暗网禁区

9%/month is insane and scam in my opinion. Standard non-custodial or Defi platform is better for your own control

@Yong Ng

Thank you for your firm and understandable answer. This was my immediate reaction too. But because my friend insisted, I went to the office here in Saigon and spoke with one of the founders. I thought the conversation would be over after 5 minutes, after asking 2-3 questions. That's how it usually is with investment projects I hear about. But the conversation went on for 2 hours. I had to discover, that they have a solid business model. No wonder they are offering this investment structure for over 4 years already, honoring their commitment to the investors. I have no doubt about this project being solid and doing what they promise. But I wonder how to work out my crypto profits into Vietnamese bank.

Regards

Dan

Please dont do it, just use your money to invest in btc or eth. No your key no your money.

Please dont do it, just use your money to invest in btc or eth. No your key no your money. - @Yong Ng

It's always up to the individual what they do with their cash.

However, crypto is highly manipulated by a very few in order to fix the markets.

Ordinary investors are generally the ones to lose.

Yeap, that right.

Hi community. A friend told me about a US/Vietnamese crypto platform offering a staking program that pays 9% per month in US$. I checked and surprisingly, the platform seems legit (says someone who has been in academia for over 10 years now and earned a PhD in int. banking from a Swiss university). But my question is rather, if I would invest, is cryptocurrency considered illegal in Vietnam? Because as far as I know, there are no laws yet? So, how to transfer profit to my bank account? I use VCB.
Any thoughts or insights?
Thxs
Dan - @danrodri

here is the unedited response I received from GROK 3 AI (somewhat repetitive):

In Vietnam, the legal status of cryptocurrencies is complex, with distinctions between ownership, trading, and use as a payment method. Below is a clarification of the current policies as of April 2025, based on available information:

1. Ownership of Cryptocurrency

Legal to Own: Cryptocurrency ownership is not illegal in Vietnam. In April 2024, the Ministry of Justice clarified that owning cryptocurrencies is not banned, and there are no plans to prohibit ownership.

No Legal Recognition as Assets: Despite being legal to own, cryptocurrencies are not recognized as legal tender, currency, assets, or property under Vietnamese law (e.g., Civil Code 2015 or Law on Commerce 2005). They are also not classified as goods, services, or foreign currency.

Court Rulings: Courts have acknowledged the economic value of cryptocurrencies in specific cases (e.g., a 2023 Ho Chi Minh City robbery case where Bitcoin was treated as property for legal purposes), but this does not equate to formal recognition as an asset class.

2. Trading Cryptocurrency

Gray Area: Trading cryptocurrencies (e.g., buying, selling, or exchanging on exchanges) is not explicitly prohibited but operates in a regulatory gray area due to the lack of a comprehensive legal framework. It is legal to trade cryptocurrencies on exchanges, but the absence of regulation means there are significant risks, including fraud, market manipulation, and lack of investor protections.

Not Prohibited but Unregulated: The State Bank of Vietnam (SBV) and other authorities have not issued specific bans on trading cryptocurrencies for non-payment purposes. However, without clear regulations, trading platforms (especially foreign exchanges) operate without formal licensing or oversight in Vietnam.

Peer-to-Peer (P2P) Trading: Many Vietnamese users engage in P2P trading (e.g., via platforms like Binance P2P), converting Vietnamese Dong (VND) to cryptocurrencies like USDT through bank transfers.

While common, these transactions can be monitored by authorities, and users face risks due to the lack of legal protections.

Taxation: There are no specific tax laws for cryptocurrency trading, but the General Department of Taxation considers earnings from trading or mining as taxable income under capital gains or commercial activity. Enforcement is challenging due to the decentralized nature of cryptocurrencies.

3. Use as a Payment Method

Prohibited: The SBV has explicitly banned the issuance, distribution, and use of cryptocurrencies as a means of payment since 2017. This prohibition is reinforced by Decree 101/2012/ND-CP (amended by Decree 80/2016/ND-CP and Decree 52/2024/ND-CP), which states that only VND is legal tender, and non-cash payment instruments must be approved by the SBV. Using cryptocurrencies for payments is illegal and can result in fines of 150-200 million VND (approximately USD 6,000-8,000).

Criminal Risks: Transactions involving cryptocurrencies for goods or services may lead to administrative sanctions or criminal prosecution for serious violations (e.g., money laundering or fraud).

4. Bank FOREX Feature and Cryptocurrency

FOREX Restrictions: The SBV strictly regulates foreign exchange (FOREX) activities under the Ordinance on Foreign Exchange Control. Only licensed credit institutions and approved entities can provide FOREX services, and these services do not include cryptocurrency trading. FOREX trading in Vietnam focuses on traditional fiat currencies, and cryptocurrencies are not recognized as foreign exchange.

Bank Policies: Vietnamese banks, under SBV oversight, are prohibited from facilitating cryptocurrency transactions as payment methods. While banks may process transfers for P2P crypto purchases (e.g., VND to USDT), they do not offer FOREX features for cryptocurrency trading due to the lack of legal recognition and regulatory clarity.

Offshore Brokers: Vietnamese traders often use offshore FOREX brokers that may offer cryptocurrency trading pairs (e.g., BTC/USD). While trading with offshore brokers is not explicitly illegal for individuals, it is unregulated, and traders face risks related to compliance and fund security.

5. Upcoming Regulatory Framework (2025)

Planned Regulations: The Vietnamese government has tasked the Ministry of Finance, in coordination with the SBV and other agencies, to develop a legal framework for cryptocurrencies by May 2025. This framework is expected to address:

Ownership and trading regulations.

Anti-money laundering (AML) measures.

Taxation policies.

Licensing requirements for crypto exchanges and operations.

Pilot Programs: The SBV has been directed to study blockchain-based cryptocurrencies and pilot their use (2021-2023), with potential implications for future regulations. The government is also exploring a central bank digital currency (CBDC), which could influence crypto policies.

Balancing Innovation and Stability: The government aims to balance blockchain innovation with financial stability, investor protection, and prevention of illegal activities like money laundering and terrorist financing.

6. Risks and Recommendations

Investor Risks: Without clear regulations, crypto investors face risks of fraud, scams, market manipulation, and losses on unregulated platforms. The anonymity of blockchain transactions also increases risks of money laundering.

Compliance: Users should:

Avoid using cryptocurrencies for payments to comply with SBV regulations.

Keep detailed records of crypto transactions for potential tax purposes.

Verify the legitimacy of exchanges and consult local tax experts.

Monitoring Developments: Stay informed via official sources like the Ministry of Finance and SBV, as regulations are expected to evolve by mid-2025.

7. Context of High Crypto Adoption

Vietnam is a global leader in cryptocurrency adoption, ranking high in the Global Crypto Adoption Index (top in 2021 and 2022). In 2023, Vietnamese crypto investors gained $1.18 billion, making them the third-largest crypto gainers globally. Approximately 17-21% of the population owns or uses cryptocurrencies, driven by financial access needs, remittances, and distrust in the VND.

Despite popularity, the lack of regulation creates challenges for businesses and investors, prompting the government to accelerate regulatory efforts.

Summary

Ownership: Legal, but cryptocurrencies lack formal recognition as assets or currency.

Trading: Not illegal but unregulated, operating in a gray area with risks. P2P trading is common but lacks legal protections.

Payment Use: Prohibited, with penalties for non-compliance.

Bank FOREX: Cryptocurrencies are not included in FOREX services, as they are not recognized as foreign exchange. Banks may facilitate P2P transfers but do not offer crypto trading features.

Future: A legal framework expected by May 2025 may clarify trading, taxation, and licensing, potentially integrating cryptocurrencies into regulated financial systems.

For the latest updates, monitor official announcements from the SBV and Ministry of Finance, as policies are evolving rapidly. If you need specific legal or tax advice, consult a local expert familiar with Vietnamese regulations.

@Yong Ng

I have always told my students not to use more than what they can suffer to lose on crypto trading, as the demand is highly speculative and irrational. I prefer fixed income in US$, so the staking works much better for me. I know more people who have lost money with crypto than who has won by it.

@OceanBeach92107

Thxs. Comprehensive answer. Surprised Grok can do that. I'm still on ChatGPT paid version. But bottom line: its not forbidden to earn money through a staking program and bring that to your bank. Sounds good, thank you. Let's invest

@OceanBeach92107 Thxs. Comprehensive answer. Surprised Grok can do that. I'm still on ChatGPT paid version. But bottom line: its not forbidden to earn money through a staking program and bring that to your bank. Sounds good, thank you. Let's invest - @danrodri

I had to look up "staking program" (currently in the USA some states are classifying it as a sweepstakes program and making it illegal).

so it's pretty clear that you can't run the staking program in Vietnam but rather somewhere outside the country that you are accessing from WITHIN Vietnam.

Because if you ran the program IN this country then you would be using cryptocurrency as a payment or deposit method and that would be illegal.

Any conversion to acceptable currency in Vietnam would have to be accomplished outside of the Vietnam banking system, since you are not allowed to convert cryptocurrency within the banking system here.

So sure, if you want to sit at a computer in Vietnam and use a VPN and get involved in something like that--totally outside the Vietnam banking system--and hope that you gain some money from the scheme so that you can convert it to a currency that can be wired to an account in Vietnam, then there doesn't appear to be any restriction against that.

Good luck! I'll pass.

Fhat doesn't sound like an investment.

sounds like speculation or gambling to me

@OceanBeach92107

Thxs for the doubling down. Will post back in lets say 6 months to inform how its going

@OceanBeach92107
Thxs for the doubling down. Will post back in lets say 6 months to inform how its going - @danrodri

no offense to you my friend, but I for one would rather that you didn't..

every time we have any sort of conversation about cryptocurrency in the Vietnam forum it always devolves into speculation around activity that, as you can see, is essentially illegal.

I mean if you're going to do this on your own, more power to you and I will be one of the first to say congratulations.

but I can't see is how it has anything to do with the Vietnam forum, other than to point out something that legally isn't an option here.

Good luck anyway!

@OceanBeach92107

But your smart answer said : "Future: A legal framework expected by May 2025 may clarify trading, taxation, and licensing, potentially integrating cryptocurrencies into regulated financial systems.". That would be next month. Maybe delay, but I think we can expect something in this year. So...seems that in a couple of months we won't be talking about something illegal anymore...or, let's say "out of the law". Because its technically not illegal if there is no law yet. So, when I tell you how well it is going in 6 months time, I will be sharing about a legal platform