Vietnam's Pilot Crypto Program 2025-2030: What You Need to Know

Vietnam's Pilot Crypto Program 2025-2030: What You Need to Know
Date: 28 Oct 2025 Cryptocurrency & Blockchain

Vietnam just changed everything about crypto

For years, Vietnam’s stance on cryptocurrency was clear: no payments, no banking support, no official recognition. Traders used offshore exchanges, dodged restrictions, and operated in a legal gray zone. But on September 9, 2025, that changed. Vietnam launched the world’s first government-backed, five-year pilot program for cryptocurrency - running until 2030. This isn’t a trial run. It’s a full legal reset.

The new rules don’t just allow crypto. They define it. Under Law No. 71/2025/QH15 and Resolution 05/2025/NQ-CP, virtual assets are now recognized as legitimate property under Vietnam’s Civil Code. That’s huge. For the first time ever, a country has formally written crypto into its civil law - not as a currency, not as a commodity, but as a digital asset with legal standing.

What’s actually allowed now?

You can own crypto. You can trade it. You can invest in it. But you can’t use it to buy coffee or pay your rent. The State Bank of Vietnam still bans crypto as a payment method. Banks can’t process crypto transactions. That hasn’t changed.

What’s new is the requirement: all trading, issuing, and service provision must go through licensed providers. The Ministry of Finance is the gatekeeper. No license? No business. The first licensed platform is expected to launch by March 2026. After that, domestic users have six months to move all their activity onto these approved platforms. After the deadline, using unlicensed exchanges is illegal.

There are three categories of digital assets under the new system:

  • Virtual assets: any digital item used for exchange or investment, as long as it’s not a security or digital currency.
  • Crypto assets: a subset that uses encryption or digital tech to authenticate ownership and transfers - this is Bitcoin, Ethereum, and similar tokens.
  • Other virtual assets: everything else that doesn’t fit the first two - think NFTs, utility tokens, or in-game items if they’re traded for value.

So if you’re holding Bitcoin in a wallet, you’re fine. But if you’re trading it on Binance or Bybit without going through a Vietnamese-licensed platform after March 2026, you’re breaking the law.

Why now? And why Vietnam?

Vietnam has one of the most active crypto markets in Southeast Asia. Daily trading volume hits over $600 million, according to VIR, even with no legal framework. That’s more than Thailand and Singapore combined in some months. The government couldn’t ignore it. People were already using crypto. The question was: do you try to stop it, or do you control it?

Vietnam chose control. This move isn’t about freedom. It’s about oversight. The government wants to track capital flows, prevent money laundering, and keep financial stability. That’s why the rules are strict: mandatory KYC, AML checks, cybersecurity standards, and reporting to authorities. Foreign investors can participate, but they must play by Vietnam’s rules.

Compare this to China, where crypto is banned outright. Or India, where trading is taxed at 30% but still lacks clear licensing. Vietnam’s approach is more like the EU’s MiCA law - but tighter. And unlike the EU, Vietnam’s pilot has a hard deadline: September 8, 2030. After that, the government will decide whether to make it permanent, expand it, or shut it down.

Three types of digital assets waiting in line for official verification at a licensed crypto service desk.

What’s still unclear?

There are big gaps. Mining? No official word yet. Is it legal? Illegal? Taxed? Nobody knows. The Ministry of Finance says guidance is coming, but as of October 2025, there’s still no clarity. Tax rules are also in flux. Right now, crypto gains are being taxed under securities rules - but that’s temporary. A dedicated crypto tax code is expected before 2026.

Penalties for violations aren’t fully defined either. Will you get fined? Have your assets seized? Face criminal charges? The law says violators can be subject to administrative sanctions or criminal liability - but it doesn’t say when one starts and the other ends. That leaves room for confusion - and fear.

Most local traders are struggling with the transition. Many don’t know which platforms will be licensed. The official documentation is mostly in Vietnamese. English translations are sparse. Legal advice is expensive. Small investors feel left behind.

Who wins? Who loses?

Big exchanges like Binance, Kraken, and Coinbase don’t stand to gain much. They can’t operate directly in Vietnam unless they get licensed - and the bar is high. Local startups and financial tech firms are the real beneficiaries. If you’re building a crypto wallet, exchange, or custody service in Hanoi or Ho Chi Minh City, this is your moment. The market is wide open for licensed players.

But small traders? They’re caught in the middle. If you’ve been using P2P platforms or overseas apps, you’ll need to switch. That means learning new interfaces, dealing with slower withdrawals, and possibly higher fees. Some users are already complaining about the lack of transparency in the licensing process. Others worry the government will favor big banks and established firms - leaving smaller players out.

And what about the 20 million Vietnamese under 30 who grew up trading crypto? They’re not going away. They just need to adapt. Community groups on Facebook and Reddit are already sharing tips on how to apply for licenses, what documents to prepare, and which platforms to watch.

A giant 2030 countdown clock above Vietnam as traders and startups build a digital economy under government oversight.

What happens after 2030?

No one knows for sure. But the signs point to permanence. Vietnam’s leadership sees this as a chance to become a regional tech hub. If the pilot runs smoothly - low fraud, high compliance, stable markets - expect the program to be made permanent. If there’s chaos, they’ll tighten the rules or shut it down.

One thing’s certain: Vietnam is betting big on digital assets. This isn’t a side project. It’s part of their national digital economy strategy. The government is already linking crypto regulation to broader goals like fintech innovation, digital ID systems, and blockchain-based public services.

By 2030, Vietnam could be the model for other developing nations trying to balance innovation with control. Or it could become a cautionary tale about overregulation. Right now, the world is watching.

What should you do if you’re in Vietnam?

If you’re holding crypto, don’t panic. But don’t ignore it either.

  1. Keep your assets in a personal wallet - not on an unlicensed exchange.
  2. Watch for official announcements from the Ministry of Finance about licensed providers. They’ll publish a list.
  3. Don’t trade on foreign platforms after the six-month window opens - it’s risky.
  4. Start learning the compliance requirements: KYC, AML, reporting. You’ll need them.
  5. Consult a local legal advisor if you’re running a business or trading at scale.

This isn’t the end of crypto in Vietnam. It’s the beginning of a new chapter - one where the state holds the pen.

Is cryptocurrency legal in Vietnam in 2025?

Yes, but only under strict conditions. Since September 9, 2025, Vietnam has allowed cryptocurrency ownership, trading, and investment through government-licensed service providers. However, using crypto as payment is still banned, and financial institutions cannot process crypto transactions. The full legal framework takes effect on January 1, 2026.

Can I still use Binance or Coinbase in Vietnam?

You can access them technically, but after the first licensed Vietnamese provider launches (expected by March 2026), you’ll have six months to move your trading to a licensed platform. After that, using foreign exchanges for domestic trading will be illegal. Your funds aren’t automatically frozen, but you’ll be operating outside the law and could face penalties.

Is crypto mining legal in Vietnam?

It’s unclear. As of October 2025, there’s no official guidance on mining. The government hasn’t banned it, but it hasn’t legalized it either. Mining operations are in a gray zone. Expect official rules to be released before the end of 2025 or early 2026. Until then, proceed with caution.

How will crypto be taxed in Vietnam?

Currently, crypto gains are taxed under existing securities tax rules. A dedicated crypto tax framework is under development and expected before January 1, 2026. Until then, traders should assume capital gains will be taxed similarly to stocks or bonds. The Ministry of Finance will finalize rates and reporting requirements soon.

What happens if I don’t switch to a licensed platform?

You could face administrative fines or, in serious cases, criminal liability. The exact penalties aren’t fully defined yet, but violations of the new law can lead to asset freezes, account closures, or even prosecution for money laundering or tax evasion. The government is prioritizing compliance - especially for businesses and frequent traders.

Will this program be extended beyond 2030?

It’s likely, but not guaranteed. The program is a five-year pilot ending September 8, 2030. The government will evaluate its success based on compliance rates, market stability, fraud levels, and economic impact. If it works well, Vietnam will probably make the framework permanent. If there are major issues, they may tighten rules or shut it down.

Can foreigners invest in Vietnam’s crypto market?

Yes, but only through licensed Vietnamese platforms. Foreign investors can buy, sell, and hold crypto assets in Vietnam, but they must comply with the same rules as locals: KYC, AML, and reporting. You cannot operate a crypto business in Vietnam without a local license. Offshore trading accounts are allowed, but domestic transactions must go through approved providers.

by Brennan Lockridge
Vietnam's Pilot Crypto Program 2025-2030: What You Need to Know