Vietnam moved from an SBV payment-use prohibition to a Ministry of Finance / State Securities Commission-run pilot licensing regime for domestic crypto exchanges under Resolution No. 05/2025/NQ-CP, operationalized January 2026, with a very high capital barrier (~VND 10 trillion / ~$380-400M) and a 49% foreign-ownership cap. As of the research date no exchange has yet been issued a full license, even as Decree 284/2026/NĐ-CP (effective 2026-09-01) introduces fines for unlicensed/overseas trading. The pilot's scope and duration require ongoing verification per seed caution flags.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
Sources and findings (4)
T?source not recordedM5bindingin force
T?source not recordedM4bindingin force
T?source not recordedM5bindingenacted not yet effective
The Digital Technology Industry Law (effective 2026-01-01) is the first Vietnamese statute to formally classify crypto/digital assets, dividing them into virtual assets and crypto assets, and further categorizing crypto assets into four sub-types. Two of these (security tokens, utility tokens) map to declared enum categories; 'payment tokens' and 'mixed tokens' do not map cleanly to the module's enum and are recorded as unclassified pending implementing regulation detail.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
No dedicated primary-source regulation addressing staking, DeFi lending, DEX operation, mining, node operation, validator activity, or tokenization specifically was located during this research pass. The Digital Technology Industry Law and Resolution 05/2025/NQ-CP focus on exchange licensing and asset classification rather than on-chain activity categories.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
No dedicated stablecoin issuance, reserve, redemption, disclosure, or systemic-designation framework was located for Vietnam. Officials have expressed qualitative concern that stablecoin usage could weaken capital-flow controls, but no binding stablecoin-specific instrument was identified.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
Consumer/investor protection in the crypto pilot regime is addressed indirectly through the licensing framework's ownership, staffing, and infrastructure requirements rather than through a standalone consumer-protection instrument.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
The Digital Technology Industry Law introduces tax exemptions and incentives targeted at blockchain startups and digital-infrastructure developers, but Vietnam does not yet have a confirmed, generally applicable capital-gains, income, VAT, or withholding tax regime specific to ordinary crypto transactions. Earlier industry proposals for a dedicated virtual-asset tax remain at the proposal stage.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
Vietnam is actively restricting cross-border/offshore crypto platform use as part of the licensing pilot: Decree 284/2026/NĐ-CP penalizes domestic investors trading via unlicensed (including overseas) platforms, effective September 1, 2026, layered onto Vietnam's pre-existing general capital-flow/cross-border transfer restrictions.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
Sources and findings (2)
T?source not recordedM5bindingenacted not yet effective
AML/CFT claims for crypto are produced under the FIM aml_ctf module and are not duplicated in this baseline per subscription rules. As disambiguation context only: Vietnam remains on the FATF grey list for insufficient AML controls, particularly concerning virtual assets, which has partly motivated the exchange-licensing pilot's ownership, staffing, and infrastructure requirements.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
Sources and findings (1)
T?source not recordedM3non-binding
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