- Vietnam has one of the world’s largest crypto adoption rates.
- Many of its crypto transactions take place in a growing, but unregulated sector.
- The authorities are seeking to change this, introducing regulation to both better protect users, allow the sector to develop, and the exchequer to earn revenue.
- For more information about Vietnam’s crypto attitudes, take-up and development, see our previous story about Vietnam’s crypto sector – Five Reasons Why Vietnam’s Crypto Usage is So High.
- For more stories about crypto’s adoption worldwide, check out our Crypto in Action page.
Why is Vietnam introducing crypto regulation?
Vietnam has a high crypto adoption rate but a largely unregulated market, and one in which digital assets remain an unrecognized asset class. Figures vary, but it is estimated that approximately 17 million Vietnamese own digital assets (the population is approximately 100 million) and the total market value of the sector exceeds $100 billion.
The authorities have a financial inclusion strategy and the public and private sectors have worked hard in recent years to extend financial services to both the unbanked and underbanked. Digital is integral to the success of this, and notably, the country’s DeFi usage is among the world’s highest. Remittances are another reason for crypto’s success in the country, exceeding $16 billion in 2024 and placing it well within the top 20 countries globally by volume.
Thus, the authorities are seeking to develop the sector transparently, providing greater protection to users, integrating crypto and blockchain development into wider financial reforms, and allowing the sector to innovate domestically. Vietnam aims to offer greater clarity for crypto businesses, and will provide them with the opportunity to operate in a regulated sphere as well as access local funding.
In terms of blockchain, Vietnam is one of the top outsourced blockchain engineering countries. Underscoring this, in May 2025, Vietnamese firm 1Matrix, launched the country’s first Layer-1 blockchain platform to be fully Vietnamese developed, operated and owned. Designed to support government services, the project has been described as part of Vietnam’s wider strategy to assert digital sovereignty.
Currently, many crypto businesses register in neighboring countries rather than Vietnam. This places domestic firms at a disadvantage, while also depriving the authorities of potential taxation revenue. It has been suggested that by imposing a 0.1% personal income tax on digital assets, the authorities could collect $800 million annually in revenues.
Three legal instruments are currently being discussed, which will not only help to formalize the sector, but importantly provide definitions for key terms like ‘crypto assets’ in the Vietnamese context.
They are also set to create cooperation mechanisms, placing the Ministry of Finance (MoF) and the central bank, the State Bank of Vietnam (SBV), as lead coordinators in crypto endeavors, with support from the Ministries of Public Security and Science and Technology. Their overall task is to minimize financial risks to ensure wider financial and monetary stability.
Out of this recent activity has emerged a regulatory sandbox, which has been described as a risk management measure that will usher in the broader regulatory framework. The authorities are keen to pilot a crypto asset trading platform, and the sandbox will be used to evaluate compliance frameworks, protocols governing AML and KYC, and the use of stablecoins.
Legislation and regulation in detail
The authorities are making concerted efforts to develop a viable exchange for digital asset and crypto transactions. In doing so, they are pursuing three legal instruments – the Law on Digital Technology Industry, Resolution of the National Assembly on the Establishment of Regional and International Financial Centers in Vietnam, and the Resolution of the Government on the Pilot Implementation of Crypto Asset Markets in Vietnam.
The first, the DTI Law, was discussed during the National Assembly’s 9th Session in May, and passed on June 14. Once it comes into effect in January 2026, it will be Vietnam’s first piece of legislation to create a binding regulatory framework for the sector.
The Draft Financial Center Resolution has been approved and will create transaction platforms in respective financial centers for conducting digital asset transactions.
The third piece of pertinent regulation is the Draft Resolution on Pilot Implementation of Crypto Assets in Vietnam, a pilot program for the management, issuance, trade and ownership of crypto assets in the Vietnamese context. This has been agreed and will last till the end of 2027.
Why regulate the market now?
The authorities have described the crypto and blockchain sector as “complex and novel” and their moves reflect an expressed need to fully research and understand these technologies and assets. It is envisaged that tools like the sandbox will provide the necessary knowledge and understanding to create suitable legislation and operational models to support the authorities’ wider aim to boost both transparency and socioeconomic development.
The authorities have found themselves in a position where an informal crypto sector has developed, but with little regulatory oversight. The 2024 Global Crypto Adoption Index ranked Vietnam fifth overall globally, and third in the use of international trading platforms. Without a viable home-grown platforms, activity is difficult to monitor and all crypto profits are going offshore.
Timeline of crypto and blockchain developments
2017
In August, Decision 1255 was issued, creating a legal framework to manage virtual assets and currencies.
In October, the SBV announced that issuing, supplying or using payment methods such as virtual currencies was illegal and carried a fine of VND 200 million.
2018
In April, the prime minister issued a directive, which called for an assessment of the impact of virtual assets on the economy.
2019
In February, the MoJ reported following a review of the legislation related to virtual currencies and provided the government with policy proposals.
2020
In May, the MoF created a group to review and analyse virtual assets policies and regulations. The prime minister also called on the SBV to begin working on a blockchain-based pilot cryptocurrency project.
2021
In January, the authorities formed the Vietnam’s Department of Cybersecurity and High-Tech Crime Prevention.
In July, the prime minister called on the central bank to explore the benefits and disadvantages of digital currencies.
2022
Anti-Money Laundering (AML) legislation was passed, requiring organizations providing payment services – such as digital wallet services – to implement know-your-customer (KYC) measures.
In March, the home affairs ministry launched the Vietnam Blockchain Association.
October saw the prime minister call for cryptocurrencies to be regulated.
2023
In March, AML legislation came into effect.
In July, the Planning and Development Institute reviewed possibly applicable existing laws and codes revealing that there was no clear definition or classification of crypto assets.
2024
In February 2024, under Decision No. 194/QD-TTg of the Prime Minister, the Ministry of Finance (MOF) was assigned to draft a legal framework to either prohibit or regulate virtual assets and service providers by May 2025
In December, the authorities promulgated Resolution No. 57-NQ/TW related to breakthroughs in science, technology, innovation and national digital transformation (including blockchain development) through to 2045.
2025
In January, the authorities promulgated Resolution No. 03/NQ-CP, putting into effect the ‘Action Plan to Implement Resolution 57’, which provides the framework for pilot programs to support emerging technologies. These in turn, will provide the foundations for the country’s legislative framework relating to cryptocurrencies and blockchain.
In March 2025, under Directive No. 05/CT-TTg, the prime minister called on the Finance Ministry and central bank to propose a legal framework for managing and promoting the development of digital assets and currencies.
In April, Finance Minister Nguyen Van Thang met Bybit’s CEO, Ben Zhou, to discuss operationalizing a comprehensive regulatory framework for crypto.
In June, the Law on Digital Technology Industry on was passed, bringing digital assets under regulatory oversight.
Boosting the sector’s outlook domestically and regionally
Marshaling the digital assets sector has distinct advantages for the authorities, domestically but also regionally. The country is keen not to miss out on the likes of Hong Kong, Singapore and Thailand, which already have put more comprehensive digital asset regulation in place, and are reaping the dividends of creating a favorable environment. In light of this and as part of discussions about the draft financial center resolution, in May 2025, Prime Minister Pham Minh Chính called for the creation of an independent financial center to attract capital and help sustain broader, long-term economic development.
It has also been suggested that regionally, Southeast Asia is keen to create an environment that will be conducive to digital asset development, positioning it to rival Europe and the US.
