Crypto Regulation Vietnam: What's Legal, What's Not in 2025

When it comes to Crypto Regulation Vietnam, the set of laws and restrictions governing how cryptocurrencies can be used, traded, and taxed within Vietnam. Also known as virtual assets regulation Vietnam, it’s one of the most tightly controlled frameworks in Southeast Asia. Even though crypto is technically legal, the rules make it nearly impossible for regular users or businesses to interact with it freely.

The State Bank of Vietnam, the central banking authority that sets monetary policy and oversees financial institutions in Vietnam holds all the power. In 2025, only five licensed exchanges are allowed to operate—and none have applied yet. All trades must happen in Vietnamese dong (VND), no stablecoins are permitted, and companies need $379 million in capital just to apply for a license. That’s not a typo. Meanwhile, millions of Vietnamese still trade crypto through peer-to-peer apps and offshore platforms, quietly ignoring the law.

This contradiction isn’t unique, but it’s extreme. Other countries like Nigeria or Nepal ban crypto outright, but Vietnam says it’s legal while making it unworkable. The Vietnam crypto law 2025, the official legal framework that defines how virtual assets are treated under national finance rules was written to stop speculation, not enable innovation. It blocks DeFi, NFTs, and even simple crypto-to-fiat conversions unless they go through one of those five ghost licenses. And because there’s no clear guidance on taxes, reporting, or consumer protection, users are left on their own.

What you’ll find below are real reviews and breakdowns of platforms, scams, and policies tied to Vietnam’s crypto landscape. From the State Bank’s impossible licensing rules to the meme coins Vietnamese traders still buy despite the ban on stablecoins, this collection cuts through the noise. You’ll see why VVS Finance and Satowallet vanished, how KYC works when even banks won’t touch crypto, and why no one’s stepping up to get that $379 million license. This isn’t theory—it’s what’s happening on the ground, in real time, in Vietnam.