Crypto exchanges in Vietnam to undergo government testing
Vietnam Embraces Cryptocurrency Regulation: A Stepping Stone Towards a Structured Financial Ecosystem
Vietnam is taking significant strides in regulating the cryptocurrency sector, transitioning from a largely unregulated environment to a structured legal framework. The National Assembly passed the Law on Digital Technology Industry on June 14, legalising digital and cryptoassets in the country [1].
One of the key developments is the approval of an International Financial Center (IFC) for piloting regulated cryptocurrency trading. The Ministry of Finance (MoF) has been working closely with legal and technology experts, hosting a series of workshops and stakeholder meetings to address legal, regulatory, and technological considerations [2].
The pilot project for digital asset exchanges has defined criteria for market participants, focusing on technical conditions, operation procedures, financial capacity, and the expertise of service providers [5]. Exchanges will prioritise liquidity and cybersecurity, with service providers allowed to autonomously select assets that meet high liquidity standards [3]. More than one exchange will be permitted during the pilot to encourage a competitive market [5].
Cryptocurrencies are classified as investment assets and subject to multiple taxes. Capital gains tax stands at 20% on converting crypto to fiat, while income tax for individuals ranges from 5-35% on mining, staking, and airdrops. For businesses, the income tax is 20% on similar activities. A Value Added Tax (VAT) of 10% is levied on service fees of crypto exchanges, with a small exemption for the first VND 10 million in gains annually [1].
The IFC and pilot digital asset exchange frameworks have received National Assembly approval as of August 2025 [2][3]. Final policies and related resolutions are expected to be formally issued by the government in August or September 2025 [5]. The pilot exchange could launch as early as late 2025 or early 2026, with an emphasis on regulatory sandbox testing allowing innovation under supervision [1][2][3][5].
Vietnam's cryptocurrency regulation aims to integrate digital assets into the formal financial system while ensuring transparency, compliance with anti-money laundering (AML) and counter-financing of terrorism (CFT) laws, and cybersecurity standards [1][2][3][5]. The efforts align with Resolution No.68-NQ/TW, which advocates for the development of a dynamic and innovative private economy [6].
The new regulatory environment is expected to stimulate fintech growth, attract investments, and potentially position Vietnam as a regional hub for blockchain and crypto innovation while mitigating decentralized finance risks [1][2][3]. Vietnam, with 17% of its population holding digital assets, is among the global leaders in cryptocurrency adoption, but the lack of regulation has exposed users to risks such as fraud and money laundering [4]. Experts advocate for a legal framework to protect investors, manage risks, and boost state revenue through taxation [4].
Notably, South Korea's largest digital asset trading platform, Upbit, is planning to enter the Vietnamese market, signaling growing interest from global players in Vietnam's emerging digital economy [7]. The Law on Digital Technology Industry is set to come into effect in 2026 [6].
In conclusion, Vietnam’s cryptocurrency regulation in 2025 involves launching a pilot digital asset exchange within an IFC, enacting tax regimes, setting operational and technical standards for service providers, and establishing frameworks for compliance and risk management—all with implementation expected by late 2025 or soon after [1][2][3][5].
References:
- Vietnam to launch pilot cryptocurrency exchange within IFC
- Vietnam to regulate cryptocurrencies as investment assets
- Vietnam's new cryptocurrency regulations: What you need to know
- Vietnam's new cryptocurrency regulations: A step forward
- Vietnam's new cryptocurrency regulations: A comprehensive guide
- Vietnam's new Law on Digital Technology Industry legalises digital and cryptoassets
- Upbit to Enter Vietnamese Market Amid Growing Interest in Digital Economy
- The Ministry of Finance in Vietnam has been collaborating with legal and technology experts to create a structured legal framework for cryptocurrency trading, which will be integral to the development of a cohesive business and finance ecosystem.
- The emerging regulatory environment for cryptocurrencies in Vietnam, marked by the implementation of a pilot digital asset exchange within an International Financial Center, aim to foster fintech growth and attract technology-driven businesses, ultimately positioning Vietnam as a potential regional hub for blockchain and crypto innovation.
