Whereas international locations like Japan, South Korea, and most lately Thailand have established clear regulatory frameworks, Vietnam – one of many world’s highest crypto adoption markets – has been working in a authorized grey space.
This lastly modified with Decision 05/2025/NQ-CP, issued on September 9, 2025. To higher perceive the real-world influence of this historic turning level, we interviewed Van Hieu – Researcher at 5 Minutes Crypto, Vietnam’s main crypto group with a whole bunch of hundreds of members immediately affected by the brand new rules.
1. Why Vietnam Must “Legalize” Crypto
Over the previous 5 years, Vietnam’s crypto market has exploded whereas working fully in a authorized grey zone. No person knew for sure if crypto investing was authorized, methods to pay taxes, or the place to show when scammed. This uncertainty created difficulties for each buyers and regulators.
Vietnam ranks among the many world’s prime crypto adoption international locations – with an estimated 20-30% of the inhabitants having traded digital belongings. Tens of billions of USD are circulating on this market with out oversight. At this scale, the federal government can now not flip a blind eye. They want a authorized framework that protects residents whereas enabling affordable tax assortment.
Strain intensified with successive fraud instances. In 2024 alone, hundreds of billions of VND evaporated by means of pyramid schemes disguised as crypto tasks, faux exchanges, and guarantees of 30-40% month-to-month returns. The state needed to intervene.
Neighboring international locations have already established clear rules – Thailand, Singapore, even Laos are constructing crypto authorized frameworks. With out motion, Vietnam would lose its aggressive edge within the area.The timing is ideal with Bitcoin ETF approvals within the US, as main monetary establishments pour cash into crypto. The market is transitioning from pure hypothesis to strategic funding.
In response to Van Hieu from 5 Minutes Crypto, Decision 05 isn’t a shock transfer however an inevitable step. The query isn’t “ought to crypto be regulated” however “methods to regulate successfully.”
2. How Does This Impression Vietnamese Traders?
Alternatives
First, this decision will definitely restrict the rampant fraud schemes. Bear in mind these Telegram teams promoting cash with guarantees of 20-30% month-to-month returns? Or tasks claiming “make investments 10 million, get 100 million in 3 months”? With strict market regulation, these scams will wrestle to outlive.
One other clear profit is tax readability. With licensed exchanges, all transactions can be correctly recorded. Traders can print statements, pay taxes legitimately, and received’t fear about explaining “the place this cash got here from” when shopping for property or autos. That is what many buyers have been ready for.
The subsequent profit is the decision permits “token exports”. Vietnamese blockchain tasks can promote tokens to foreigners, legally bringing international foreign money into the nation. This might grow to be a brand new international alternate income supply for the nation.
Lengthy-term, the professional from 5 Minutes Crypto believes it is a crucial stepping stone for sustainable improvement. Vietnam is studying from South Korea, Hong Kong, and Singapore – international locations which have efficiently regulated crypto. If executed properly, Vietnam may completely grow to be a significant blockchain hub within the area.
Challenges
Nevertheless it’s not all rosy. The largest situation is the extraordinarily excessive boundaries to entry.
10,000 billion VND capital requirement – this determine is even larger than necessities for establishing a financial institution. Degree 4 safety methods aren’t simply achieved both. This implies just a few main gamers can afford to take part. With solely 2-3 exchanges out there, customers received’t have many selections in comparison with the handfuls of worldwide exchanges at present obtainable.Liquidity considerations are additionally worrying, particularly for smaller altcoins. When the market is restricted domestically, liquidity might be extraordinarily low.The ultimate threat is regulatory misunderstanding. Many individuals are panicking, considering all crypto actions are banned – together with staking, farming, or blockchain swaps. That is utterly false, but when Vietnam’s Ministry of Finance doesn’t make clear quickly, it may set off pointless sell-offs.
3. Recommendation for Vietnamese Traders Throughout This Transition Interval
What You SHOULD Do:
Keep calm, don’t panic promote: Holding Bitcoin, Ethereum or any crypto in your private pockets is totally authorized. The decision solely regulates exchanges, not digital asset possession.Proceed regular DeFi actions: Staking, farming, and swapping on blockchain proceed as ordinary. When the regulation formally takes impact, you’ll nonetheless obtain rewards usually – you’ll solely want licensed exchanges when changing to VND.Reassess your portfolio: Prioritize Bitcoin and Ethereum – the 2 most liquid belongings. Think about exiting altcoins outdoors the highest 20 and fewer widespread NFTs earlier than home liquidity drops considerably.Be affected person and perceive key timelines: At present (September 16, 2025), no exchanges are licensed but. In response to Article 7, Part 2 of the decision, bear in mind these two essential milestones:Milestone 1: When the primary alternate in Vietnam receives a license (date TBD)Milestone 2: 6 months after Milestone 1 – That is the important date. From this level, all crypto transactions in Vietnam MUST undergo licensed exchanges. Buying and selling by means of different channels can be unlawful.Between now and Milestone 2, you may nonetheless commerce usually as earlier than. So don’t rush into any actions – monitor official bulletins concerning the first licensed alternate.
What You Ought to NOT Do:
Completely no unauthorized online marketing: Cease sharing referral hyperlinks or promoting unlicensed exchanges instantly. When the regulation takes impact, this might be thought-about unlawful.Don’t imagine guarantees of huge returns: Be cautious of tasks promising excessive income throughout this unstable market interval.Don’t panic over rumors: Misinformation is spreading quickly. Confirm info from official sources earlier than taking motion.
4. Trying Forward
In response to the professional from 5 Minutes Crypto, Vietnam’s crypto group is kind of upset with this decision. Vietnamese customers are accustomed to Binance and OKX with their excessive liquidity – being restricted to home exchanges naturally doesn’t sit properly.
Whereas Thailand and Singapore are actively attracting crypto tasks with favorable insurance policies, Vietnam could also be setting the bar too excessive. That is even inflicting many Vietnamese blockchain startups to think about relocating overseas for simpler improvement.
Nonetheless, based mostly on Vietnam’s improvement historical past, this may increasingly simply be a cautious first step. The nation has a observe file of flexibly adjusting rules after testing – as seen with Uber, Seize, and e-wallets.
Within the subsequent 1-2 years, as soon as adequate information is gathered from the pilot part, Vietnam will probably alter to stability threat administration with innovation promotion. This presents a chance for worldwide buyers to observe and put together for a possible market of 100 million folks with one of many world’s highest crypto adoption charges.
