Vietnam is the 46th country to recognize cryptocurrency. Photo: Reuters
Since January 1, 2026, when the Law on Digital Technology Industry officially comes into effect, Vietnam has become the 46th country in the world to recognize the legality of crypto assets. This information was announced by Ms. Nguyen Van Hien, Vice President and General Secretary of the Vietnam Blockchain and Digital Asset Association (VBA), at the dialogue "Legal frameworks pave the way and development models for Vietnam's digital asset market" organized by VnEconomy/Vietnam Economic Times on January 26.
According to statistics from the Atlantic Council, as of May 2025, among the 75 countries surveyed, 45 had enacted laws or legal frameworks recognizing cryptocurrencies; 20 countries had partially banned them, and 10 countries had completely banned them. Notably, 12 of the legalized countries are G20 nations, accounting for approximately 57% of global GDP.
In Vietnam, the cryptocurrency market is developing significantly faster than the legal framework is progressing. International figures show that approximately 17 million Vietnamese people currently own crypto, a number that at one point reached 21 million. By 2025, Vietnam is expected to be among the top 7 countries with the largest number of cryptocurrency holders in the world.
Not only is Vietnam notable for the number of individual investors, but it is also a major destination for blockchain Capital flows in the Asia-Pacific region. By 2025, the total value of Capital flows from the blockchain market and crypto assets into Vietnam is estimated to reach US$220 billion , double the Medium of the previous three years.
Another indicator reflecting the penetration of cryptocurrency into the digital economy is the percentage of young freelancers who own cryptocurrency. According to a survey of 85 countries, Vietnam currently ranks first in the world, with a rate of over 85% .
For five consecutive years, Vietnam has been included in Chainalysis's Global Digital Asset Adoption Index Report, continuing to be among the top 5 countries in the world in terms of digital asset adoption, thereby strengthening its position on the global digital asset map. Since its first appearance in the report in 2021, Vietnam has consistently maintained a high ranking, placing 1st (2021 & 2022 ), 3rd ( 2023 ), and 5th ( 2024 ) respectively.
Alongside legalization, Vietnam is piloting a cryptocurrency market and has begun accepting applications for licenses from domestic exchanges. This process is based on Decision 96/QD- BTC of the Ministry of Finance, which specifically regulates the issuance, adjustment, and revocation of licenses for entities providing cryptocurrency trading services.
The goal is to move the market out of its "gray area" and into a supervised model, linked to anti-money laundering requirements, investor protection, and data security. Techcombank is the first bank to complete the application, with plans to deploy trading services and a "digital gold" platform after approval.
Along with the licensing framework, Vietnam is also subject to taxation for the first time. According to the new regulations, from 2026, each digital asset transfer transaction will be subject to a tax rate of 0.1% on the transaction value, similar to the securities tax mechanism. This policy aims to bring the buying and selling of cryptocurrencies under tax management, while also generating budget revenue from a market with transaction volumes of tens of billions of USD annually.
Conversely, regulatory bodies are pushing to improve sanctions against illegal cryptocurrency trading, including proposals to increase administrative penalties, add measures to confiscate digital assets, and even pursue criminal liability for serious violations.
However, the market currently lacks an official data system published by a domestic agency. According to Ms. Nguyen Van Hien, when the pilot models and licensed exchanges become operational, Vietnam will for the first time have a complete and unified data system on the number of owners and the size of the domestic cryptocurrency market.
According to VnEconomy
