Vietnam Crypto Law 2025: What’s Banned, What’s Required, and How It Affects You

When it comes to Vietnam crypto law 2025, the country’s new regulatory framework that forces crypto exchanges to hold $379 million in capital and bans fiat-backed stablecoins. Also known as Directive 05/CT-TTg, it’s not just another rule—it’s a full industry reset. Unlike countries that tweak rules slowly, Vietnam didn’t ask for feedback. It dropped a hammer. If you’re running a crypto exchange in Vietnam, you now need to prove you have nearly $400 million in reserves. No exceptions. No gray area. And if you’re a trader? You can’t use USDT or other stablecoins tied to the Vietnamese dong or any other fiat currency. That’s not a suggestion—it’s a legal block.

This law doesn’t just target big players. It reshapes how every Vietnamese citizen interacts with crypto. Want to buy Bitcoin? You can, but only through licensed platforms that meet the capital requirement. Want to earn yield on your ETH? Forget staking through a local DeFi app that accepts USDC. Those are gone. The central bank doesn’t want crypto to be a payment tool. It wants it to be a speculative asset under tight control. That’s why the law also bans anonymous trading and demands full KYC. It’s not about protecting users—it’s about keeping crypto out of the financial system. And yet, despite all this, crypto trading hasn’t stopped. It’s just gone underground. People use P2P platforms, foreign exchanges, and VPNs. The law didn’t kill crypto—it just made it harder, riskier, and less transparent.

What’s interesting is how this law connects to other global trends. The Directive 05/CT-TTg, Vietnam’s strict regulatory framework for cryptocurrency exchanges and capital requirements mirrors what Turkey and Switzerland are doing—but with even higher barriers. Turkey bans payments but lets trading. Switzerland taxes crypto as wealth but doesn’t ban anything. Vietnam? It bans the most useful parts and demands impossible capital. This makes Vietnam an outlier. It’s not trying to lead. It’s trying to lock the door. Meanwhile, exchanges like LocalTrade and Decoin, which lack regulation and audits, are even more dangerous now. Why? Because the law makes it harder to tell who’s legit. If only $5 companies can survive the capital rule, then the ones left are either giants or frauds. No middle ground.

For traders, the real question isn’t whether the law works—it’s whether you can adapt. If you’re in Vietnam, you need to know what’s allowed, what’s banned, and how to protect your assets. You also need to watch for scams pretending to be compliant. A lot of fake platforms will claim they’re "Vietnam-approved"—they’re not. The government hasn’t licensed many, if any. And if you’re outside Vietnam but trade with locals? You’re now part of a high-risk cross-border network. That’s why posts on KYC, SAR reporting, and exchange scams are so relevant here. This law didn’t just change rules. It turned crypto into a minefield. But if you know the signs, you can still move safely.