January 15, 2026 is XEM a milestone for a completely new phase of the Vietnamese crypto market, as the Ministry of Finance grants licenses to cryptocurrency exchanges to participate in a pilot program (sandbox).
From here, the countdown clock for tightening crypto trading in the country begins to tick.
According to According to Resolution 05/2025, six months after the first exchange is licensed, trading crypto not through a licensed exchange in Vietnam will be subject to penalties, depending on the severity.
Assuming the first exchange is licensed on January 15, 2026, then July 2026 would be the actual date when the sanctions take effect.
During this transitional period, crypto investors need to pay particular attention to the following points:
1. Trading and storing digital assets
As mentioned above, the penalty regulations only apply to the buying, selling, and transferring of crypto without going through an exchange licensed by the Ministry of Finance.
The draft decree on penalties is being finalized, proposing fines of 30-50 million VND for individuals trading crypto in violation of regulations. The penalties for organizations may vary. Up to 200 million VND.
However, investors are allowed to hold Bitcoin, Ethereum, or other digital assets in personal wallets, Cold Storage , or self-managed wallets without violating the law. Therefore, choosing a licensed exchange becomes mandatory only when wanting to take profits or make new purchases.
2. Transactions involving digital assets are subject to a 0.1% tax.
According to the amended Personal Income Tax Law passed by the National Assembly on December 10, 2025, income from the transfer of digital assets is subject to a tax rate of 0.1% on the transfer value, similar to the mechanism applied to securities transactions.
3. Review your investment portfolio: Not every coin is ready to be listed on an exchange.
Chia to the Vietnam Blockchain & Digital Asset Association, during the pilot phase, cryptocurrency exchanges in Vietnam are expected to list only about 50 types of digital assets.
The preferred portfolio includes Bitcoin (BTC), Ethereum (ETH), and several popular stablecoins such as USDT and USDC. Small- Capital assets, memecoins, lesser-known project Token , or Non-Fungible Token are unlikely to be supported for trading on domestic exchanges in the initial phase.
Investors are advised to proactively categorize their asset portfolios in order to develop appropriate strategies.
4. Stablecoins are permitted to be held but not used as a means of payment.
Resolution 05/2025 stipulates that all cryptocurrency transactions in Vietnam must be conducted in Vietnamese Dong.
Accordingly, stablecoins such as USDT and USDC are still recognized as legal digital assets and are permitted to be held. However, when trading on licensed exchanges in Vietnam, the mandatory payment currency is VND.
This means that cryptocurrency users cannot use USDT to buy BTC on domestic exchanges, as they currently do on Binance or OKX.
5. How can I tell which platforms are licensed?
In the initial stages, identifying which exchanges are legally licensed will be extremely important. The biggest risk is the emergence of exchanges that falsely claim to be licensed in order to attract funds from investors who are afraid of being penalized.
The official sources of information to follow include:
- Government Electronic Portal
- Ministry of Finance website
Only the exchanges officially listed here are XEM legitimate. All other claims require verification.
Investors can find more updates at DFF.VN, and review the legal entities that have been established. here .
6. Conditions for licensing cryptocurrency exchanges
According to Resolution 05/2025, businesses wishing to operate a cryptocurrency exchange must meet the following key conditions:
- Minimum charter Capital of 10,000 billion VND;
- At least 65% of the Capital must be held by domestic organizations;
- The technology system meets information security level 4 standards.
These requirements are aimed at controlling systemic risks and protecting investor interests during the pilot phase.
7. Issues awaiting detailed guidance.
Besides the already enacted legal framework, several practical issues are still awaiting specific guidance documents, including:
- Trading on decentralized exchanges ( DEX );
- How to calculate tax for Staking , farming, Airdrop;
- Regulations for crypto Derivative transactions;
- Compensation mechanism in case of security incidents on the exchange.
These issues are expected to be further clarified by the Ministry of Finance and relevant agencies in the coming period.
Source: Compilation
