Regulations On Electronic Money In Vietnam 2025

The cryptocurrency landscape in Vietnam has undergone a significant transformation from being unregulated to regulated. Since 2017, Vietnam has been working to manage cryptocurrency within a modern framework, and this effort is ongoing until 2025. Therefore, cryptocurrency is not banned in Vietnam; however, it is not recognized by law or protected as an asset. Timeline of Major Cryptocurrency Regulations in Vietnam 2025 April 17, 2025 - MOF's cryptocurrency trial mechanism MOF aims to establish a transparent legal environment for cryptocurrencies through a legal test mechanism, which will assess the anti-money laundering protocols (AML) and Know Your Customer (KYC). MOF is also looking to pilot a cryptocurrency asset trading platform that allows for testing cryptocurrency exchanges and managing the associated risks. Bybit, a cryptocurrency exchange, has also shown interest in supporting the development of this framework. March 6-9, 2025 - Announcement No. 81/TB-VPCP According to Dispatch No. 22/DT-TTg and the Notification, the Ministry of Finance has proposed a draft solution for piloting the implementation of crypto assets in Vietnam. This proposal aims to monitor the issuance, trading, and ownership of cryptocurrency assets in this country's cryptocurrency market until December 31, 2027. March 1, 2025 - Directive No. 05/CT-TTg The Prime Minister directs the Ministry of Finance and the State Bank of Vietnam to propose the development of a legal framework to manage the healthy and effective development of digital assets. This proposal aims to further shape the country's cryptocurrency and blockchain. January 9, 2025 - Resolution No. 03/NQ-CP This action plan is proposed to implement Resolution No. 57-NQ/TW, outlining a flexible and innovative policy framework, including a cryptocurrency framework. It also lays the foundation for Vietnam's technology and blockchain framework. February 2024 - May 2025 - Decision/QD-TTg The Prime Minister of Vietnam has issued a Directive on compliance with AML/CFT in digital assets and the proliferation of weapons of mass destruction. This law is expected to be implemented in May; however, it has currently been delayed and will take effect at the end of 2025. What is the Vietnamese Government's stance on cryptocurrency? Currently, the Vietnamese government is actively building a legal framework for cryptocurrencies and other digital assets. Mainly focusing on: The Ministry of Finance is establishing a comprehensive and secure cryptocurrency management framework by providing transparency and integrating AML and CFT compliance. The Vietnam State Security Commission is collaborating with Bybit to explore the next steps to create a safe and flexible regulatory framework for cryptocurrencies and other digital assets. Electronic Currency Tax in Vietnam 2025 Since cryptocurrencies are classified as investment assets in Vietnam, they are subject to taxation. By the end of 2025, the government plans to introduce a new tax policy to generate significant revenue. The Vietnam Blockchain Association stated that if the government applies a 0.1% tax on each transaction, it could bring in over 800 million dollars per year without disrupting the market. Report: Income must be reported to the General Department of Taxation; individuals must submit annually before March 31, while businesses submit quarterly. Electronic Money License in Vietnam The cryptocurrency license has not yet been implemented in Vietnam. While the European Union has issued the (CASP) crypto asset service provider license through MiCA, Vietnam has not yet enacted a law. Cryptocurrency Adoption Rate in Vietnam Penetration rate: Vietnam ranks 7th in global cryptocurrency adoption, with a user penetration rate of 20.69% by 2025. The number of users is expected to reach 21.71 million by 2026, reflecting a penetration rate of 21.25%. Revenue: By 2025, the revenue market is expected to reach 1.9 billion USD, describing the average revenue per user estimated at 92.5 USD. The current revenue market is growing at a rate of 25.47% and is expected to reach 2.4 billion USD by 2026. Cryptocurrency holdings: The cryptocurrency holdings of the Vietnamese government have not yet been made public; instead, it focuses on creating a legal framework for digital assets. Conclusion With a large population in Vietnam using Bitcoin, the country has become a cryptocurrency hub. Vietnam's ambition to become a blockchain leader by 2030 has been stalled due to uncertainty in the legal framework. However, in 2025, the government introduced comprehensive regulations, leading to significant developments in this field. With upcoming laws on consumer protection, dispute resolution, and minimizing illegal activities, Vietnam's victory in technology is certain.