Crypto Trading vs Payment in Vietnam: What’s Legal Under the 2025 Law
27 October 2025

Trading Crypto in Vietnam Is Now Legal - But Only Under Strict Rules

As of January 1, 2026, you can legally trade cryptocurrency in Vietnam - but not how you might expect. The government didn’t open the floodgates. Instead, it built a cage. Under Resolution No. 05/2025/NQ-CP and the Digital Technology Industry Law, crypto trading is now permitted, but only on platforms licensed by the Ministry of Finance. And those platforms? They need at least 10 trillion VND (about $379 million USD) in capital. Most of that - 65% - must come from Vietnamese institutional investors. Foreign companies can own no more than 49% of these exchanges. This isn’t just regulation. It’s a state-controlled market.

The law doesn’t just set rules. It redefines what crypto even is. Under Vietnam’s new definition, crypto assets are digital tokens authenticated through encryption, separate from securities, fiat currency, or in-game currencies. Bitcoin, Ethereum, and even stablecoins like USDT now have legal status - but only as assets you can trade, not as money you can spend. That’s the key split: trading and payment are treated as two completely different things.

Why You Can’t Use Bitcoin to Buy Coffee - Yet

Here’s the catch: while trading crypto is allowed under strict conditions, using it to pay for goods or services? That’s still a gray zone. The law says all crypto transactions must be conducted in Vietnamese dong (VND). That means if you want to trade Bitcoin for Ethereum, you can’t do it directly. You have to convert Bitcoin to VND first, then use VND to buy Ethereum. The same rule applies to any exchange between crypto assets. This isn’t about convenience - it’s about control. The government wants every dollar of value to pass through its system, tracked and taxed.

So can you pay your landlord in Bitcoin? Can a Vietnamese online store accept Dogecoin? The law doesn’t say. There are no rules yet for peer-to-peer crypto payments, business-to-consumer crypto transactions, or even crypto remittances. That silence isn’t an accident. It’s intentional. The government is waiting to see how trading plays out before deciding if payments are safe to allow. Until then, using crypto as money remains legally risky - even if it’s technically possible.

What Happens If You Trade on an Unlicensed Platform?

Before January 1, 2026, Vietnam’s crypto market operated in the shadows. Millions of people used Binance, Bybit, and other global exchanges. Now, those platforms are effectively illegal for Vietnamese users. After the first licensed exchange opens, there’s a six-month grace period. After that, any trading on unlicensed platforms becomes a legal violation. You won’t go to jail - at least not yet - but you could face fines, asset freezes, or account blocks. The Ministry of Finance has not released full penalty details, but they’ve made it clear: compliance is mandatory.

That means 20 million Vietnamese crypto users must switch platforms. Most won’t even know how. There are no public lists of approved exchanges yet. The first licenses are expected to go to state-backed financial institutions, not startups. Expect the market to be dominated by a handful of big players - maybe just two or three. Competition will be low. Innovation will be slow. And for users? It means less choice, higher fees, and slower service.

A man tries to pay for coffee with Bitcoin, but it bounces off the counter as people use Vietnamese dong, with a 'Must Convert to VND' sign above.

Why the 9 Million Minimum Capital Matters

Why does Vietnam demand $379 million just to run a crypto exchange? It’s not about security. It’s about exclusion. That number is higher than any other country’s requirement - even in the U.S. or EU. It’s designed to keep out small players, foreign firms, and speculative startups. Only deep-pocketed Vietnamese banks or conglomerates can afford it. That’s the point. The government doesn’t want a wild west of crypto startups. It wants a controlled, predictable, state-approved financial product.

This rule also means crypto trading won’t become a mass-market service anytime soon. It’ll be treated like a luxury financial instrument - something only the wealthy or well-connected can access. Retail investors might be able to trade, but they’ll be forced through a narrow, expensive funnel. And if you’re not using a licensed platform? You’re already breaking the law, even if you don’t realize it.

What’s Missing? Mining, Taxes, and Payment Rules

For all its detail, the law leaves big gaps. No one knows if crypto mining is legal. No one knows how crypto profits will be taxed. No one knows if you can use crypto to send money to family overseas. The Ministry of Finance says guidance is coming before January 2026, but so far, there’s nothing concrete.

That uncertainty is dangerous. Businesses are holding off on accepting crypto. Investors are waiting to see if their holdings will be taxed at 20% or 35%. Freelancers who get paid in crypto don’t know if they need to report it as income. And for people using crypto as a hedge against inflation? They’re left in the dark.

The law also doesn’t mention NFTs or utility tokens in any practical way. While they’re legally recognized as digital assets, there’s no guidance on how they’re taxed, transferred, or enforced. Are NFTs inheritable? Can they be seized in a lawsuit? The answer? Unknown.

A sad mining robot sits alone in the dark while a bright licensed exchange shines in the distance, with investors peering through a 'No Startups Allowed' fence.

Is This a Step Forward or a Step Back?

On paper, Vietnam’s move is historic. For the first time, crypto has legal status. Ownership rights are protected. Smart contracts can be enforced. That’s huge. But the reality is more like a high-security prison than a marketplace. The government didn’t just regulate crypto - it domesticated it. It took the decentralized, permissionless nature of blockchain and forced it into a state-run financial system.

Compare this to Thailand or Singapore, where crypto exchanges operate with more freedom. Vietnam chose control over innovation. It chose stability over disruption. And while that might prevent scams and money laundering, it also kills the very spirit that made crypto appealing in the first place.

For users, it means less risk of fraud - but also less freedom. For entrepreneurs, it means no room to build. For investors, it means higher barriers and fewer options. The five-year pilot program gives the government time to adjust. But if the rules stay this tight, Vietnam’s crypto market could become a ghost town - full of regulation, empty of activity.

What Should You Do Right Now?

  • If you’re trading on Binance or another foreign exchange: Stop. You’re already in violation once the first licensed platform opens. Start preparing to move your assets.
  • If you’re using crypto to pay for goods: Pause. There’s no legal protection. If a dispute arises, you have no recourse.
  • If you’re a business: Don’t start accepting crypto yet. Wait for official payment rules from the Ministry of Finance.
  • If you’re holding crypto: Keep records. When tax rules come, you’ll need proof of purchase, sale, and transfers.
  • If you’re thinking of launching a crypto service: Don’t. The capital requirement makes it impossible for startups. The market is closed.

The clock is ticking. January 1, 2026, isn’t far off. The government has given you a warning. Now you have to decide: adapt, or get left behind.

Tags: