Vietnam Introduces Personal Income Tax on Crypto Transfers

TLDR

• New 0.1% tax on all crypto asset transfers proposed.
• Crypto exchanges must have VND 10 trillion in charter capital.
• Public consultation for the draft circular is currently open.

Vietnam’s Ministry of Finance has announced a new draft circular that introduces a personal income tax on crypto asset transfers. The proposed tax rate is 0.1% and is designed to align with the existing levy on stock trading. This move is part of a broader regulatory framework aimed at piloting crypto asset regulations over five years, starting in September 2025.

The proposed framework requires crypto exchanges to maintain a minimum charter capital of VND 10 trillion, approximately USD 408 million. Transactions must be settled in Vietnamese Dong (VND), and only companies incorporated in Vietnam with significant institutional backing are permitted to operate these exchanges. At least 65% of funding must come from institutions.

Draft Circular Open for Public Consultation

The Ministry of Finance is leading this proposal and is currently seeking public consultation through its official website. No specific individuals, such as founders or CEOs, have been named in this initiative. The ministry’s officials have not been previously associated with roles in the crypto industry and focus primarily on general finance and tax policies.

To date, there have been no public statements from the ministry or other involved parties on platforms such as LinkedIn, Twitter, or official blogs. Public opinions and feedback are being gathered exclusively through the ministry’s online portal.

Regulations Affect All Digital Assets

The new regulations will apply to all crypto assets, broadly defined as digitally created items secured by cryptography. This includes any transfers conducted through licensed platforms. The tax rate of 0.1% applies uniformly to all transactions, without specific mention of particular cryptocurrencies like Ethereum or Bitcoin.

The effect of these regulations also extends to governance tokens, DeFi protocols, and both Layer 1 and Layer 2 solutions, as long as they are traded on approved platforms during the pilot phase. The Ministry of Finance has yet to specify which exact tokens or coins will be impacted.

Capital and Ownership Requirements for Exchanges

The stipulated framework outlines a few key requirements for crypto exchanges operating in Vietnam. These include having a minimum charter capital of VND 10 trillion and receiving at least 65% institutional contributions. Foreign ownership is capped at 49% to maintain local control over the exchanges.

No direct funding allocations or institutional involvement details have been provided beyond the exchange capital rules. The regulations appear to set high barriers, similar to those found in banking regulations, which dictate that institutions maintain at least three times the capital of regular banks.