Vietnam is moving to place crypto trading under a clearer tax and licensing structure. A draft circulated by the Ministry of Finance would impose a 0.1% personal income tax on crypto transactions carried out through licensed service providers, and the same rule would apply to foreign investors making transfers. The proposal also excludes crypto transfers from value-added tax, putting digital assets on a treatment path that resembles stock trading.
The draft also sets out a legal definition for crypto assets, describing them as digital tokens that rely on cryptographic or similar technology for issuance, storage, and transfer verification. That matters. Tax collection, licensing, and compliance standards all depend on how the asset class is formally defined.
Corporate profits taxed at 20%, exchanges face steep entry requirements
For companies and institutional participants, the tax approach is different from the retail model. Income earned from crypto transfers in Vietnam would be subject to a 20% corporate income tax, calculated after deducting purchase costs and related expenses. In practice, that means firms would be taxed on profit rather than on gross transaction value.
The operating threshold for exchanges is far tougher. Under the draft, a platform would need charter capital of at least 10 trillion Vietnamese dong, or about $408 million, to qualify. The proposal says that level is above what is commonly required in banking and most other sectors. Vietnam would also keep a 49% cap on foreign ownership, maintaining a clear limit on overseas control of licensed entities.
Pilot market already underway, license applications open in January
Vietnam launched a five-year pilot program for a regulated crypto market in September 2025. By October 2025, no companies had applied, reflecting how difficult the eligibility and capital standards are. Even so, the regulatory process kept advancing as the Ministry of Finance moved ahead with procedures tied to digital asset platform licenses.
The State Securities Commission of Vietnam said applications for the relevant administrative procedures will be accepted starting January 20, 2026. That sets a concrete date for the shift from draft policy to operational supervision. The framework links taxation, legal classification, and market access in one package, giving prospective participants a clearer view of the compliance burden they would face.