Vietnam Crypto Payment Fines: 150‑200Million VND Penalties Explained

By Robert Stukes On 16 Oct, 2025 Comments (8)

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Key Takeaways

Using Bitcoin or any virtual currency as payment in Vietnam can trigger a fine of 150‑200million VND ($6,500‑$8,900).
The ban is enforced through Decree No.96/2014/ND‑CP and related payment‑instrument decrees.
Holding crypto is not illegal, but any transaction that treats it as money is prohibited.
Enforcement has focused on high‑profile cases; everyday peer‑to‑peer trades often evade penalties.
Recent drafts hint at treating crypto as a taxable asset while keeping the payment ban.

Vietnam's cryptocurrency payment ban is a legal framework that forbids using Bitcoin and other virtual currencies as a means of payment, with fines ranging from 150million to 200million VND has been a hot topic since the State Bank of Vietnam (SBV) announced it in late 2017. If you’re a merchant, a freelancer, or just someone curious about the risk, you need to know exactly what the law says, how it’s applied, and what the future might hold.

What the law actually bans

The SBV’s ban is crystal clear: issuing, supplying, or using Bitcoin and similar virtual currencies as a payment method is prohibited. This is not a blanket prohibition on owning crypto - you can still buy, hold, and trade it on exchanges - but you cannot pay for goods or services with it. The legal wording lives in Clause6, Article27 of Decree No.96/2014/ND‑CP, which sets the fine range at 150‑200million VND.

Two companion decrees tighten the definition of lawful payment tools:

Decree101/2012/ND‑CP on non‑cash payment (amended by Decree80/2016/ND‑CP) lists only checks, bank cards, and other SBV‑prescribed instruments as legal.
Decree96/2014/ND‑CP adds the specific penalty for crypto‑payment violations.

In short, the legal framework draws a clear line: crypto=asset, not=currency.

How the fine amount translates in everyday terms

The fine range - 150million to 200million VND - may look like a precise number, but the law doesn’t specify a sliding scale. In practice, authorities have used the lower end for first‑time offenders and the upper end for repeat or large‑scale violations. Converting the amount at the October2025 exchange rate (about 23,200VND perUSD) gives roughly $6,470-$8,620.

That’s roughly the price of a mid‑range laptop or a few months’ rent in HoChiMinh City. For a small e‑commerce shop, it can be a crippling blow; for a large corporation, it’s a manageable compliance cost.

Enforcement in action: real‑world examples

Since the ban took effect on 1January2018, the SBV has taken a handful of high‑visibility actions:

July2017: A university announced it would accept Bitcoin for tuition. SBV intervened before the ban’s start date, forced the school to cancel the plan, and issued a warning.
November2019: The SBV coordinated penal sanctions against several merchants that advertised crypto‑payment options on social media.
2022‑2023: The General Department of Vietnam Customs reported a spike in underground crypto transfers, but documented prosecutions remained limited to a few “large‑scale” operators.

Most everyday peer‑to‑peer trades slip under the radar because they lack a formal commercial fingerprint. That’s why you’ll still see active Bitcoin forums in Vietnam discussing how to stay “off the grid.”

Bank officials reviewing a decree with crossed‑out crypto icons and flashing fine amounts on a holographic screen.

Why Vietnam chose a strict ban

SBV officials, such as Le Truong Tung, have repeatedly warned that crypto payments threaten monetary sovereignty. Their main concerns are:

Tax evasion: Bitcoin’s pseudo‑anonymity makes it hard for the tax authority to track income.
Capital flight: Large crypto transfers can bypass foreign‑exchange controls.
Legal uncertainty: No central authority can issue or regulate a decentralized token, which clashes with the SBV’s mandate.

In contrast, neighboring Thailand and Singapore have opted for licensing regimes that let crypto operate under strict oversight. Vietnam’s approach reflects a more traditional central‑bank mindset, prioritizing control over innovation.

Impact on the Vietnamese crypto ecosystem

Paradoxically, despite the ban, Vietnam ranks high on global adoption charts. Chainalysis’ 2021 Global Crypto Adoption Index placed Vietnam 8th worldwide, with an estimated 10% of the adult population holding crypto assets. The discrepancy stems from two factors:

Vietnamese users treat crypto mainly as an investment or store of value, not as a payment method.
Digital wallets and peer‑to‑peer platforms operate in a legal grey area, staying under the radar of SBV inspections.

The ban has also nudged fintech companies toward SBV‑approved solutions, such as QR‑code payments linked to bank accounts. While this boosts the formal digital‑payment sector, it slows down potential blockchain‑based innovations like smart‑contract escrow services.

Recent regulatory signals: is the ban softening?

In December2021, the Ministry of Justice released a Draft Decree on Management of Virtual Assets. The draft kept the payment prohibition but introduced a clear definition of crypto as an “asset” subject to taxation. The SBV’s 2022 Monetary Policy Report reiterated the same fine structure, yet the Ministry of Finance’s 2022 Draft Circular on tax management hinted at a future where crypto gains a tax code similar to stocks.

Experts like Dr. TranNgocCa argue that “the 150‑200million VND fine remains technically enforceable but has become increasingly difficult to implement as crypto usage grows.” If tax‑compliant reporting becomes mainstream, the government may focus more on revenue collection than on punitive bans.

Split scene of a freelancer converting crypto to VND and a digital dong vault, with a scale balancing crypto and tax.

Practical steps for merchants and freelancers

If you run a shop, a SaaS platform, or do freelance work in Vietnam, here’s a quick checklist to stay on the right side of the law:

Never list crypto as a payment option. Even a “We accept Bitcoin” banner can trigger an investigation.
Separate asset holdings from payments. Keep any crypto you own in personal wallets, not in business accounts.
Document all transactions. If a client wants to pay in crypto, ask them to convert it to VND first and provide proof of the conversion.
Stay updated on draft decrees. New tax rules may require you to report crypto holdings annually.
Consult a local legal advisor. The fine amount is high, and penalties can include temporary business suspension.

Following these steps reduces the risk of a 150million‑VND hit and keeps your operation smooth.

Comparison of Vietnam’s crypto‑payment regime with regional peers

Regulatory approach to cryptocurrency payments in Southeast Asia (2025)
Country	Payment status	Fine / Penalty	Key regulator
Vietnam	Prohibited	150‑200million VND	State Bank of Vietnam (SBV)
Thailand	Allowed with license	Up to 2million THB	Bank of Thailand
Singapore	Allowed under Payment Services Act	Varies - up to S$10,000 fine	Monetary Authority of Singapore
Malaysia	Restricted - only approved tokens	RM5,000‑RM20,000	Bank Negara Malaysia

Looking ahead: what could change?

Three forces will shape the next five years:

International pressure: As ASEAN moves toward a harmonized digital‑asset framework, Vietnam may need to align its rules.
Domestic demand: With more than 10% of adults investing in crypto, the government could lose tax revenue if it continues to push users underground.
Technology adoption: Central banks worldwide are testing digital currencies (CBDCs). Vietnam’s own digital dong project could eventually replace the need for private crypto as a payment method.

Until a formal amendment appears, the safe bet is to treat the 150‑200million VND fine as a real risk for any business that touches crypto as money.

Frequently Asked Questions

Can I hold Bitcoin in Vietnam without breaking the law?

Yes. The ban only covers using crypto as a *payment* method. Buying, holding, and selling on an exchange is legal, but you must convert any crypto to VND before paying for goods or services.

What triggers the 150‑200million VND fine?

Any act that publicly offers, accepts, or processes a cryptocurrency transaction as a means of payment. This includes advertising crypto‑payment options on a website or invoicing a client in Bitcoin.

Is the fine the same for individuals and companies?

The law does not differentiate. Both natural persons and legal entities face the 150‑200million VND range, though authorities may consider the offender’s size and repeat‑offense history when setting the exact amount.

What should I do if a client insists on paying in crypto?

Ask the client to convert the crypto to VND through a licensed exchange, then pay you in the local currency. Keep a clear record of the conversion receipt to show compliance.

Will future tax rules change the fine?

Tax legislation is separate from the payment ban. Even if crypto becomes taxable, the fine for using it as payment will stay in place until a new decree explicitly removes the prohibition.