State Bank of Vietnam Crypto Rules: What You Need to Know in 2025

When it comes to cryptocurrency in Vietnam, the State Bank of Vietnam, the central monetary authority that regulates all financial activity in the country. Also known as SBV, it holds total control over whether crypto can be used, traded, or even acknowledged as legal. Unlike countries that treat crypto as property or asset, Vietnam’s approach is strict: no fiat-backed stablecoins, no independent exchanges, and no room for private blockchain innovation without government approval.

This isn’t just about banning Bitcoin. The Directive 05/CT-TTg, a sweeping regulatory framework issued in early 2025 that reshapes Vietnam’s entire crypto landscape forces every crypto business to meet a $379 million capital requirement — a number so high that only state-backed entities can possibly qualify. It also bans any stablecoin tied to the US dollar or euro, making USDT and USDC illegal for local use. The goal? To keep financial control within state-run systems. Meanwhile, the Vietnam crypto framework, a top-down system that mandates blockchain use only through government-approved channels pushes public institutions to build internal ledgers — not for transparency, but for surveillance and control.

What does this mean for you? If you’re trading crypto in Vietnam, you’re doing it in a legal gray zone. Exchanges operating locally risk shutdowns. Wallets holding foreign tokens aren’t illegal per se, but converting them to Vietnamese dong through peer-to-peer platforms could trigger fines or asset freezes. The cryptocurrency exchange license, a requirement only the state can issue, with no public application process doesn’t exist for private players — meaning every app or platform you use is technically operating without permission.

And yet, crypto use hasn’t disappeared. Vietnam remains one of the top countries in global crypto adoption, according to Chainalysis. People still buy, sell, and hold — but they do it quietly, through decentralized tools, offshore wallets, and informal networks. The State Bank of Vietnam isn’t trying to stop innovation; it’s trying to own it. And if you’re using crypto here, you’re playing by rules written in Hanoi, not Silicon Valley.

Below, you’ll find real breakdowns of how these rules affect users, what fake exchanges are pretending to be legal, and which crypto projects are still alive despite the crackdown. No fluff. Just what’s happening on the ground in Vietnam — and how to stay safe if you’re part of it.