Law No. 25-10: Crypto Regulations, Compliance, and What It Means for Users

When you hear Law No. 25-10, a Vietnamese government directive that redefined how cryptocurrency can be used, traded, and regulated within the country. Also known as Resolution No. 05/2025/NQ-CP, it’s not just a legal footnote—it’s the rulebook that now controls access to crypto for millions in Vietnam. This law didn’t just add rules; it built walls. It set a $379 million capital requirement for any exchange wanting to operate, banned fiat-backed stablecoins like USDT and USDC from local trading, and forced all blockchain activity to run through state-approved systems. If you’re using crypto in Vietnam, this law is the invisible hand guiding every transaction.

Law No. 25-10 doesn’t exist in a vacuum. It’s part of a global wave of crypto regulation that includes the MiCA, the European Union’s comprehensive framework for crypto assets that sets strict rules on stablecoins, licensing, and transparency. While MiCA focuses on consumer protection and market integrity, Law No. 25-10 is about control—limiting foreign influence, locking capital inside the system, and keeping crypto activity visible to the state. Both laws target the same thing: unregulated crypto. But while MiCA lets compliant tokens like USDC live, Law No. 25-10 shuts the door entirely on most foreign stablecoins. Meanwhile, crypto taxation, how governments track and charge users on crypto profits. Also known as crypto income tax, it’s another layer. In Taiwan, for example, you pay 20% on gains. In Switzerland, you pay a small annual wealth tax. But in Vietnam? You can’t even legally trade most tokens, so taxation becomes a theoretical question—unless you’re breaking the rules.

What does this mean for you? If you’re a trader, Law No. 25-10 means your options are narrowed to five licensed exchanges—none of which have even applied yet. If you’re a developer, your DeFi app can’t interact with Vietnamese users unless it’s approved by the State Bank. And if you’re just holding crypto? You’re in a gray zone: the law doesn’t ban ownership, but it makes using it nearly impossible without breaking rules. The result? A market with high demand but zero legal infrastructure. That’s why fake exchanges like Polyient Games DEX or PolyStarter.com pop up—they fill the void left by real ones. And that’s why blockchain forensics tools like Chainalysis and Elliptic are being used more than ever—not just to track theft, but to enforce compliance.

Under Law No. 25-10, crypto isn’t illegal—it’s locked down. And that’s exactly what you’ll find in the posts below: real cases of how regulation shapes what’s possible. From banned stablecoins to scam airdrops exploiting confusion, these stories show how laws like this don’t just change policy—they change behavior, create risks, and force users to adapt or get left behind.