Vietnam Crypto Regulation: Government Drafts New Laws for Digital Assets

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Vietnam is drafting regulations for digital assets and currencies. Prime Minister Pham Minh Chinh has directed the Ministry of Finance and the State Bank of Vietnam to draft digital asset regulations, with a proposal expected by March. This move aligns with Directive No. 05, which aims to boost economic growth to at least 8% in 2025. 

Government’s Push for Crypto Regulations

Under the new resolution, the Ministry of Finance has been tasked with finalizing legal proposals on digital assets in coordination with other agencies. At the same time, the Ministry of Planning and Investment is gathering public feedback on a draft resolution for a regional and international financial center in Vietnam. This resolution includes a “sandbox” policy allowing fintech businesses, including crypto trading platforms, to operate under regulatory supervision. Transactions within this financial center are set to begin on July 1, 2026.

A draft Law on the Digital Technology Industry, now open for public feedback, officially introduces digital assets as a type of digital technology product. The Ministry of Finance will oversee regulations and licensing for digital asset service providers, ensuring compliance and security.

Vietnam’s Growing Crypto Market

Despite a lack of regulations, Vietnam has emerged as a global leader in crypto adoption. A 2024 Chainalysis report ranks Vietnam fifth in global interest, third in the use of international trading platforms, and sixth in decentralized trading volume. The country has 17 million digital asset holders, and its crypto market is valued at over $100 billion. However, the absence of regulations has led to a large underground crypto economy.

According to Trần Huyền Dinh, Chairman of the Digital Assets – Fintech Committee, Vietnam could generate over $800 million annually by applying a 0.1% tax on digital asset transactions, similar to securities trading. Crypto exchanges already charge transaction fees between 0.01–0.8%, which can further contribute to the economy while ensuring better market oversight and investor protection.

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Addressing Legal Gaps and Risks

However, Nguyễn Duy Hưng, Chairman of Saigon Securities Incorporation, warns that without regulations, businesses and investors remain at risk of fraud and cybercrime. A transparent legal system is necessary to promote trust and protect market participants.

Lawyer Phạm Ba Đô from SJKLAW Law Firm warns that without clear rules, scams in the digital asset space are growing. He says Vietnam needs to define exactly what virtual currencies are and how they can be used. While they could be allowed for certain transactions, they shouldn’t replace traditional money.

He also stresses the need to regulate crypto exchanges properly. Right now, many digital currencies are created without any real backing, making them risky for investors. If stricter rules are in place, it would help prevent fraud, ensure digital assets have real value, and protect people from financial losses.