Cryptocurrency Regulation Vietnam: What’s Legal, What’s Banned, and What You Need to Know

When it comes to cryptocurrency regulation Vietnam, the official stance from Vietnam’s government is a mix of restrictions and quiet acceptance. Also known as Vietnam crypto laws, this framework doesn’t ban owning or trading digital assets—but it does block their use as payment. That’s not a typo. You can hold Bitcoin, trade on Binance, or earn tokens from airdrops, but you can’t use them to buy coffee or pay your rent. The State Bank of Vietnam made this clear in 2017 and reinforced it in 2021: crypto is not legal tender. But the central bank also stopped short of outlawing ownership, which is unusual in a country that typically enforces strict financial controls.

This gray area created a thriving underground market. Thousands of Vietnamese traders use peer-to-peer platforms like Paxful and Binance P2P to buy Bitcoin with cash or bank transfers. Local exchanges like VinaBitcoin and Remitano became popular because they let users trade without needing to prove their identity—something that’s still not required for small transactions. Meanwhile, the government quietly watches. In 2022, Vietnam’s Ministry of Finance proposed a licensing system for crypto exchanges operating locally, but nothing was finalized. As of 2025, there’s still no official list of approved platforms. That means if you’re trading on a platform based in Vietnam, you’re doing it in a legal gray zone—no protection, no recourse if things go wrong.

What about blockchain? That’s where things get interesting. While crypto payments are banned, blockchain Vietnam, the underlying technology, is actively encouraged by the state. Also known as Vietnam blockchain initiatives, the government has backed pilot projects in supply chain tracking, land registry digitization, and even public voting systems. The Ministry of Science and Technology has funded over 20 blockchain startups since 2020. This split—banning crypto as money but welcoming blockchain as infrastructure—isn’t unique to Vietnam. It’s a pattern seen in China, India, and even parts of Europe. But in Vietnam, it’s especially sharp because the population is young, tech-savvy, and hungry for financial freedom.

And then there’s the risk. Many Vietnamese users fall for fake exchanges like Beeblock or fake airdrops claiming to be tied to SUKU or HyperGraph. Scammers know the rules are unclear and prey on people who don’t know what’s real. The government hasn’t launched a public warning system, so users rely on blogs like this one to spot red flags. If a platform promises guaranteed returns, asks for your seed phrase, or claims to be "officially licensed" by the State Bank—run. No such license exists.

So what’s next? The Ministry of Finance is still drafting new rules, and rumors swirl about a possible central bank digital currency (CBDC) tied to the Vietnamese đồng. Until then, the rules stay vague. You can trade. You can hold. You can even mine—if you have cheap electricity. But you can’t spend. And if something goes wrong? Good luck getting your money back. The posts below cover real cases: scams that fooled Vietnamese traders, exchanges that vanished overnight, and airdrops that never existed. They’re not just stories. They’re survival guides for anyone trying to navigate crypto in Vietnam right now.