The recent issuance of Circular 32/2026/TT- BTC dated March 27, 2026, by the Ministry of Finance ("Circular 32") has received significant attention from the investor community. In particular, Article 5 of Circular 32 stipulates that individual investors (regardless of whether they are residents or non-residents) who transfer crypto assets through crypto asset service providers are subject to personal income tax at a rate of 0.1% on the transfer price for each transaction.
To ensure compliance and provide an objective legal perspective, here are some points to note regarding personal income tax on crypto assets as stipulated in Circular 32.
1. Regarding the effective date of personal income tax regulations on digital asset transfers: Circular 32/2026/TT-BTC was issued to guide the application of
BTC taxes (VAT, corporate income tax, personal income tax) within the framework of the pilot implementation of the crypto asset market according to Resolution No. 05/2025/NQ-CP dated September 9, 2025 (“Resolution 05”). Although Circular 32 takes effect from March 27, 2026, investors need to clearly distinguish the effectiveness of this Circular from the regulations of each related tax.
Specifically, the obligation to pay tax on the transfer of digital assets by individuals is stipulated in Clause 10, Article 3 of the Personal Income Tax Law 2025. According to Article 29 of this Law, the Personal Income Tax Law 2025 will officially come into effect on July 1, 2026. Therefore, regulations related to the tax on the transfer of digital assets for individuals will need to comply with the effective date of this regulation.
2. The nature of the act of "transfer" for Derivative transactions
According to Article 5 of Circular 32/2026/TT- BTC, personal income tax is applied at a rate of 0.1% "on the transfer price for each transaction" for individual investors who transfer assets through organizations providing cryptographic asset services.
The key legal element in this regulation is the act of "transfer," which means there must be a transfer of ownership of the asset. In fact, for Derivative transactions (Futures/Perpetual contracts), in most trading orders (unless liquidation occurs), the underlying asset is not transferred ownership, but is only recorded in the system as collateral or other forms for leverage. Therefore, applying transfer tax to Derivative contracts is a highly specialized professional issue, and the market currently needs further detailed guidance from regulatory authorities to have a basis for accurate implementation.
3. Cryptocurrency Service Providers
According to Clause 3, Article 3 of Resolution 05, a cryptocurrency service provider is an enterprise that performs or provides one or more of the following services or activities: a) Organizing a cryptocurrency trading market; b) Cryptocurrency trading; c) Cryptocurrency custody; d) Providing a platform for issuing cryptocurrency.
According to Clause 3, Article 7 of Resolution 05, cryptocurrency transactions must be conducted through cryptocurrency service providers licensed by the Ministry of Finance.
However, currently, there are no cryptocurrency service providers licensed by the Ministry of Finance on the market. Therefore, it can be said that the declaration and payment of personal income tax according to Circular 32 lacks a sufficient practical mechanism for implementation. The market still needs to wait for more detailed guidance documents from the management agency to have a basis for accurate implementation. 4.
Compliance with Anti-Money Laundering and Record Keeping for P2P Transactions
In the context of a gradually improving legal framework, users participating in P2P transactions need to raise their awareness of compliance. Although regulations on personal income tax for digital asset transfers, as stipulated in Clause 10, Article 3 of the Personal Income Tax Law 2025, are awaiting their effective date (July 1, 2026), users must still strictly adhere to current banking and financial regulations.
Users are advised to proactively establish procedures for storing bank account statements and transaction history on various platforms. Maintaining complete and transparent transaction records is crucial for users to fulfill their accountability for the legitimate source of funds to credit institutions and comply with anti-money laundering regulations in Vietnam.
