Vietnam Crypto Law: What’s Allowed, Blocked, and Who’s Playing by the Rules

When you hear Vietnam crypto law, the set of rules governing how digital assets can be bought, sold, and used within Vietnam’s financial system. Also known as cryptocurrency regulation Vietnam, it’s not about banning crypto—it’s about locking it down so tightly that even people who use it daily can’t actually trade it. In 2025, Vietnam officially recognized virtual assets as legal, but only under conditions so strict they make most real-world use impossible. The State Bank of Vietnam, the country’s central financial authority responsible for overseeing monetary policy and licensed financial institutions now controls every step: only five exchanges can operate, all trades must be in Vietnamese dong, stablecoins are banned outright, and any firm wanting a license needs $379 million in capital. That’s more than most global exchanges make in a year. And guess what? As of now, not a single company has applied.

This isn’t just bureaucracy—it’s a paradox. Vietnam has one of the highest rates of crypto adoption in Asia. Millions trade on P2P platforms, use Binance or Bybit through VPNs, and send crypto to family abroad. But under the law, those actions are technically illegal unless done through a licensed exchange. The virtual assets Vietnam, digital tokens and coins regulated under Vietnam’s 2025 legal framework for blockchain-based assets you own are legal to hold, but not to spend, swap, or even convert into cash without jumping through hoops no one’s even tried to clear. The crypto regulation Vietnam, the official policy framework enforced by the State Bank of Vietnam that restricts crypto to licensed entities and local currency only doesn’t stop people from using crypto—it just pushes it underground, where scams, unregulated platforms, and fake airdrops thrive.

So what does this mean for you? If you’re in Vietnam, you’re stuck between using crypto the way the world does—freely and privately—or playing by rules that don’t match reality. That’s why most posts here focus on the gap: scams like LocalTrade, dead tokens like MARGA, and fake airdrops like LEOS that prey on people trying to navigate this confusing system. You’ll find reviews of real DEXs like VoltSwap and Alien Base, guides on KYC and taxes, and deep dives into how other countries like Switzerland or the U.S. handle crypto differently. This isn’t just about Vietnam—it’s about how regulation shapes behavior. And right now, Vietnam’s law isn’t protecting users. It’s just making them work harder to stay safe.