Vietnam Crypto Pilot Program Explained: What to Expect Through 2027
Aug, 28 2025
Vietnam Crypto Tax Calculator
Current Vietnam Crypto Tax Rules
Under Vietnam's pilot program, crypto gains are taxed at 0.1% of capital gains using the securities tax rate. This temporary rate applies until specific crypto tax regulations are released. All transactions must go through licensed providers.
Vietnam has just taken a bold step: a five‑year, government‑backed pilot that lets people own, trade and invest in crypto-but only through licensed channels. The program runs from September 9 2025 to September 8 2030, with the full law kicking in on January 1 2026. If you’re a trader, investor, or service provider wondering how this changes the game, keep reading. We’ll break down the legal framework, what assets are covered, how licensing works, and what the market looks like today and in the years ahead.
What the pilot actually is
Vietnam's Five‑Year Pilot Cryptocurrency Program is a government‑approved testbed that legalizes virtual asset ownership and trading while imposing strict licensing, AML and cybersecurity rules. The pilot is anchored by two pieces of legislation:
- Law No. 71/2025/QH15 on Digital Technology Industry, passed by the National Assembly on June 14 2025.
- Resolution 05/2025/NQ‑CP, signed by Deputy Prime Minister Ho Duc Phoc on September 9 2025 to pilot crypto‑asset market operations.
The Ministry of Finance (MoF) is the regulator that will issue licences to crypto‑asset service providers. The first licence is expected within six months of the resolution’s start date.
How Vietnam classifies digital assets
Three categories now exist under the new law:
- Virtual assets - electronic assets used for exchange or investment, excluding securities and legal‑tender digital forms.
- Crypto assets - a sub‑set that relies on encryption or similar tech for creation, issuance, storage and transfer.
- All other virtual assets that don’t fit the first two buckets.
Both domestic and foreign investors can participate, but every transaction must go through a licensed provider after the six‑month transition.
Licensing and compliance basics
To operate legally, a crypto business must obtain a licence from the Ministry of Finance. The licence application will cover:
- Anti‑Money‑Laundering (AML) procedures - you’ll need a robust Know‑Your‑Customer (KYC) system.
- Cybersecurity standards - mandatory encryption, incident‑response plans and regular audits.
- Information‑security measures - data‑privacy policies that meet the new digital‑economy regulations.
- Reporting obligations - monthly activity reports to the MoF and the State Bank of Vietnam.
Failure to comply can trigger administrative sanctions or even criminal investigation, depending on the severity.
Market reaction so far
According to data from VIR, Vietnamese traders are moving over $600 million daily in crypto transactions. That shows huge appetite despite the previous ban.
Social media chatter is a mix of excitement and nervousness. Traders appreciate the legal clarity, but many are still wrestling with the licensing deadline and the cost of compliance tools.
How Vietnam’s approach stacks up against its neighbours
| Country | Legal status of crypto | Key regulator | Licensing requirement |
|---|---|---|---|
| Vietnam | Legal for ownership & trading via licensed providers | Ministry of Finance | Mandatory for all service providers |
| China | Complete ban on all crypto activities | People's Bank of China | Not applicable |
| India | Allowed, heavy tax, no clear licensing framework | Reserve Bank of India | None yet |
| Singapore | Regulated under Payment Services Act | Monetary Authority of Singapore | Licence required for payment‑service providers |
Vietnam’s model sits between China’s outright ban and Singapore’s permissive‑but‑licensed regime. It’s stricter than India’s ad‑hoc tax approach but offers far more certainty than the former ban.
Steps you need to take as a market participant
If you’re an investor, here’s a quick checklist:
- Identify a licensed crypto‑asset service provider approved by the MoF.
- Complete KYC verification on that platform - you’ll need a government ID and proof of residence.
- Migrate any existing holdings to the licensed platform within six months of the first licence issuance.
- Stay updated on tax guidance - until specific crypto tax rules are published, securities tax rates apply.
- Maintain records of all transactions for at least five years for potential audits.
Service providers should start preparing now:
- Build AML/KYC pipelines that meet the MoF’s draft standards.
- Invest in cybersecurity tools that satisfy the new digital‑economy regulations.
- Hire legal counsel familiar with Vietnamese digital‑asset law.
Risks and open questions
While the pilot is a huge step forward, several uncertainties remain:
- Tax rules - The MoF says securities tax rates will apply temporarily, but exact crypto‑specific rates are still under discussion.
- Mining legality - No clear guidance yet; miners may need separate permits.
- Enforcement consistency - Early reports suggest uneven enforcement across provinces.
- International compatibility - How will Vietnam’s standards align with global AML/CTF frameworks?
Keeping an eye on official announcements and industry newsletters will be crucial.
Looking ahead to 2027 and beyond
The pilot’s midpoint arrives in late 2027. Analysts expect three possible trajectories:
- Full scaling - If compliance rates are high and market volume keeps growing, the government may lift the licensing‑only rule and allow broader fintech integration.
- Partial rollback - Stricter controls could be introduced if AML breaches spike.
- Export model - Vietnam could become a regional hub for licensed crypto services, attracting users from neighboring countries still under restrictive regimes.
Whichever path unfolds, the pilot creates a legal runway for technology, capital and innovation that didn’t exist before September 2025.
Key takeaways
- The Vietnam crypto pilot legalizes ownership and trading but only through MoF‑licensed providers.
- Three asset categories exist; crypto assets are a distinct, encrypted subset.
- Licensing, AML, cybersecurity and reporting are mandatory for any service provider.
- Daily transaction volume already tops $600 million, showing strong demand.
- Compliance costs and unclear tax rules are the biggest hurdles right now.
When does the pilot program end?
The pilot runs until September 8 2030, with the full legal framework becoming effective on January 1 2026.
Can I use crypto as a payment method in Vietnam?
No. The State Bank of Vietnam still bans crypto for payments. The pilot only covers ownership, trading and investment via licensed services.
What licenses do crypto exchanges need?
Exchanges must obtain a licence from the Ministry of Finance. The licence will verify AML, cybersecurity and reporting compliance.
How will taxes be applied to crypto gains?
Until specific crypto tax rules are released, the government applies the existing securities tax rate (currently 0.1% on capital gains). Expect updates before 2026.
What happens if I trade on an unlicensed platform?
You could face administrative fines, asset freezes, or criminal investigation, depending on the violation’s severity.
