State Bank of Vietnam: Crypto Rules, Bans, and What It Means for Traders

When it comes to cryptocurrency, the State Bank of Vietnam, the central monetary authority responsible for overseeing all financial activity in Vietnam. Also known as Ngân hàng Nhà nước Việt Nam, it has taken one of the most aggressive stances on crypto in Asia—banning transactions, rejecting stablecoins, and forcing exchanges to either shut down or operate in the shadows. This isn’t just about controlling money—it’s about controlling information, access, and who gets to participate in the global financial system.

The Directive 05/CT-TTg, a sweeping crypto framework issued by Vietnam’s government in 2024. Also known as Circular 05, it requires any exchange operating legally to hold at least $379 million in capital—a sum no small player can reach. This rule didn’t just raise the bar—it demolished it for anyone without deep pockets. At the same time, the Foreign Exchange Act 1962, a decades-old law repurposed to criminalize crypto trading. Also known as FEA 1962, it now carries jail time and triple fines for anyone caught buying or selling digital assets. These aren’t suggestions. They’re enforcement tools. And while the government claims it’s protecting citizens from fraud, the real effect is locking ordinary people out of global finance while letting insiders find loopholes.

What’s left? A thriving underground market. Traders use peer-to-peer platforms, offshore wallets, and VPNs to move funds. Some even trade crypto through local businesses that accept it as payment—no exchange needed. Meanwhile, the State Bank of Vietnam keeps issuing warnings, but enforcement is patchy. Why? Because the demand won’t die. People want access. They want to earn. They want to hedge against inflation. And they’re finding ways.

The posts below dig into the real impact of these policies: how traders are adapting, which projects got crushed by the crackdown, and what’s still alive despite the ban. You’ll find reviews of exchanges that vanished overnight, deep dives into crypto scams that exploded in the vacuum left by regulation, and guides on how to stay safe when the rules are unclear—or outright hostile. This isn’t about politics. It’s about survival. And if you’re trading in or around Vietnam, you need to know what’s real, what’s fake, and where the lines are drawn.