Vietnam Crypto Regulation: What’s Legal, What’s Not in 2025

When it comes to Vietnam crypto regulation, the government doesn’t ban cryptocurrency outright but refuses to recognize it as legal money. Also known as crypto rules in Vietnam, this gray area means you can hold Bitcoin or Ethereum, but you can’t use them to pay for coffee, rent, or even buy a phone online. Unlike countries that issue licenses or create tax frameworks, Vietnam’s stance is simple: don’t treat crypto like currency, and don’t expect any official protection if things go wrong.

This isn’t about banning tech—it’s about controlling finance. The State Bank of Vietnam made it clear in 2017 and again in 2023: crypto isn’t money. That means banks won’t process crypto deposits, exchanges can’t operate legally, and businesses that accept Bitcoin risk fines. But here’s the twist: millions of Vietnamese still trade. They use peer-to-peer platforms like Paxful and LocalBitcoins, swap tokens on decentralized apps, and even mine Ethereum on home rigs. Why? Because inflation eats savings, remittances are slow, and crypto offers a way out. It’s not legal, but it’s everywhere.

That’s why Bitcoin Vietnam, the most widely held digital asset in the country is traded more than any other. Crypto trading Vietnam, mostly done through unofficial P2P networks happens in cafes, Facebook groups, and encrypted chats. People use Zalo to send payment screenshots and confirm trades. The government doesn’t stop them—it just warns them. And those warnings? They’re mostly ignored.

What about new projects? If you’re launching a token or starting a DeFi platform in Vietnam, forget about licensing. There’s no path. The government hasn’t created one. You won’t find a single registered crypto exchange based in Hanoi or Ho Chi Minh City. That’s why most Vietnamese users rely on international platforms like Binance or Bybit—despite the fact that those platforms don’t have official approval either. The result? A thriving underground market with zero consumer safeguards.

And then there’s the tax angle. No one’s collecting crypto taxes yet. The government hasn’t figured out how to track it. But if you earn income from trading, technically, it’s still taxable under income laws. No one’s auditing, but if you ever get audited for a big bank transfer, your crypto history could come up—and you’ll have no paper trail to prove it was just a trade, not a bribe or illegal transfer.

So what’s next? In 2025, Vietnam might move toward a pilot digital currency, but don’t expect crypto to be legalized anytime soon. The focus is on the state’s own digital dong, not Bitcoin or Solana. That means the current gray zone will stay gray. You can own crypto. You can trade it. But you can’t use it to pay bills, and you can’t sue anyone if your exchange vanishes. It’s a high-risk, high-reward environment—and that’s exactly why so many Vietnamese are in it.

Below, you’ll find real stories and breakdowns of how people navigate these rules, what scams to avoid, and how local traders stay one step ahead—even when the law says they shouldn’t be playing at all.