Vietnam Aligns Crypto with Stocks Through 0.1% Tax
Vietnam's Ministry of Finance has drafted a regulatory framework that would subject cryptocurrency transfers to a 0.1% personal income tax on the total value of each transaction. This proposed levy directly mirrors the tax structure currently applied to stock trading in the country, signaling a move to integrate digital assets into its formal financial system. The turnover-based tax would apply to all individual investors executing a transfer through a licensed provider, regardless of their residency status.
For businesses, the tax implications are more substantial. Institutional investors generating income from crypto activities would be subject to a 20% corporate income tax. This tax would be calculated on net profits after deducting the purchase costs and other related expenses. According to the draft circular, which has been released for public consultation, crypto trading and transfers would be exempt from value-added tax (VAT).
Exchanges Face $408M Capital Rule, Higher Than Banks
The proposed regulations introduce formidable barriers to entry for cryptocurrency service providers. Firms seeking to operate a digital asset exchange in Vietnam would need to secure at least 10 trillion Vietnamese dong (approximately $408 million) in charter capital. This requirement is notably higher than the capital standards for commercial banks and many other industries, suggesting a regulatory preference for a few large, well-capitalized players. Additionally, the policy would cap foreign ownership in any licensed exchange at 49%.
These strict rules surface as Vietnam, ranked fourth globally for crypto adoption by Chainalysis, attempts to formalize its burgeoning digital asset market. The regulations are part of a five-year pilot program for a regulated crypto market that launched in September 2025. However, the high entry barriers have already proven to be a deterrent; the Ministry of Finance confirmed on October 6, 2025, that no companies had applied to participate in the pilot, citing the demanding conditions. The State Securities Commission has announced that it will begin accepting license applications under the new framework starting January 20, 2026.
