If you are a freelancer, IT developer, marketer, or designer working on overseas Web3/Crypto projects, you are most likely receiving payments in USDT or USDC via your personal wallet.
And have you ever thought (or heard others say): "Vietnamese law doesn't have regulations on crypto, so I don't need to pay taxes"?
This way of thinking isn't uncommon. But the more important question is: Does the law view your money flow in that way?
This article is not intended to scare you or teach you how to evade taxes. Its sole purpose is to help you understand the real legal risks involved when you work as a freelancer, receive USDT, and then have the money deposited into your Vietnamese bank account.
1️⃣ The problem isn't Crypto – it's Income.
Much debate revolves around the question: "Does crypto have its own laws?". But in reality, tax laws don't need to wait for crypto laws to apply. Tax laws don't care how you receive money. The law only cares about the nature of the money flow.
Specifically, the tax authorities look at three factors:
- Do you generate income?
- Does that income come from providing services/labor?
- Are you able to explain the source of your funds?
If you work on an overseas project; providing services (coding, marketing, design, operations, consulting, etc.); and receiving hourly, milestone-based, or recurring compensation, then essentially, that is income from professional activities. Even if the client is not in Vietnam, payments are made in USDT/USDC, and the project does not have a legal entity in Vietnam, cryptocurrency is merely a payment tool. It does not automatically render income "exempt from tax."
2️⃣ “Who manages on-chain money?” – That’s true, but not the whole story.
A very common counter-argument is: "The money is in on-chain wallets; the government can't control it."
This statement is only partially true. In reality, risk doesn't arise while the money is still in the wallet, but rather at the moment it enters the traditional financial system.
A very familiar example: You swap USDT for VND. The money arrives in your Vietnamese bank account or through an exchange, P2P, or intermediary gateway. At that moment, the flow of money begins to need to be accounted for.
The bank has the obligation to: Monitor unusual transactions, keep a record of money flows, and provide information when requested by authorities.
The tax authorities don't need to understand blockchain. They just need to ask one very simple question: "Where did this money come from? What kind of income is it? Is it declared?"
3️⃣ The most dangerous misconception: "Nobody's been hurt yet."
Many freelancers share: "I've been doing this for years, and I haven't had any problems."
Legal risks don't develop overnight. They typically arise when: Income increases gradually over time; Cash flow is large and consistent; There are audits, inspections, or requests for explanations.
Then, the question is no longer: "Have you paid your taxes yet?". Instead, it becomes:
- Do you have any documents to support your explanation?
- Is there a contract?
- Is there a job description?
- Is income recorded?
Otherwise, you'll be in a completely passive position.
4️⃣ How does the law view freelance income from Web3?
From a legal perspective, the income of a Web3 freelancer is essentially no different from:
- Freelancers receive USD.
- Freelancer working remotely for a foreign company.
- Freelancers offer cross-border services.
The biggest difference is:
- Pay with crypto
- And many people don't standardize their paperwork from the start.
One very important point that Web3 freelancers need to understand: Crypto is not a legal gray area as many people think. The gray area lies in not standardizing your income records.
Without a service contract, proper work documentation, and a reasonable cash flow explanation, risks may not arise immediately, but when they do, they are very difficult to handle.
5️⃣ Does this mean Web3 freelancers are "wrong"?
Not necessarily. The vast majority of freelancers aren't intentionally trying to evade taxes. Many are simply working in a new field, lacking formal guidance, and relying on shared industry experience.
The issue isn't about intention, but about the level of preparation when a situation arises. And the law doesn't judge by word of mouth, but only by: income – cash flow – ability to explain.
6️⃣ So what should Web3 freelancers understand right now?
This article does not offer specific advice for each individual, as everyone has different income levels, different ways of receiving payments, and different legal circumstances.
But there's a general rule: Don't wait until you're asked to start looking for an explanation.
At a minimum, standardize three things: - Work documents: contracts/agreements, job descriptions, emails/Slack proving what you do - Income records: monthly logs, simple invoices, statements - Cash flow logic: Where does USDT come from → how is it exchanged → how does it arrive in the bank.
Standardizing contracts, cash flow, and income recognition methods will always be easier, cheaper, and safer than dealing with the consequences afterward.
Conclusion
At this point, you'll see that the question "are there crypto laws yet?" isn't the main focus. The focus lies in income, cash flow, and the ability to provide accountability when needed.
Because this is a question I've received a lot from Web3 freelancers, Followin organized a workshop titled "Blockchain in Vietnam: Legal Perspectives & Career Opportunities". At this workshop, Followin will help you understand:
✅ What is Crypto? Differentiating between virtual assets and payment methods.
✅ Legal "grey area": What does the State Bank of Vietnam prohibit and what does it not yet prohibit?
✅ Ooki DAO Case Study: When a DAO runs into trouble, who is legally responsible? Bonus: Guide to standardizing cash flow when receiving USDT + dos/don'ts to reduce risk.
👉 Register now at this link: https://forms.gle/4dWUz7mJAUdCuKAT8 If you have any questions, please comment below or join the Followin Telegram group https://t.me/Followinweb3 for dedicated assistance!
