Vietnam's Pilot Crypto Program 2025-2030: What You Need to Know

On September 9, 2025, Vietnam did something no other country had ever done: it launched the world’s first legally sanctioned, government-run pilot program for cryptocurrency. Not a ban. Not a tax. Not a half-measure. A full five-year experiment to bring crypto out of the shadows and into a controlled, regulated system - with clear rules, licensed players, and real consequences for breaking them. The program runs until September 8, 2030. And if you’re trading crypto in Vietnam, or even thinking about it, this changes everything.

What Exactly Is the Vietnam Crypto Pilot Program?

The program isn’t just a policy tweak. It’s built on two legal pillars: Law No. 71/2025/QH15 on Digital Technology Industry and Resolution 05/2025/NQ-CP. These documents, passed by Vietnam’s National Assembly and signed by Deputy Prime Minister Ho Duc Phoc, officially recognize virtual assets as legal property under Vietnam’s Civil Code. That’s huge. For the first time, owning Bitcoin, Ethereum, or any other crypto isn’t just tolerated - it’s protected by law, as long as you follow the rules.

But here’s the catch: you can’t just trade crypto however you want. The government drew a hard line. Cryptocurrency is still banned as a payment method. Banks can’t process crypto transactions. ATMs won’t give you Bitcoin. But you can own it. You can trade it. You can invest in it - but only through platforms that the Ministry of Finance has licensed.

The program defines three types of digital assets:

• Virtual assets: any digital item used for exchange or investment - like NFTs, tokens, or utility coins.
• Crypto assets: a subset of virtual assets that use encryption or digital tech to verify ownership and transfers - think Bitcoin, Ethereum, and similar blockchains.
• Other virtual assets: anything else that doesn’t fit the first two categories.

Only crypto assets are fully regulated under this pilot. Everything else falls into a gray zone until further guidance comes out.

Who Can Participate?

Anyone - Vietnamese citizens, foreign residents, international investors - can take part. But you can’t operate alone. Every exchange, wallet provider, trading platform, or custody service must get a license from the Ministry of Finance. No exceptions. The first licensed provider is expected to launch by March 2026. After that, all domestic trading must happen through these approved platforms.

That means if you’re currently using Binance, Bybit, or any offshore exchange, you’re already in violation once the first license goes live. You have six months to move your assets and accounts to a licensed Vietnamese platform. If you don’t, you risk administrative fines or even criminal charges.

Foreign companies can apply for licenses too, but they’ll need a local partner, a physical office in Vietnam, and full compliance with local cybersecurity and anti-money laundering (AML) rules. The bar is high - higher than most Western countries.

Why Is Vietnam Doing This?

Vietnam has one of the most active crypto markets in Southeast Asia. Daily trading volume hits over $600 million, according to VIR, a local industry tracker. That’s more than Thailand or Indonesia. But until now, it’s been a wild west. Traders used offshore platforms. Money flowed out of the country. No taxes. No oversight. No accountability.

The government didn’t want to stop crypto. It wanted to control it. By creating a legal pipeline, Vietnam aims to:

• Keep capital within the country
• Collect tax revenue from crypto gains
• Prevent money laundering and fraud
• Attract tech investment and talent
• Position itself as a regional digital finance leader

Compared to China’s total ban or India’s heavy taxation without clear rules, Vietnam’s approach is bold. It’s not trying to kill crypto. It’s trying to tame it.

What’s Still Unclear?

For all the progress, big questions remain unanswered.

Miners are in limbo. The law doesn’t say whether crypto mining is legal. No one knows if you can run a mining rig at home. No one knows if you need a license. No one knows if you’ll be taxed on the coins you mine. The Ministry of Finance says guidance is coming, but there’s no timeline.

Taxes are messy. Right now, crypto gains are being taxed under securities rules. That means 20% capital gains tax - but only if you sell. No one knows if that’s permanent. No one knows how to report holdings. No one knows if staking rewards count as income. The tax code hasn’t caught up.

Penalties are vague. The law says violators face “administrative sanctions or criminal liability.” But what counts as a violation? Trading on an unlicensed site? Not reporting a $500 gain? Using a VPN to access Binance? There’s no public list of offenses or fines. That uncertainty scares off small investors.

English documentation is scarce. The laws are written in Vietnamese. Most official guidance is only available in Vietnamese. Foreigners and non-native speakers are at a serious disadvantage. Translation services are unreliable. Many traders are flying blind.

How Are People Reacting?

On Reddit’s r/Vietnam and local forums like Webtretho, reactions are split.

Some traders are relieved. “Finally, we have rules,” one user wrote. “I was scared to cash out because I didn’t know if the government would come after me.”

Others are angry. “They’re forcing us to use local exchanges that charge 3% fees and have terrible customer service,” another said. “Why not let us use Binance and just tax us?”

Small businesses are struggling. One Hanoi-based startup that accepted crypto for services now has to shut down its payment system because they can’t afford the licensing process. “We’re not a bank,” the owner said. “We just wanted to give customers a choice.”

Legal firms in Ho Chi Minh City are booking consultations months in advance. Everyone wants to know: “Am I safe?”

What Should You Do Right Now?

If you’re in Vietnam and hold crypto, here’s what to do before March 2026:

1. Stop using unlicensed exchanges. Binance, KuCoin, OKX - none of them are legal under the new rules. Keep your assets on them if you want to risk fines.
2. Track your transactions. Start recording every buy, sell, transfer, and staking reward. You’ll need this for taxes.
3. Watch for licensed platforms. The Ministry of Finance will publish a list. Bookmark their official website. Check it weekly.
4. Don’t mine yet. Until the government says it’s legal, avoid running mining hardware. You could be fined or have equipment seized.
5. Get legal advice. If you’re holding more than $10,000 in crypto, talk to a lawyer who understands Vietnam’s new digital asset laws. Don’t wait until you get a notice from the tax office.

What Happens After 2030?

The pilot ends in 2030. What happens next depends on how well it works.

If compliance is high, tax revenue is strong, and fraud stays low, Vietnam will likely make the program permanent. It could even expand to include DeFi, tokenized real estate, or CBDC integration.

If things go wrong - if people flee to offshore platforms, if money laundering slips through, if exchanges fail - the government could shut it down and go back to a full ban.

Right now, the odds favor success. Vietnam’s tech-savvy population, strong internet infrastructure, and willingness to experiment give it a real shot. But the success of this program isn’t about technology. It’s about enforcement. And enforcement is still untested.

One thing is certain: Vietnam isn’t waiting for the rest of the world to catch up. It’s setting the pace. And if you’re involved in crypto in Southeast Asia, you’re watching what happens here - because what happens in Vietnam may soon happen everywhere else.

Next Steps for Investors and Traders

If you’re holding crypto in Vietnam, your next move should be preparation - not speculation.

Start documenting everything. Use a simple spreadsheet. Note dates, amounts, platforms, and transaction IDs. Even if you’re not taxed yet, you’ll need this later.

Follow the Ministry of Finance’s official website. No third-party blogs. No Telegram groups. Only the government’s site will have accurate updates.

And don’t assume this is temporary. The government has committed to five years. That’s not a trial. It’s a transition. The crypto world in Vietnam is changing - and it’s not going back.