{"source":"Four Pillars Asia Digital Asset Policy Center","source_url":"https://policy.4pillars.io","license":"Free to reuse with attribution. Credit \"Four Pillars Asia Digital Asset Policy Center\" and link to the page you cite (every record carries its own `url`). Primary sources remain the property of their issuers.","terms_url":"https://policy.4pillars.io/developers#attribution","data":{"id":"VN","slug":"vietnam","iso_code":"VN","name":"Vietnam","region":"Southeast Asia","region_slug":"southeast-asia","status":"covered","status_label":"Full dossier","headline":"Vietnam legalised crypto assets in 2025 and built a five-licence pilot, but by October 2026 no exchange had been licensed.","financial_centre":"Ho Chi Minh City","snapshot":{"exchanges":{"name":"Exchange licensing","level":"developing","label":"Developing","rank":2,"note":"Five of seven applicants cleared first review; no MoF licence had been issued by early October 2026"},"stablecoins":{"name":"Stablecoin regime","level":"prohibited","label":"Prohibited","rank":0,"note":"Pilot bars tokens backed by fiat or securities; crypto is not a legal means of payment"},"tokenization":{"name":"Tokenisation & RWA","level":"restricted","label":"Restricted","rank":1,"note":"Vietnamese firms may issue real-asset-backed tokens, but only to foreign investors"},"retail":{"name":"Retail access","level":"restricted","label":"Restricted","rank":1,"note":"No licensed venue yet; offshore trading draws fines six months after the first licence"},"tax":{"name":"Tax clarity","level":"partial","label":"Partial","rank":3,"note":"0.1% tax per transfer and 20% corporate tax, but only for trades via licensed providers"}},"counts":{"sources":14,"licences":2,"regulators":4},"last_reviewed":"2026-10-05","url":"https://policy.4pillars.io/vietnam","api_url":"https://policy.4pillars.io/api/v1/markets/vietnam","story":["Vietnam has one of the largest crypto user bases in the world and, until 2025, no legal home for it. Government figures citing Chainalysis put holders at about 17 million and inflows at US$220 to 230 billion between July 2024 and June 2025. Since 2018, Directive 10/CT-TTg and a follow-up State Bank directive have kept banks and payment firms away from crypto, and virtual currency is not a legal means of payment, so trading ran almost entirely through offshore platforms.","The turning point came in 2025. The Law on Digital Technology Industry, passed on 14 June 2025 and in force from 1 January 2026, defined digital assets, virtual assets and crypto assets for the first time. Resolution 05/2025/NQ-CP followed on 9 September 2025 with a five-year pilot: up to five crypto asset service providers licensed by the Ministry of Finance, each with at least VND 10 trillion in charter capital, foreign ownership capped at 49% and all trading settled in dong.","The Ministry of Finance opened applications on 20 January 2026 and received seven. Five cleared the first-stage review: VIXEX, TCEX (Techcombank group), CAEX (VPBank group), SCEX (formerly LPEX) and Vietnam Digital Assets JSC. As of early October 2026 none had received a licence, and on 5 September the Government told the ministry to speed up. The supporting rules are already in place: a 0.1% tax on each transfer, accounting guidance, and administrative fines under Decree 284/2026 from 1 September 2026.","For builders this is a closed, bank-led market. Entry needs VND 10 trillion, Level 4 information-system security certified by the Ministry of Public Security and at least 65% institutional shareholders, so foreign firms can only take minority stakes. Six months after the first licence, domestic investors who keep trading on unlicensed platforms face fines, which gives offshore exchanges a clear exit date. Vietnam also remains on the FATF grey list, and crypto service providers become formal AML reporting entities from 1 December 2026."],"watch":["The first Ministry of Finance licence, which starts the six-month clock after which onshore users of unlicensed platforms face fines (VND 15 to 25 million for individuals).","Law 23/2026/QH16 taking effect on 1 December 2026, making crypto service providers AML reporting entities with 15 statutory red-flag indicators.","FATF plenaries in October 2026 and February 2027: Vietnam has been grey-listed since June 2023 and all action plan deadlines expired in May 2025.","Which assets the first licensed providers choose to list and report to regulators, and whether the pilot is widened before it ends in September 2030."],"key_numbers":[{"value":"VND 10tn","label":"Minimum charter capital for a crypto asset service provider (about US$380m)","as_of":"2025-09-09"},{"value":"5","label":"Exchange applicants that cleared first-stage review, out of 7 filed","as_of":"2026-05-01"},{"value":"0.1%","label":"Personal income tax on the value of each crypto transfer via a licensed provider","as_of":"2026-03-27"},{"value":"17m","label":"Vietnamese crypto holders, seventh globally (Chainalysis data cited by the Government)","as_of":"2025-01-01"}],"jurisdictions":null,"regulators":[{"id":"vn-mof","abbr":"MoF","name":"Ministry of Finance","role":"Licenses crypto asset service providers, sets tax and accounting rules and runs the pilot.","remit":"Vietnam's finance ministry. It manages the state budget, tax, customs and public debt, and oversees the securities market through the State Securities Commission.","crypto":"Licenses crypto asset service providers under the five-year pilot in Resolution 05/2025/NQ-CP; five of seven applicants cleared first review, but none was licensed by early October 2026. It set the 0.1% tax per transfer in Circular 32/2026 and the accounting rules in Circular 15/2026.","licences":["Licence to provide services for organising a crypto asset trading market","Crypto asset offering and issuance through a licensed issuance platform"],"jurisdiction":null,"source_url":"https://www.mof.gov.vn","url":"https://policy.4pillars.io/vietnam#regulators","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-ssc","abbr":"SSC","name":"State Securities Commission of Vietnam","role":"Receives and appraises licence applications through its crypto asset market management board.","remit":"Vietnam's securities regulator, part of the Ministry of Finance. It licenses securities firms and fund managers, approves public offerings and supervises the stock exchanges.","crypto":"Receives and appraises crypto provider licence applications under Decision 96/QD-BTC through its crypto asset market management board, and publishes the English text of Resolution 05. It will supervise licensed providers' trading, custody and token issuance once licences are granted.","licences":[],"jurisdiction":null,"source_url":"https://ssc.gov.vn/webcenter/portal/ssc","url":"https://policy.4pillars.io/vietnam#regulators","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-sbv","abbr":"SBV","name":"State Bank of Vietnam","role":"Central bank and AML authority; controls payments, foreign exchange and bank links to crypto.","remit":"Vietnam's central bank, a ministry-level body. It sets monetary and foreign exchange policy, licenses and supervises banks and payment firms, and leads anti-money laundering work.","crypto":"Its 2018 Directive 02 bars banks and payment firms from payment, card or credit services for virtual currency deals, and it holds that crypto is not a legal means of payment. Under Law 23/2026, crypto providers become AML reporting entities from 1 December 2026, with 15 crypto red flags.","licences":[],"jurisdiction":null,"source_url":"https://sbv.gov.vn/en","url":"https://policy.4pillars.io/vietnam#regulators","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-mps","abbr":"MPS","name":"Ministry of Public Security","role":"Certifies Level 4 information-system security of applicants and pursues crypto-related crime.","remit":"Vietnam's ministry for policing and national security. It runs the police, investigates crime and enforces cybersecurity and data protection law.","crypto":"Appraises and certifies the Level 4 information-system security that every crypto provider applicant must meet under Resolution 05. It investigates crypto-related fraud and scams, which the pilot's licensing and AML rules are meant to curb.","licences":[],"jurisdiction":null,"source_url":"https://en.bocongan.gov.vn","url":"https://policy.4pillars.io/vietnam#regulators","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}}],"licences":[{"id":"vn-licence-to-provide-services-for-organising-a-crypto-asset-trading-market","name":"Licence to provide services for organising a crypto asset trading market","regulator":{"abbr":"MoF","name":"Ministry of Finance","url":"https://www.mof.gov.vn"},"law":"Resolution 05/2025/NQ-CP, Arts. 8 to 10; Decision 96/QD-BTC","covers":"Running a crypto trading platform, plus proprietary trading, custody and a crypto asset issuance platform under one licence.","requirements":["Vietnamese LLC or joint stock company with at least VND 10,000 billion charter capital contributed in dong","At least 65% held by institutions, with over 35% from two or more banks, securities firms, fund managers, insurers or tech firms","Foreign ownership capped at 49%; each investor may back only one licensed provider","IT systems certified at Level 4 information-system security, appraised by the Ministry of Public Security","CEO with 2 years and CTO with 5 years of relevant experience, plus 10 cybersecurity-certified and 10 securities-certified staff","AML, custody, segregation and compensation procedures; client data stored on servers in Vietnam for at least 10 years"],"holders":0,"holders_as_of":"2026-10-05","notable_holders":[],"register_url":null,"jurisdiction":null,"url":"https://policy.4pillars.io/vietnam/licences#lic-1","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-crypto-asset-offering-and-issuance-through-a-licensed-issuance-platform","name":"Crypto asset offering and issuance through a licensed issuance platform","regulator":{"abbr":"MoF","name":"Ministry of Finance","url":"https://www.mof.gov.vn"},"law":"Resolution 05/2025/NQ-CP, Arts. 5, 6 and 14","covers":"Vietnamese enterprises offering new crypto assets backed by real underlying assets via a licensed provider's issuance platform.","requirements":["Issuer must be a Vietnamese limited liability or joint stock company","Tokens must be backed by real assets, excluding securities and fiat money","Offer and secondary trading restricted to foreign investors through licensed providers","Prospectus published at least 15 days before the offer on the provider's and issuer's websites"],"holders":null,"holders_as_of":null,"notable_holders":[],"register_url":null,"jurisdiction":null,"url":"https://policy.4pillars.io/vietnam/licences#lic-2","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}}],"milestones":[{"date":"2018-04-11","date_precision":"day","title":"Prime Minister orders tighter control of Bitcoin and virtual currencies","detail":"Directive 10/CT-TTg told the State Bank to stop banks and payment firms handling illegal virtual currency transactions."},{"date":"2023-06-01","date_precision":"month","title":"FATF places Vietnam under increased monitoring","detail":"Vietnam joined the grey list after its mutual evaluation and remained on it at the June 2026 plenary."},{"date":"2024-10-22","date_precision":"day","title":"National blockchain strategy issued","detail":"Decision 1236/QD-TTg set blockchain development goals to 2025 with a vision to 2030."},{"date":"2025-06-14","date_precision":"day","title":"National Assembly passes Law on Digital Technology Industry","detail":"Law 71/2025/QH15 gave digital, virtual and crypto assets a legal definition for the first time."},{"date":"2025-09-09","date_precision":"day","title":"Government launches five-year crypto asset market pilot","detail":"Resolution 05/2025/NQ-CP allowed up to five licensed providers with VND 10 trillion capital and a 49% foreign cap."},{"date":"2026-01-01","date_precision":"day","title":"Law on Digital Technology Industry takes effect","detail":null},{"date":"2026-01-20","date_precision":"day","title":"Ministry of Finance opens licence applications","detail":"Decision 96/QD-BTC published the procedures, with the SSC receiving dossiers."},{"date":"2026-03-27","date_precision":"day","title":"Crypto tax rules issued","detail":"Circular 32/2026/TT-BTC set a 0.1% tax per transfer for individuals and exempted crypto transfers from VAT."},{"date":"2026-05-01","date_precision":"month","title":"Five exchange applicants clear first-stage review","detail":"Seven firms applied; five were told to complete capital, security and AML requirements."},{"date":"2026-08-24","date_precision":"day","title":"National Assembly brings crypto services under AML law","detail":"Law 23/2026/QH16 amends the AML Law with effect from 1 December 2026."},{"date":"2026-09-01","date_precision":"day","title":"Crypto administrative penalties take effect","detail":"Decree 284/2026/ND-CP set fines of up to VND 200 million for firms and VND 100 million for individuals."}],"sources":[{"id":"vn-41e7bc22","title":"Law on Digital Technology Industry (Law No. 71/2025/QH15)","local_title":"Luật Công nghiệp công nghệ số","issuer":"National Assembly","date":"2025-06-14","date_precision":"day","status":"in-force","status_label":"In force","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"Passed 14 June 2025 and effective 1 January 2026. It is the first statute to define digital assets, split them into virtual and crypto assets, and ask the Government to regulate their trading.","source_url":"https://vanban.chinhphu.vn/?pageid=27160&docid=214609&classid=1&typegroupid=3","url":"https://policy.4pillars.io/vietnam/regulation","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-5f1222ea","title":"Resolution No. 05/2025/NQ-CP on the pilot implementation of the crypto asset market in Vietnam (English translation)","local_title":"Nghị quyết về việc triển khai thí điểm thị trường tài sản mã hóa tại Việt Nam","issuer":"Government of Vietnam (published by the State Securities Commission)","date":"2025-09-09","date_precision":"day","status":"in-force","status_label":"In force","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"Effective on issue for a five-year pilot. It sets the licensing conditions for up to five service providers, limits new tokens to real-asset-backed issues sold only to foreign investors, and requires settlement in dong.","source_url":"https://ssc.gov.vn/cs/idcplg?IdcService=GET_FILE&allowInterrupt=1&dDocName=APPSSCGOVVN1620162698&dID=170615&filename=Resolution+No.05.pdf","url":"https://policy.4pillars.io/vietnam/regulation","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-3b2b14bb","title":"Decision 96/QD-BTC announcing administrative procedures for licensing crypto asset trading market services","local_title":null,"issuer":"Ministry of Finance (MoF)","date":"2026-01-20","date_precision":"day","status":"in-force","status_label":"In force","category":"exchanges","category_label":"Exchanges & custody","topic_slug":"exchanges-brokerage","summary":"Issued and effective 20 January 2026. It sets out the dossiers and steps for granting, amending and revoking provider licences, with the SSC receiving applications.","source_url":"https://www.mof.gov.vn/tin-tuc-tai-chinh/thoi-su/bo-tai-chinh-ban-hanh-cac-thu-tuc-hanh-chinh-phuc-vu-thi-diem-thi-truong-tai-san-ma-hoa","url":"https://policy.4pillars.io/vietnam/regulation","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-065a3ba7","title":"Circular 15/2026/TT-BTC on accounting principles for organisations in the crypto asset market","local_title":null,"issuer":"Ministry of Finance (MoF)","date":"2026-03-04","date_precision":"day","status":"in-force","status_label":"In force","category":"exchanges","category_label":"Exchanges & custody","topic_slug":"exchanges-brokerage","summary":"Effective on issue for the 2026 financial year. It tells service providers, issuers and corporate investors how to book crypto assets, treating fundraising tokens like borrowing.","source_url":"https://vanban.chinhphu.vn/?pageid=27160&docid=217123","url":"https://policy.4pillars.io/vietnam/regulation","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-b328bf9f","title":"Decree 284/2026/ND-CP on administrative sanctions for violations concerning crypto assets and the crypto asset market","local_title":null,"issuer":"Government of Vietnam","date":"2026-09-01","date_precision":"day","status":"in-force","status_label":"In force","category":"consumer","category_label":"Investor protection","topic_slug":"investor-protection","summary":"Issued 16 July 2026 and effective 1 September 2026 for the life of the pilot. Fines reach VND 200 million for organisations and VND 100 million for individuals; domestic investors trading outside licensed providers face VND 30 to 50 million (half for individuals).","source_url":"https://vanban.chinhphu.vn/?pageid=27160&docid=218906","url":"https://policy.4pillars.io/vietnam/regulation","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-704e0c4c","title":"Circular 32/2026/TT-BTC on tax policy for crypto asset trading, transfer and business","local_title":null,"issuer":"Ministry of Finance (MoF)","date":"2026-03-27","date_precision":"day","status":"in-force","status_label":"In force","category":"tax","category_label":"Tax","topic_slug":"tax","summary":"Issued 27 March 2026. Individuals pay 0.1% on each transfer via a licensed provider, domestic companies pay 20% corporate tax on gains, foreign organisations pay 0.1% of proceeds, and transfers are VAT-exempt.","source_url":"https://www.mof.gov.vn/tin-tuc-tai-chinh/tin-tuc-su-kien-8/bo-tai-chinh-ban-hanh-thong-tu-so-322026tt-btc-ve-chinh-sach-thue-doi-voi-tai-san-ma-hoa","url":"https://policy.4pillars.io/vietnam/regulation","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-7071523c","title":"Circular 41/2026/TT-BTC on tax declaration, withholding, payment and finalisation in the crypto asset market","local_title":null,"issuer":"Ministry of Finance (MoF)","date":"2026-04-06","date_precision":"day","status":"in-force","status_label":"In force","category":"tax","category_label":"Tax","topic_slug":"tax","summary":"Issued and effective 6 April 2026. Licensed providers must withhold and remit tax on customer trades, keep full transaction data and issue electronic tax certificates.","source_url":"https://vanban.chinhphu.vn/?pageid=27160&docid=217684","url":"https://policy.4pillars.io/vietnam/regulation","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-b5a3219e","title":"Law on Anti-Money Laundering (Law No. 14/2022/QH15)","local_title":"Luật Phòng, chống rửa tiền","issuer":"National Assembly","date":"2022-11-15","date_precision":"day","status":"in-force","status_label":"In force","category":"aml","category_label":"AML & travel rule","topic_slug":"aml-travel-rule","summary":"Passed 15 November 2022 and effective 1 March 2023. Resolution 05 applies its customer due diligence rules to crypto providers, with identification required for occasional transactions of US$1,000 or more.","source_url":"https://vanban.chinhphu.vn/?pageid=27160&docid=207710","url":"https://policy.4pillars.io/vietnam/regulation","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-5b202549","title":"Law No. 23/2026/QH16 amending the Law on the State Bank of Vietnam, the Law on Anti-Money Laundering and the Law on Credit Institutions","local_title":null,"issuer":"National Assembly","date":"2026-08-24","date_precision":"day","status":"enacted","status_label":"Enacted","category":"aml","category_label":"AML & travel rule","topic_slug":"aml-travel-rule","summary":"Passed 24 August 2026 and effective 1 December 2026. It adds crypto asset services to the AML regime as reporting entities and lists suspicious-transaction indicators specific to crypto.","source_url":"https://vanban.chinhphu.vn/?pageid=27160&docid=219491","url":"https://policy.4pillars.io/vietnam/regulation","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-f02821b8","title":"Jurisdictions under Increased Monitoring, 19 June 2026","local_title":null,"issuer":"Financial Action Task Force (FATF)","date":"2026-06-19","date_precision":"day","status":"guidance","status_label":"Guidance","category":"aml","category_label":"AML & travel rule","topic_slug":"aml-travel-rule","summary":"Keeps Vietnam on the grey list, where it has been since June 2023, and urges it to implement an action plan whose deadlines all expired in May 2025.","source_url":"https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/increased-monitoring-june-2026.html","url":"https://policy.4pillars.io/vietnam/regulation","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-aa542a83","title":"Directive 10/CT-TTg on strengthening management of activities related to Bitcoin and other virtual currencies","local_title":null,"issuer":"Prime Minister","date":"2018-04-11","date_precision":"day","status":"guidance","status_label":"Guidance","category":"banking","category_label":"Banks & prudential","topic_slug":"bank-capital","summary":"Ordered the State Bank to stop banks and payment intermediaries handling illegal virtual currency transactions, and asked ministries to draft a legal framework.","source_url":"https://vanban.chinhphu.vn/?pageid=27160&docid=193373","url":"https://policy.4pillars.io/vietnam/regulation","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-0cc44400","title":"Directive 02/CT-NHNN on measures to strengthen control of transactions and activities related to virtual currencies","local_title":"Chỉ thị 02/CT-NHNN về các biện pháp tăng cường kiểm soát các giao dịch, hoạt động liên quan tới tiền ảo","issuer":"State Bank of Vietnam (SBV), published in its Banking Review","date":"2018-04-13","date_precision":"day","status":"guidance","status_label":"Guidance","category":"banking","category_label":"Banks & prudential","topic_slug":"bank-capital","summary":"Barred credit institutions and payment providers from offering payment, card or credit services for virtual currency deals. It still underpins banks' distance from crypto.","source_url":"https://tapchinganhang.gov.vn/cac-bien-phap-tang-cuong-kiem-soat-cac-giao-dich-hoat-dong-lien-quan-toi-tien-ao-6265.html","url":"https://policy.4pillars.io/vietnam/regulation","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-ba0d701f","title":"Decision 1236/QD-TTg on the National Strategy for the Application and Development of Blockchain Technology to 2025, with a vision to 2030","local_title":null,"issuer":"Prime Minister","date":"2024-10-22","date_precision":"day","status":"guidance","status_label":"Guidance","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"Set national goals for blockchain infrastructure, research centres and pilot zones. It signalled a policy shift from containing crypto to building a domestic digital asset industry.","source_url":"https://vanban.chinhphu.vn/?pageid=27160&docid=211462","url":"https://policy.4pillars.io/vietnam/regulation","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}},{"id":"vn-66fda699","title":"Resolution No. 222/2025/QH15 on the International Financial Centre in Vietnam","local_title":null,"issuer":"National Assembly","date":"2025-06-27","date_precision":"day","status":"in-force","status_label":"In force","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"Passed 27 June 2025 and effective 1 September 2025, creating an international financial centre in Ho Chi Minh City and Da Nang with special mechanisms. Officials have named it as a possible home for further digital asset pilots.","source_url":"https://vanban.chinhphu.vn/?pageid=27160&docid=214392","url":"https://policy.4pillars.io/vietnam/regulation","market":{"slug":"vietnam","iso_code":"VN","name":"Vietnam","url":"https://policy.4pillars.io/vietnam"}}]}}