Vietnam’s New Crypto Tax Plan: What It Means for Traders

Taxation on Cryptocurrency Transfers

• 0.1% Personal Income Tax: Applied to every crypto transfer via approved services.
• Applicability: Applies to all individuals, regardless of residency.

Taxation on Crypto Trades

• No Value-Added Tax (VAT): Crypto trades are exempt from VAT.
• Turnover Tax: Still applicable on trading turnover.
• Corporate Tax for Businesses: 20% tax on profits from crypto trades, calculated after deducting purchase costs and related expenses.

Definition of Cryptocurrency

• Digital Items: Uses encryption or similar technology for creation, storage, and ownership verification.

Regulations for Crypto Exchanges

• Capital Requirement: Minimum of 10 trillion dong (~$408 million) to open an exchange.
• Foreign Ownership: Limited to 49%, with the remaining 51% required to be Vietnamese-owned.

Pilot Program and Licensing

• Pilot Program: Five-year regulated crypto market pilot starting September 2025.
• Initial Applications: No firms applied by early October 2025 due to high capital and strict rules.
• Licensing Process: State Securities Commission opened applications for crypto trading platform licenses.
• First Acceptance Date: Expected on January 20, 2026.