Vietnam Cryptocurrency: Regulations, Risks, and What’s Really Happening

When it comes to Vietnam cryptocurrency, the evolving legal landscape for digital assets in Vietnam, shaped by state-led policies and strict controls. Also known as Vietnam crypto market, it’s one of the most regulated in Southeast Asia—where trading is tolerated but tightly monitored, and innovation is forced to operate in the shadows. Unlike countries that embrace crypto as financial innovation, Vietnam treats it like a high-risk commodity: allowed for trading, but banned for payments, and completely off-limits for fiat-backed stablecoins.

The game changed in early 2025 with Directive 05/CT-TTg, Vietnam’s official crypto framework requiring exchanges to meet a $379 million capital threshold and operate under state supervision. Also known as Resolution No. 05/2025/NQ-CP, this rule didn’t just raise the bar—it built a wall. Only government-approved platforms can operate, and even then, they can’t touch USDT or similar stablecoins. This isn’t about safety—it’s about control. The state wants to own the blockchain infrastructure, not let decentralized networks run wild. Meanwhile, crypto exchange license Vietnam, the official permit required to legally operate a crypto trading platform in Vietnam. Also known as Vietnam crypto licensing, it’s nearly impossible for foreign exchanges to get. Even local players struggle to prove they have the capital and compliance systems needed. That’s why most Vietnamese traders use offshore platforms—despite the legal gray zone.

What does this mean for you? If you’re trading crypto in Vietnam, you’re not breaking the law by holding Bitcoin or Ethereum—but you are if you use them to buy coffee, pay rent, or send money to family abroad. The ban on stablecoins means you can’t easily convert crypto to local currency through official channels. That pushes people toward P2P markets, where rates are volatile and scams are common. The government isn’t stopping crypto—it’s just making sure it doesn’t escape their grip. And that’s why the market still thrives, quietly, under the radar.

What you’ll find below are real, verified breakdowns of what’s happening in Vietnam’s crypto space: how regulations are enforced, why certain coins are off-limits, and how traders are adapting. No fluff. No guesses. Just what’s actually going on—and what you need to know to stay safe.