According to the chain analysis report (1), Vietnam is third in the global crypto adoption index. Formerly, cryptocurrencies are banned in the country but are trendy here. And there is a sizeable Vietnamese crypto community.
According to the chain analysis report (1), Vietnam is third in the global crypto adoption index. Formerly, cryptocurrencies are banned in the country but are trendy here. And there is a sizeable Vietnamese crypto community.
According to our rating, Vietnam has a Minor danger security level. The jurisdiction has 55.9 points (from 100) for safety level in Numbeo crime rating (2). The homicide level (3) is 1.5 per 100,000 inhabitants a year.
It’s illegal to pay crypto in Vietnam, according to the government portal (4).
Crypto salaries are also illegal in Vietnam as crypto payments.
In 2018, the State Bank of Vietnam banned (5) international crypto transactions for AML purposes. At the same time, based on Mercuryo estimations (6), about 21 mln of the local population (21%) owns crypto.
Moreover, on the official level, the government tries to find a way to enable crypto regulations. In 2022, the Vietnamese Blockchain Union was created under Decision No 343/QD-BNV of the Ministry of Home Affairs (7).
So, cryptocurrency is not banned in the country. For instance, in 2021, a local deputy member asked (8) the government to create clear crypto regulations. According to Cointelegraph (9), in October 2022, Pham Minh Chinh, the prime minister of Vietnam, suggested providing an AML bill for crypto regulation because “people still trade” crypto.
Furthermore, according to local media, RMIT Vietnam (10) global crypto exchanges such as Binance and Remittano freely operate in the country without any license.
In March 2023, the Strike payment platform launched (11) money transfer services from the US to Vietnam using crypto and the US dollar.
Tax name | Index |
PIT tax Max | 35% |
PIT tax Min | 0% |
Corporate tax (CIT) | 20% |
Max Individual CGT (for crypto) | 0% |
Min Individual CGT (for crypto) | 0% |
Based on RMIT Vietnam (12), there is no crypto tax framework in the country and no CGT tax on crypto profits. Other tax rates are given according to PWC tax summaries (13) with 0-35% PIT, 20% CIT, and 20% PIT rate for non-residents.
The amount of capital tax in Vietnam on crypto-income and such tax, in general, remains complex. Contact us if you have case information on this type of tax.
1)👉🏻Chainalysis. Global Crypto Adoption Index.
2)Crime Index by Country 2023 Mid-Year
3)List of countries by international homicide rate.
4)The Ministry of Finance of Viet Nam. Cryptocurrency under supervision
5)The Ministry of Finance of Viet Nam. Cryptocurrency under supervision
6)Mercuryo. Fintech on the rise: Vietnam
7)Vietnamplus. Vietnam Blockchain Union officially launched.
9) Cointelegraph Vietnam's prime minister calls for crypto regulation: Report
10)RMIT Vietnam. Vietnam's vibrant crypto scene needs a regulatory framework
11)Yahoo Finance. Strike Brings Lightning-Fast Money Transfers from the U.S. to Vietnam
12)RMIT Vietnam. Vietnam's vibrant crypto scene needs a regulatory framework
Overview of current legal status of crypto payments in UAE
Full overview of crypto regulation and relocation options in Eastern Carribean countries - Grenada, Dominica, St.Kitts, Antigua.
In this research, we’ve provided a clear overview of crypto staking rewards taxation worldwide