Directive 05/CT-TTg: What It Means for Crypto Regulation in Vietnam

When you hear Directive 05/CT-TTg, a regulatory directive issued by Vietnam’s State Bank of Vietnam to control cryptocurrency use. Also known as Circular 05, it’s the backbone of Vietnam’s crypto policy in 2025—tighter than most countries, with zero room for ambiguity. This isn’t a suggestion. It’s a legal order that bans crypto as payment, restricts exchanges to five licensed players, and forbids stablecoins entirely—even though millions of Vietnamese still trade crypto daily.

The State Bank of Vietnam, the central banking authority that enforces financial rules in Vietnam drafted Directive 05/CT-TTg to stop money laundering and protect consumers, but it ended up creating a paradox. The law demands $379 million in capital for any exchange to operate. Not a typo. No company has applied. Not one. Meanwhile, crypto adoption keeps growing underground. People use P2P platforms, foreign apps, and even cash trades to buy Bitcoin and Solana tokens. The cryptocurrency law Vietnam, the legal framework that classifies digital assets as virtual assets but not legal tender doesn’t ban ownership—it bans use. You can hold crypto, but you can’t pay for coffee with it. You can’t trade it on a local platform unless it’s one of the five ghost licenses.

This directive doesn’t just affect traders. It shapes how developers build apps, how investors think about risk, and whether DeFi projects can ever launch in Vietnam. The crypto policy 2025, the current regulatory stance that prioritizes control over innovation is stuck in a time warp. While the U.S. and EU are clarifying rules to welcome institutions, Vietnam’s system is designed to shut everyone out. Yet, the demand won’t disappear. That’s why posts on this page cover everything from Metahero airdrops to LocalTrade scams—because people are still trading, still searching, still trying to find safe ways to use crypto under this heavy hand.

Below, you’ll find real-world examples of how this directive plays out: fake exchanges pretending to be compliant, airdrops targeting Vietnamese users, and the quiet rise of P2P trading. No fluff. No theory. Just what’s actually happening on the ground.