8. 20 Jul 2018Guidance
   State Securities Commission Bars Licensed Securities Firms from Crypto

   Official Letter No. 4486/UBCK-GSDC required all public companies, securities firms, fund managers, and securities investment funds to refrain from any offering, trading, or brokerage of virtual currencies. This extended the payment-layer ban to the entire licensed securities sector and reinforced the grey-zone status of crypto trading.

   Vietnam Business Law

9. 30 Oct 2017Decision
   State Bank of Vietnam Formally Bans Crypto as Means of Payment (Effective 1 Jan 2018)

   The SBV declared Bitcoin and similar virtual currencies not to be lawful means of payment and prohibited their issuance, supply, or use as payment instruments, with fines of VND 150-200 million for violations taking effect on 1 January 2018. Ownership and trading were not explicitly addressed, creating the legal grey zone that persisted for years.

   CoinDesk

10. 21 Aug 2017Decision
    Prime Minister Decision 1255/QĐ-TTg, Scheme to Build Virtual Asset Legal Framework

    Decision 1255/QĐ-TTg commissioned a multi-ministry scheme to develop a comprehensive legal framework for virtual assets, digital currencies, and virtual currencies, with deadlines running through 2019 for amendments to banking, justice, tax, and criminal laws. Implementation lagged significantly, but the decision signalled official recognition of a regulatory gap.

    LuatVietnam (Official Legal Database)

11. 27 Feb 2014Guidance
    State Bank of Vietnam Issues First Official Bitcoin Warning

    The SBV issued its inaugural public statement on Bitcoin, defining it as a peer-to-peer digital currency not issued by any government or financial institution, and warning of risks including money laundering, security vulnerabilities, and extreme price volatility. This was Vietnam's first regulatory acknowledgement of cryptocurrency and established the initial cautious posture that governed policy for the next decade.

    Wikipedia — Cryptocurrency in Vietnam

Sources

1. 1.vietnam-briefing.com/news/vietnam-passes-first-ever-law-on-digital-technology-industry.htm
2. 2.wfw.com/articles/landmark-legislation-regulates-digital-assets-in-vietnam/
3. 3.english.luatvietnam.vn/resolution-no-05-2025-nq-cp-dated-september-09-2025-of-the-government
4. 4.allenandgledhill.com/vn/publication/articles/31333/establishes-digital-technology-framewor
5. 5.vietnam-briefing.com/news/vietnam-licensing-regime-cryptocurrency-exchanges-digital-econom
6. 6.tilleke.com/insights/vietnam-begins-accepting-license-applications-for-crypto-ass
7. 7.blogs.duanemorris.com/fintech/2025/09/12/vietnam-introduces-pilot-program-for-virtual-asset
8. 8.russinvecchi.com.vn/publication/vietnams-crypto-asset-regulation-framework-from-gray-zone
9. 9.bakermckenzie.com/en/insight/publications/2026/05/vietnam-launches-pilot-tax-framework-
10. 10.vatcalc.com/vietnam/vietnam-crypto-vat-transfer-tax-draft-rules/
11. 11.chambers.com/articles/vietnam-formally-recognises-digital-assets-under-new-law
12. 12.dfdl.com/insights/legal-and-tax-updates/vietnam-government-sets-legal-framewor