When it comes to crypto regulations Vietnam, the official stance from the State Bank of Vietnam is clear: cryptocurrency is not legal tender, and financial institutions are banned from processing crypto transactions. Also known as Vietnam cryptocurrency laws, these rules are designed to protect the Vietnamese dong and prevent money laundering—but they don’t stop people from trading. In practice, millions of Vietnamese still buy, sell, and hold Bitcoin, Ethereum, and other tokens through peer-to-peer platforms, local exchanges, and cash deals.
While the government bans banks from touching crypto, it doesn’t outlaw personal ownership. That’s a big gray area. You won’t get arrested for holding Bitcoin in your wallet, but if you try to cash out through a bank, you’ll hit a wall. The Vietnam crypto ban, a term used by locals to describe the financial restrictions. Also known as crypto trading restrictions Vietnam, it pushes users toward informal networks—like Facebook groups, Telegram channels, and street vendors who trade cash for crypto. This underground market is thriving. In 2024, Vietnam ranked among the top 10 countries globally for peer-to-peer crypto volume, according to Chainalysis. People use crypto not just for speculation, but to send money abroad, protect savings from inflation, and access global markets that local banks won’t touch.
The cryptocurrency laws Vietnam, are under review, with draft legislation proposing a licensing system for crypto exchanges and service providers. Also known as Vietnam blockchain legality, this could shift the landscape from outright prohibition to controlled access. But until then, most users operate in the shadows. Local exchanges like Bitex and Remitano operate without official licenses, and many users rely on international platforms like Binance—though access is sometimes blocked by the government. Taxes? There are none yet. But if you make a profit, you’re technically not reporting it—and that’s a risk. The authorities haven’t gone after individual traders, but they’ve cracked down on large operators and unlicensed platforms.
If you’re in Vietnam and want to trade crypto, you’re not breaking the law by owning it—but you’re stepping outside the banking system. You’ll need to use P2P platforms, understand local payment methods like ZaloPay or Momo, and be ready for price swings caused by sudden regulatory rumors. The real question isn’t whether crypto is legal—it’s whether you’re prepared to navigate the risks, the friction, and the lack of consumer protection.
Below, you’ll find real-world guides on how people in Vietnam trade crypto despite the restrictions, what platforms they use, how to avoid scams, and what’s coming next in the country’s crypto policy. No theory. Just what’s actually happening on the ground.
Vietnam ranks #6 in global crypto adoption despite strict laws banning stablecoins and requiring massive capital to operate legally. Millions use crypto anyway-for remittances, e-commerce, and savings-bypassing the system entirely.