Vietnam Crypto Regulation: What’s Legal, What’s Not in 2025

When it comes to Vietnam crypto regulation, the government’s stance on digital assets is strict, unclear, and constantly evolving. Also known as cryptocurrency laws in Vietnam, it’s a system that bans trading and mining as financial activities but quietly lets people hold coins in personal wallets. This contradiction is why millions still use Bitcoin and Ethereum—just not through local exchanges.

While the State Bank of Vietnam says crypto isn’t legal tender, it also doesn’t criminalize simple ownership. That’s a gray zone millions live in. You won’t find a licensed crypto exchange in Hanoi or Ho Chi Minh City, but you’ll find traders on P2P platforms like Paxful and LocalBitcoins, swapping USDT for Vietnamese dong. The government’s real target? crypto mining, a power-hungry activity that strains Vietnam’s grid and fuels black-market electricity use. Also known as digital mining in Vietnam, it’s been officially banned since 2022, yet underground farms still run in rural provinces using stolen grid power. Meanwhile, cryptocurrency Vietnam users are caught in the middle—using crypto to send remittances, hedge inflation, or buy goods online, all while avoiding banks that freeze accounts tied to crypto activity.

What’s clear? The rules aren’t about stopping crypto—they’re about controlling it. Vietnam wants its own digital currency, the e-VND, and sees private digital assets as competition. That’s why the government pushes fines and crackdowns on P2P operators, not individual holders. You won’t go to jail for owning Bitcoin, but if you run a platform that matches buyers and sellers, expect a visit from tax auditors or police. The result? A thriving underground market with zero consumer protection. No insurance. No refunds. No recourse if a trader disappears.

What you’ll find below are real stories from Vietnam’s crypto scene: scams disguised as exchanges, miners hiding rigs in garages, and everyday people using stablecoins to survive inflation. There’s no official guidance here—just raw, on-the-ground truth from people navigating one of Asia’s most confusing crypto environments.