SBV Vietnam: Digital Assets Framework
TL;DR Vietnam ranks in the global top three for grass roots crypto adoption, but its regulatory framework is still being finalised. Resolution 100/NQ CP (2025) established a digital asset pilot framework led by the State Bank of Vietnam (SBV) , the Ministry of Finance (MOF), and the Ministry of Information and Communications (MIC). The full Digital Asset Law is expected to pass in 2026 2027. Until then, stablecoins occupy a tolerated but unregulated zone — legal to hold and trade peer to peer, but not legal tender and not permitted as a payment instrument for goods and services. The regulatory framework For most of the past decade, Vietnamese law did not recognise digital assets as a distinct category. The SBV's posture was simple: crypto is not legal tender , and using it to pay for goods or services is prohibited under Decree 80/2016/ND CP on non cash payments. Holding and peer to peer trading were neither explicitly permitted nor prohibited. Resolution 100/NQ CP (2025) changed the trajectory. It directs the SBV, MOF, and MIC to: Define a clear regulatory perimeter for digital assets including stablecoins Pilot a licensing framework for digital asset service providers Set tax treatment for digital asset gains and transactions Coordinate AML/CFT with Vietnam's Financial Intelligence Unit A formal Digital Asset Law is being drafted for National Assembly consideration in 2026 2027 . Current de facto rules Under the pilot framework as it operates today: Holding : legal Peer to peer trading : legal (widely active on Binance P2P, Remitano, OTC desks) Payment for goods and services : not permitted; merchants accepting crypto as payment can be fined under Decree 80/2016 Cross border transfer : a grey area — not banned, but large outflows may trigger AML reporting There is no fully VND pegged stablecoin in general retail circulation as of 2026. Several projects are reportedly in pilot under the SBV framework but none has reached broad availability. For stablecoin issuers Issuing a stablecoin from a Vietnamese entity is not yet feasible under the existing pilot — the framework is still being built. Foreign issuers offering tokens that Vietnamese users hold or trade peer to peer are not directly regulated, but should anticipate: 1. A future licensing regime under the Digital Asset Law (2026 2027) 2. AML/CFT obligations aligned with FATF standards (Vietnam is a FATF observer) 3. Tax treatment likely modelled on existing financial asset rules For businesses Vietnamese businesses cannot accept stablecoins as payment for goods or services. They may, however: Hold stablecoins as a treasury asset Receive stablecoins via cross border B2B settlement (subject to AML reporting) Trade stablecoins peer to peer The US → Vietnam corridor for freelancer payments is especially active — many Vietnamese freelancers are paid in USDT by overseas clients and convert to VND through peer to peer markets. For developers and integrators Vietnam is a high volume retail market with limited licensed on ramp infrastructure Geo fence payment products until the Digital Asset Law is in force Treat Vietnam as a strategically important corridor with regulatory uncertainty — engage early with the SBV's digital asset working group if planning a launch Adoption stats Over 17 million Vietnamese users have engaged with crypto (Chainalysis, 2024) Peer to peer USDT volume in the US → Vietnam corridor has grown approximately 5x since 2022 Approximately 12% of Vietnamese internet users have held a digital asset What to watch in 2026 2027 Digital Asset Law draft released for public consultation H1 2026 National Assembly vote expected H2 2026 or H1 2027 First SBV licensed digital asset service provider under the pilot framework VND pegged stablecoin pilot — at least two projects are in late stage SBV engagement Where to learn more SBV: sbv.gov.vn Resolution 100/NQ CP (2025) — Vietnamese National Government Office See also: our Vietnam stablecoins page for live prices.