In mid-February 2026, the Vietnamese Ministry of Finance released a draft circular proposing a formal tax and regulatory framework for digital assets. The initiative is a key component of a five-year pilot program (2025–2030) designed to transition Vietnam—currently ranked 4th globally in crypto adoption—from a legal gray area into a regulated financial market.
By treating digital assets as a category of property similar to securities, the proposal aims to create an enforceable tax base while imposing stringent entry barriers for service providers.
The 2026 Tax Framework
The proposed rules differentiate between individual and institutional investors, prioritizing a “simple and enforceable” turnover tax for retail participants.
| Investor Type | Tax Rate | Basis |
| Individuals (Resident/Non-Resident) | 0.1% | Gross Transaction Value (applies even on losing trades). |
| Domestic Corporations | 20.0% | Net Profit (after deducting purchase costs and expenses). |
| Foreign Institutions | 0.1% | Gross Transaction Value (aligned with the retail model). |
VAT Exemption: Notably, the draft circular exempts crypto transfers and trading from Value-Added Tax (VAT), reinforcing the government’s stance that digital assets are financial instruments rather than consumer goods.
Exchange Licensing and Ownership Caps
To ensure market stability, the State Securities Commission (SSC) has set “unprecedentedly high” barriers to entry for digital asset trading platforms.
Capital Requirements: Firms seeking to operate an exchange must maintain a minimum charter capital of 10 trillion VND (approximately $408 million). For context, this is more than three times the capital requirement for commercial banks in Vietnam.
Foreign Ownership Cap: Equity participation by foreign investors is strictly capped at 49%. This mandate effectively requires international players (like Binance or OKX) to form joint ventures with local partners if they wish to operate legally within the pilot zone.
Mandatory Onboarding: All transactions within the pilot must be settled in Vietnamese Dong (VND) through licensed local banks.
The September 2030 Roadmap
The pilot program, which officially began accepting license applications on January 20, 2026, serves as a “sandbox” period. The outcomes of this five-year trial will dictate the long-term laws governing the industry beyond 2030.
Transition Period: Domestic investors currently holding assets on international, unlicensed platforms will likely face a grace period before transacting on non-approved exchanges becomes prohibited.
Regulatory Oversight: The Ministry of Finance intends to use the 0.1% turnover tax as a tracking mechanism to bring high-volume, off-shore trading activity back into the domestic financial system.
