The legality of cryptocurrency in Vietnam has been a topic everyone has been asking about.
Governments around the world are still trying to figure out how to best regulate them, and many countries have outright banned their use.
One country that has taken a strict stance against cryptocurrencies in Vietnam.
This post will discuss the current legal status of cryptocurrency in Vietnam and what you can do if you want to invest in these digital assets without breaking the law.
Is Cryptocurrency Legal in Vietnam?
Yes, Cryptocurrency is legal in Vietnam.
Although, Vietnam is not very welcoming to the idea of Cryptocurrency.
Since Vietnam is a communist country, they are concerned about digital currencies in general because they do not believe that they will be able to provide transparency in transactions and cause an imbalance among competing market participants.
The Vietnamese government has been quite ambiguous when it comes to the legality of cryptocurrency.
Several articles have surfaced in recent months, citing that Vietnam is now following China’s lead and banning cryptocurrencies completely.
However, this seems to be contradicted by a statement from earlier this year which says that no laws or regulations are prohibiting the use of crypto-assets.
This leaves investors wondering what they should do with their investments.
But I will love to draw your attention to a certain fact which is from the recent research by Statista Global Consumer Survey that found that Vietnam’s second-highest rate of cryptocurrency use was mirrored with Nigeria, the country most likely to say they own or used crypto.
We can conclude by saying that cryptocurrency is legal in Vietnam but the Vietnamese government does not want you using it while being careful of possible risks involved with it.
let’s take a look at some cryptocurrencies to invest in…..
Top 20 Cryptocurrencies to Invest in Vietnam
Here is the top 20 cryptocurrencies for anyone living in Vietnam can invest today:
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- Dash
- Ripple
- Monero (XMR)
- Zcash
- Neo
- Ethereum Classic
- Cardano (ADA)
- Stellar Lumens (XLM)
- Tron (TRX)
- IOTA (MIOTA)
- Dogecoin (DOGE)
- BitTorrent (BTT)
- Nano
- Bitcoin Gold (BTG)
- EOS (EOS)
- Zilliqa (ZIL)
It is legal to trade cryptocurrencies in Vietnam.
The Vietnamese government has not enacted any laws that would regulate or restrict cryptocurrency trading.
This does not mean there are no risks involved with investing in cryptocurrencies in Vietnam though, which includes the volatility surrounding price fluctuations and hacking attacks that have targeted exchanges dealing with virtual currencies.
Is Cryptocurrency Trading Regulated in Vietnam?
Cryptocurrency Trading is not yet been regulated in Vietnam.
This has halted the growth of cryptocurrency trading in Vietnam.
As such, many people are still uncertain how to trade and invest in their cryptocurrencies.
However, throughout 2018, there have been signs that regulatory authorities were going to introduce rules for crypto users as well as traders.
Moreover, 2018, a draft decree was introduced by Vietnamese Prime Minister Nguyen Xuan Phuc which creates guidelines on crypto-assets management at both central agencies and local level across all regions within Vietnam.
The law also establishes regulations around digital asset dealings with issuers and intermediaries involved in issuing or providing services related to it.”
This will pave way for more robust Cryptocurrency regulation in Vietnam.
Do Vietnam banks accept Bitcoin or any type of Crypto?
No, the Vietnam banks do not accept bitcoin or any type of cryptocurrency.
The National Bank of Vietnam provides updated warnings to citizens on risks associated with cryptocurrency such as theft from hacking or and spamming of crypto wallets.
The Vietnamese government does not regulate or recognize Bitcoin in any way, so there are no measures taken to protect investors who buy into the cryptocurrency investment scheme.
This leaves users open and vulnerable to criminals who would want to steal their private keys and access their funds once they’ve been transferred out of a real-world wallet like Coinbase (a popular app for storing crypto).
Without regulation, Vietnam’s banking system will never be able to protect its citizens because it can’t identify them due to anonymity, which is one reason why some people choose Cryptocurrency over regular fiat currency.
How can I buy Bitcoin legally in Vietnam?
Umm,
Yes, you can buy Bitcoin legally in Vietnam.
Buying Bitcoin legally in Vietnam is not a difficult task as many crypto-exchange sites offer to buy and sell you Bitcoin.
However, you can get to buy and sell Bitcoin in exchanges that also support Peer to Peer (P2P) trading, which is a decentralized process in which two people can buy and sell cryptocurrencies with each other without any third-party intermediary like banking institutions, governments, etc.
There are several ways to buy or invest in Bitcoin as an individual living in Vietnam. You can find them on the following exchanges:
- Binance
- BaoLuu
- BitX Trade
- eToro
- Coinmama
- Kraken
- Ginero
- Paybis
- VBTC
- Bitcoin ATMs
Some of these exchanges listed above can be you plug in buy and selling Bitcoin or any type of cryptocurrency, all you need is an account and a payment method.
Can you buy crypto with a credit card in Vietnam?
No, No, Vietnamese citizens are not allowed to buy Bitcoin with the use of a credit card.
This is because banks and other financial institutions in Vietnam only allow for online transactions that take place inside their country’s borders rather than outside them without requiring at least one bank account from a said institution as well.
A Vietnamese citizen is only permitted to deposit cash at an ATM and take out Bitcoins, but they cannot purchase them in this manner.
You can buy cryptocurrency in Vietnam, but it’s important to do so through a trusted crypto exchange or vendors like the ones mentioned above.
When you’re ready to make your purchase, here are some places that will get the job done right:
- Binance
- BitX Trade
- Coinmama
- Kraken
This means many people turn towards third-party services that offer more freedom regarding how transactions happen.
Is Coinbase legal in Vietnam?
In Vietnam, Coinbase is not currently regulated or licensed by the government.
Though it may be possible for investors to buy and sell cryptocurrency on their own through local exchanges like BTCVN, which are also unregulated.
However, if you wish to use them as a wallet provider to transact with other users of cryptocurrencies, then Coinbase has not supported Vietnam.
The government’s decision to ban the use of cryptocurrencies as a result of their possible use in money laundering and tax evasion schemes as well as uncontrolled speculation could destabilize the Vietnamese economy.
However, it should also be noted that some countries including Japan and Singapore have taken steps to regulate them.
Is Binance legal in Vietnam?
Yes, Binance is legal in Vietnam.
Vietnamese people can trade on the global market exchanges like Binance, but they cannot spend money outside of their country to purchase cryptocurrencies.
People from Vietnam need to learn about cryptocurrency before investing.
How can I sell my Bitcoin in Vietnam in 2021?
In Vietnam, Bitcoin is considered a commodity.
You can sell it to an exchange or store that accepts Bitcoins and get US dollars in return.
The bottom line is that cryptocurrency is legal to trade and buy Bitcoin in Vietnam.
So to sell Bitcoin or any other type of cryptocurrency is by selling them in crypto-exchanges that support P2P like Binance or any other crypto-exchanges.
Can I convert Bitcoin to cash in Vietnam?
Yes, The good news is that you can convert your Bitcoin cash in Vietnam.
If you want to convert your Bitcoin to cash in Vietnam, you can do so through reputable cryptocurrency exchanges like the ones mentioned above.
You can also convert your Bitcoin to Vietnamese Dong. You must do this through an exchange that has a low fee for the conversion and supports BTC-VND transactions.
There are many exchanges in Vietnam, such as Exxie or VCBExchange that offer these services.
What is the future of cryptocurrencies In Vietnam?
Cryptocurrency is a type of decentralized digital currency that doesn’t require banks or goes through any central authorities to complete transactions.
Cryptocurrencies are popular due to the fact they rely on blockchain technology, which tracks and encrypts every transaction made as well as provides anonymity for users by not requiring them to divulge personal information.
On March 30, 2021, Vietnam’s Ministry of Finance has established a research group that is looking into the future for regulating cryptocurrencies.
The in-depth study will help create new legislation that benefits both cryptocurrency users and Vietnam’s financial system as a whole while protecting all parties involved from fraudulent activities like money laundering or terrorism financing.
There is no legal definition of cryptocurrency in Vietnam.
Yet, the popularity of crypto has been proven by a report released that stated 21% of people from this country have used or owned it which ranks second after Nigeria (32%).
However, Vietnam is scared of having a lot of trouble with cryptocurrency.
This is because the government of Vietnam does not have control of cryptocurrency, so it is believed that people can commit illegal activities with it.
Even with recent moves by the government and cryptocurrency taking off in Vietnam, its future won’t be stable as long as there are no regulatory frameworks.
Is Bitcoin or Cryptocurrency taxable in Vietnam?
No, Bitcoin or any other type of cryptocurrency is not taxable in Vietnam.
Cryptocurrency is not considered to be legal tender in Vietnam.
With the trends at hand, we believe that the government might consider cryptocurrencies as a financial service, and therefore cryptocurrency exchanges are likely bound by Vietnamese banking regulations because they act as intermediaries between fiat currency and cryptocurrencies.
This means that such an exchange can try to register with the State Bank of Vietnam (SBV) as a payment institution or e-money issuer.
But this registration process can take time and has no guarantees.
Although we haven’t seen any crypto exchanges go through this type of licensing so far in Vietnam, there’s also still some uncertainty about how much leeway these types of businesses have when handling customer funds without having secured SBV approval.
Therefore, as long as no specific regulations are banning the use of such currencies (which is unlikely) then they should be considered legal for now.
Is trading in cryptocurrency legal in Vietnam?
Cryptocurrency is not a legal tender in Vietnam.
However, since there are no laws governing the use of cryptocurrencies, it has been allowed to trade on certain cryptocurrency exchanges and brokers.
This means that people can trade in cryptocurrencies, but they cannot use them as legal tender.
Is investing in cryptocurrency legal in Vietnam?
Cryptocurrency is a form of digital money that you can invest in, but it’s not a legal tender.
In Vietnam, investing in cryptocurrency is legal.
Investing in cryptocurrency is not a legal tender.
There are no laws or regulations for investing in cryptocurrency like the stock market, so you need to do your own research before you invest any money.
Is mining cryptocurrency legal in Vietnam?
Yes. As of April 2018, cryptocurrency is legal in Vietnam and there are no restrictions on mining cryptocurrencies such as Bitcoin or Ethereum.
Mining does not require licenses from the government to operate legally.
However, one must be careful when exchanging money for Bitcoins at a physical location because it could violate Vietnamese laws.
Is Cryptocurrency Legal in Vietnam – Final Thoughts
Cryptocurrency is a type of currency that has no regulation set by any central government.
The value changes depending on how much people want to buy it and sell it at, so you have to be careful because the price could go up or down in seconds without warning.
Cryptos can be acquired through trading with other cryptocurrencies, mining new coins for as long as they exist to mine them.
However, you can get to buy and sell Bitcoin from reputable exchanges that also support Peer to Peer (P2P) trading, which is a decentralized process in which two people can buy and sell cryptocurrencies with each other without any third-party intermediary like banking institutions, governments such as:
- Binance
- VBTC
- Coinmama
- Paxful etc..
Before you invest in cryptocurrency, always make sure, you do your research well and invest only what you can afford to lose.
