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Vietnam

Vietnam legalised crypto assets in 2025 and built a five-licence pilot, but by October 2026 no exchange had been licensed.

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VND 10tnMinimum charter capital for a crypto asset service provider (about US$380m)
5Exchange applicants that cleared first-stage review, out of 7 filed
0.1%Personal income tax on the value of each crypto transfer via a licensed provider

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.

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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.

Who regulates

  • MoFMinistry of Finance

    In charge of

    Vietnam's finance ministry. It manages the state budget, tax, customs and public debt, and oversees the securities market through the State Securities Commission.

    On 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.

    MoF website
  • SSCState Securities Commission of Vietnam

    In charge of

    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.

    On 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.

    SSC website
  • SBVState Bank of Vietnam

    In charge of

    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.

    On 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.

    SBV website
  • MPSMinistry of Public Security

    In charge of

    Vietnam's ministry for policing and national security. It runs the police, investigates crime and enforces cybersecurity and data protection law.

    On 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.

    MPS website

What to 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.

Quick answers

Who regulates crypto in Vietnam?

Four authorities shape crypto rules in Vietnam. MoF (Ministry of Finance): licenses crypto asset service providers, sets tax and accounting rules and runs the pilot. SSC (State Securities Commission of Vietnam): receives and appraises licence applications through its crypto asset market management board. SBV (State Bank of Vietnam): central bank and AML authority; controls payments, foreign exchange and bank links to crypto. MPS (Ministry of Public Security): certifies Level 4 information-system security of applicants and pursues crypto-related crime.

Do crypto exchanges need a licence in Vietnam?

Not fully yet: the regime is being built. Five of seven applicants cleared first review; no MoF licence had been issued by early October 2026. The main licences are Licence to provide services for organising a crypto asset trading market from MoF, held by 0 as of 5 Oct 2026; and Crypto asset offering and issuance through a licensed issuance platform from MoF. Four Pillars rates exchange licensing in Vietnam as developing (reviewed 5 Oct 2026).

Are stablecoins regulated in Vietnam?

No. Pilot bars tokens backed by fiat or securities; crypto is not a legal means of payment. Four Pillars rates its stablecoin regime in Vietnam as prohibited (reviewed 5 Oct 2026).

How is crypto taxed in Vietnam?

0.1% of each transfer via a licensed provider. Four Pillars rates tax clarity in Vietnam as partial (reviewed 5 Oct 2026).

Can real-world assets be tokenised in Vietnam?

Only in narrow cases. Vietnamese firms may issue real-asset-backed tokens, but only to foreign investors. Four Pillars rates tokenisation and real-world assets in Vietnam as restricted (reviewed 5 Oct 2026).

What changed most recently in Vietnam's crypto rules?

1 Sep 2026: Crypto administrative penalties take effect. Decree 284/2026/ND-CP set fines of up to VND 200 million for firms and VND 100 million for individuals. 24 Aug 2026: National Assembly brings crypto services under AML law. Law 23/2026/QH16 amends the AML Law with effect from 1 December 2026.

What should companies watch next in Vietnam?

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.

Timeline

  1. Crypto administrative penalties take effect

    Decree 284/2026/ND-CP set fines of up to VND 200 million for firms and VND 100 million for individuals.

  2. National Assembly brings crypto services under AML law

    Law 23/2026/QH16 amends the AML Law with effect from 1 December 2026.

  3. Five exchange applicants clear first-stage review

    Seven firms applied; five were told to complete capital, security and AML requirements.

  4. Crypto tax rules issued

    Circular 32/2026/TT-BTC set a 0.1% tax per transfer for individuals and exempted crypto transfers from VAT.

  5. Ministry of Finance opens licence applications

    Decision 96/QD-BTC published the procedures, with the SSC receiving dossiers.

  6. Law on Digital Technology Industry takes effect

  7. Government launches five-year crypto asset market pilot

    Resolution 05/2025/NQ-CP allowed up to five licensed providers with VND 10 trillion capital and a 49% foreign cap.

  8. National Assembly passes Law on Digital Technology Industry

    Law 71/2025/QH15 gave digital, virtual and crypto assets a legal definition for the first time.

  9. National blockchain strategy issued

    Decision 1236/QD-TTg set blockchain development goals to 2025 with a vision to 2030.

  10. FATF places Vietnam under increased monitoring

    Vietnam joined the grey list after its mutual evaluation and remained on it at the June 2026 plenary.

  11. Prime Minister orders tighter control of Bitcoin and virtual currencies

    Directive 10/CT-TTg told the State Bank to stop banks and payment firms handling illegal virtual currency transactions.

Cite this page: Four Pillars Asia Digital Asset Policy Center, “Vietnam crypto regulation”, reviewed 5 Oct 2026, https://policy.4pillars.io/vietnam. Free to reuse with attribution; also as markdown and JSON.

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